Nifty Is about to breakout from the trend channel in a daily chart but as we know Indian election results to be declared on 4th June, nifty may take reversal from this point (23000 at 24/27 may 2024) and take support of 22200 (on 31 May/1 June, 2024)
and upon 4th June, 2024/Mon when election declared - nifty will show the sharp move in upward direction.
Timeline:
24/27 May 2024 ------------ Reversal & Resistance at 23000
24/27 to 1 June, 2024 ---- Downtrend up to 22200
31 May/1 June, 2024 ------ Support at 22200
4 June, 2024 ---------------- Election Result to be declared
From 4 June, 2024 --------- Reversal & uptrend upto 23200
Resistance 23200 in a week or two
and upon 4th June, 2024/Mon when election declared - nifty will show the sharp move in upward direction.
Timeline:
24/27 May 2024 ------------ Reversal & Resistance at 23000
24/27 to 1 June, 2024 ---- Downtrend up to 22200
31 May/1 June, 2024 ------ Support at 22200
4 June, 2024 ---------------- Election Result to be declared
From 4 June, 2024 --------- Reversal & uptrend upto 23200
Resistance 23200 in a week or two