Nifty 50 IndexLong
Nifty Price action under election Year cues.
Updated
Nifty next up move will come when it close above 22150 on monthly chart.
Empirically, in General election year, Nifty has a tendency to bottom out in Feb-March, followed by minimum 12-16% rally towards General election outcome in each of seven instances over past three decades.
As per chart nifty may be bottom out near levels 21120-20850 in upcoming days.
So, buy on dip approach may work for the investors.
Next target for Nifty after bottom out would be 24700 in May-June 2024.
Empirically, in General election year, Nifty has a tendency to bottom out in Feb-March, followed by minimum 12-16% rally towards General election outcome in each of seven instances over past three decades.
As per chart nifty may be bottom out near levels 21120-20850 in upcoming days.
So, buy on dip approach may work for the investors.
Next target for Nifty after bottom out would be 24700 in May-June 2024.
Trade active
Nifty break 21600 low 21578enjoy the gain
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