31 May 2024 - Stance changed to neutral, all eyes on exit poll
Nifty was unable to break the 22519 support, the entire day we spent hovering around this support resistance level - but the sheer inability to break shows the lack of strength of the Bears.
I would have maintained the bearish stance if we had at least 1 candle below this level. Currently, the next support level is at 22295 and the resistance level is at 22781.
All eyes are on the exit polls now, to be frank - technical analysis won't work when there is news flow and there is no way to predict what is coming next.
To be honest, I am not aware if BJP will get the number of seats they had in mind or if we have a coalition govt or not. Personally, I prefer not to predict but take some aggressive positions once a clue appears.
My expectations for markets next week, post election results
1. 400+ seats - up 5%+
2. 270 to 399 seats - down 5 to 10%
3. less than 270 seats - down 25%
I am of the impression that we may have a fall after the initial surge as a few sectors are overvalued.
I would have maintained the bearish stance if we had at least 1 candle below this level. Currently, the next support level is at 22295 and the resistance level is at 22781.
All eyes are on the exit polls now, to be frank - technical analysis won't work when there is news flow and there is no way to predict what is coming next.
To be honest, I am not aware if BJP will get the number of seats they had in mind or if we have a coalition govt or not. Personally, I prefer not to predict but take some aggressive positions once a clue appears.
My expectations for markets next week, post election results
1. 400+ seats - up 5%+
2. 270 to 399 seats - down 5 to 10%
3. less than 270 seats - down 25%
I am of the impression that we may have a fall after the initial surge as a few sectors are overvalued.