Insignia Consultants
New Delhi
Sunday, December 15, 2019
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NIFTY AND BANK
NIFTY (Weekly) Technical Report 16th December 2019
Global outlook for Indian stock markets and emerging market
stock market is very bullish for next year. Optimism over US-China trade deal
should result in Indian stock markets rising further this week. Short term risk
is the impact of so called “citizen amendment bill’ on law and order situation.
India is burning due to politically motivated riots against “citizen amendment
bill’. Modi government is taking steps
create employment. Food price inflation will rise as milk and dairy products
prices were raised for the second time this year.
The takeover of Essar steel will be complete this week.
Arcelor-Mittal will pay the full amount for the take over this week. SBI and
other state run banks will get a big chunk of the same. PSU banks are positive.
Although this has been factored in by the market but still it will result in
some more gains for the bank nifty and PSU banks which receive money from Essar
steel take over.
|
NIFTY SPOT Current Price
|
12,086.70
|
|||||
|
S3
|
S2
|
S1
|
|
R1
|
R2
|
R3
|
|
11,555.60
|
11,821.10
|
11,961.30
|
|
12,212.10
|
12,353.90
|
12,617.80
|
|
BANK NIFTY SPOT Current Price
|
32,014.25
|
|||||
|
S3
|
S2
|
S1
|
|
R1
|
R2
|
R3
|
|
30,759.10
|
31,386.60
|
31,752.60
|
|
32,275.80
|
32,641.90
|
33,833.10
|
|
All technical are for reference only
|
||||||
Nifty
(spot): (current 12086.70)
Nifty needs to trade over 11774-11820 zone this week to rise
to 12353.30 and 12617.80. Short term bearish phase will be there only below
11774.
Bank Nifty
(spot): (current 31316.65)
Bank Nifty needs to trade over 31459 till the year end to
rise to 33122.90 and 33833.10. Short term bearish phase will be there below
31459.
Trend of
Tuesday and Wednesday should be the short term trend. There can be very sharp
two way moves in the latter half of the week. Traders will start taking
positions for end January as the week progresses. Globally only progress of
impeachment of US president can puncture the bullish momentum in stocks.
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,
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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. All analyses used herein are subjective opinions of the author and
should not be considered as specific investment advice. Investors/Traders must
consider all relevant risk factors including their own personal financial
situation befor
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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