I have tried to analyse some of the data and fundamental of NIFTY .
Some of the traders are thinking that the market made a top @ 12000. My point of view if NIFTY is spending sufficient time on a higher level that means 12000 is not a top for Nifty .
Options data for current expiry is showing a wide range for Nifty is 11000 To 12000. Because of 2 days fall, there are shorts and hedge positions in the market. Tomorrow If Nifty will able to sustain above 12000 then total 52,68,125 open position in 12000 call writing will come for short covering and this short covering will take Nifty to 12150 to 11250 minimum.
There is a very interesting data for next expiry on 30th May, there is the highest OI in 12500 call writing then 12400 and 12300. It means traders are ready to see next expiry between 12000 to 12500.
Why I am not discussing downside in Nifty because of:
My point of view NDA will come in the majority is still not fully factor in this price. So if numbers will come in favour of NDA or BJP, in this both case I am seeing Nifty above 12000.
I have done some recharge on exit poll companies and the way of their data analysis, also the difference between their data collecting style in 2009,2014 and 2019 data. On the basis of this, I think the most of the exit poll gives undervalued numbers to BJP. I will not be surprised if BJP will get near or more then 300 numbers.