Midnifty Intraday Analysis for 04th June 2024
Updated
NIFTY_MID_SELECT Maximum Call writing near CMP is at 13000 strike with 2.65 Lakh followed by 2.40 Lakh at 11700 Strike and 2.10L Lakh at 12000 strike and Put writing of 2.79 Lakh at 11700 Strike followed by 1.85 Lakh at 11000 Strike and 1.12 Lakh at 11200 strike. Index is closed near 11725 level. Volatility will be high due to General Election result on 4th June.
Market will be volatile on the General Election counting day and expected to open higher. Highest Call writing at 13000 level. Index may reach this level or cross it if 400+ seats secured by BJP.
Index has support near 11000. If BJP could not make government or marginal majority, then Index may tank to 11000 level or below it.
Trade closed: target reached
Index tanked due to poor performance of BJP in General election and Index tanked more than 1200 points but managed to recover and closed near 10880 level.
Disclaimer: Above discussion is not a Buy or Sell recommendation. This is only for educational purpose.
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