Insignia Consultants
New Delhi
Sunday, February 9, 2020
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NIFTY AND BANK NIFTY (Weekly) Technical Report
Last week’s sharp rise in nifty and bank nifty was more due to short covering than any other factors. Global factors also added to the trend reversal. Global manufacturers will be outsourcing their needs from India and other Asian nations for the short term. Stock pickers need to identify such companies and invest for the short term. As a metals consultant excluding steel stocks, I prefer other metals stocks but for a minimum holding period of four months. Indian pharma companies which are able to develop the vaccine in the shortest possible time will be a long term jackpot. Domestic tourism industry which starts after mid March can get a boost as some travelers will shun global destinations in favor of India.
Just trade in the technical this week. It nifty rises (this week) then a five percent rise will be there. Volatility will be high. But this volatility should attract more new traders and investors to the stock markets.
NIFTY SPOT -- Current Price
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12,098.35
| |||||
S3
|
S2
|
S1
|
R1
|
R2
|
R3
| |
11,490.10
|
11,825.50
|
11,969.50
|
12,227.10
|
12,371.10
|
12,643.90
| |
BANK NIFTY SPOT -- Current Price
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31,202.95
| |||||
S3
|
S2
|
S1
|
R1
|
R2
|
R3
| |
29,834.60
|
30,272.90
|
30,763.40
|
31,640.60
|
31,991.70
|
32,614.10
| |
All technical are for reference only
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Nifty (spot): (current 12098.35)
1. Key weekly support: 11825.60
2. Key weekly resistance: 12371.50.
3. Nifty can rise to 12371 and 12768 this week as long as it trades over 11889-11996 zone.
4. Crash will be there below 11889.
Bank Nifty (spot): (current 31202.95)
· Key weekly support: 30492.10
· Key weekly resistance: 31911.70.
· Bank nifty needs to trade over 30763.40 this week to rise to 32131 and 32614.
· Crash will be there below 30763.40.
Global factors will dictate Indian stock markets more than domestic factors. The more the rise this week, the more will be the short covering.
I do not give consultancy on stock markets. I just prepare myself every weekend for my own personal trading.
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. 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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