Insignia Consultants
New Delhi
Sunday, February
2, 2020
------------------------------------------------------------------------------------------------------------------------
NIFTY AND BANK
NIFTY (Weekly) Technical Report
Nifty and bank nifty all tanked on Saturday as budget was met
with zero expectation. Fall in global markets on Friday added to the selling
pressure. Chinese markets will reopen from Monday. It is expected that Chinese
government is ready to prevent a massive slide in Chinese stock markets.
Key long term technical are still holding for nifty and bank
nifty. If you sitting on cash, then invest in your selected bunch of stocks.
This week can be a day traders nightmare. Day traders and jobbers do not leave
any open position for next week till Thursday.
Overall trend is down. Global stock markets including India
will rise only if corona virus does not spread rapidly.
|
NIFTY SPOT --
Current Price
|
11,661.60
|
|||||
|
S3
|
S2
|
S1
|
|
R1
|
R2
|
R3
|
|
10,865.10
|
11,263.40
|
11,439.20
|
|
11,849.90
|
12,131.70
|
12,601.60
|
|
BANK NIFTY
SPOT -- Current Price
|
29,820.90
|
|||||
|
S3
|
S2
|
S1
|
|
R1
|
R2
|
R3
|
|
28,524.90
|
29,085.50
|
29,473.50
|
|
30,168.30
|
30,556.70
|
31,469.00
|
|
All technical are for
reference only
|
||||||
Nifty
(spot): (current 11661.60)
1.
200 day moving average is at 11655.
2.
100 day moving average is at 11822.30.
3.
100% retracement is at 11490.70.
4.
Nifty needs to trade over 11290.70-11490.70 zone this
week to rise to 12126.50 and 12601.10.
5.
Trend is down as long as nifty trades below 100 day MA
of 11822.30 with 11290.70 and 11090.10 as price target.
6.
Bullish case: If nifty does not fall below 11290.70
this week then it will rise to 12601.10.
Bank Nifty
(spot): (current 29820.90)
·
100% retracement is at 29387.20.
·
200 day moving average is at 30091.20.
·
Short term bank nifty needs to trades over 30091.20 to
rise to 30489.50-31691.90 and 32388.20.
·
Long term corrections or crashes upto 29387.20 should
be used to invest.
·
Long term bearish trend will be there only if bank
nifty trades below 29387.20 for four consecutive days to 28349.10 and 27652.30.
There will
be sector reallocation this week based on the budget. I prefer PSU for long
term investment. Privatization of PSU and Navratna’s will only increase their
long term price value. Day trading will be all about momentum.
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
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and NSE.
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