Insignia Consultants
New Delhi
Tuesday, December 10, 2019
TIME 8:50 AM
IST
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NIFTY AND BANK
NIFTY Technical Report 10th December
I will prefer to remain on the sidelines due to global
central bank risk (FOMC and European central bank) and Brexit. There are lots
and lots of talk of growth and corporate earnings for next year. Indian growth
and Indian corporate earnings should form a long term bottom the first quarter
of next year. In other words, low of this fiscal (ending 31st March
2020), should be a multi- year low for Sensex and Nifty and selected stocks.
If you have the cash to invest, make a stock selection in
which the sector is bullish for the long term and the balance sheet of the
company is clean. Read the notes to account of the company and then make a long
term investment. I had invested in a stock in which I did not read the notes to
account in the audited balance sheet. The stock after a year crashed. The
reason, the auditor had mentioned of an impending tax liability in the notes to
account. I had not checked. Look for non-recurring details in the corporate
balance sheet if you intend to make a big investment in a stock for the long term.
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Nifty Spot Current
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11,937.50
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|||||
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S3
|
S2
|
S1
|
|
R1
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R2
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R3
|
|
11,673.20
|
11,797.30
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11,862.90
|
|
11,980.10
|
12,045.60
|
12,169.80
|
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Bank Nifty Spot Current
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31,316.65
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|||||
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S3
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S2
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S1
|
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R1
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R2
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R3
|
|
30,787.90
|
31,006.60
|
31,134.70
|
|
31,441.50
|
31,676.30
|
31,969.10
|
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All technical are for reference only
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||||||
Nifty
(spot): (current 11937.50)
Nifty needs to trade over 12043.70 to rise to 12169.80 and
12277.80. Crash will be there below 11862.90 to 11733.20 and 11673.20. In
short, nifty can move 225-250 points either side from 11900.
Bank Nifty
(spot): (current 31316.65)
Bank Nifty needs to trade over 30903.40 till Friday to rise
to 31771.00 and 32117.80. Short term bearish trend will be there only on a fall
below 30903.40.
Just trade
in the technical till tomorrow. Use stop losses. Remain on the sidelines.
Happy
Stock Hunting
Disclaimer: Any opinions as to the commentary, market
information, and future direction of prices of specific currencies, metals and
commodities reflect the views of the individual analyst, In no event shall
Insignia Consultants or its employees
have any liability for any losses incurred in connection with any
decision made, action or inaction taken by any party in reliance upon the
information provided in this material; or in any delays, inaccuracies, errors
in, or omissions of Information. Nothing in this article is, or should be
construed as, investment advice. Website www.insigniaconsultants.in.
Prepared by Chintan Karnani
Disclosure:
Everyone in team Insignia Consultants makes investment in delivery based trades
on stocks listed in BSE and NSE.
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NOTES TO THE ABOVE
REPORT
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UNLESS OTHERWISE SPECIFIED
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