BankNifty was unable to break the 48947 resistance today, except for the 10.18 candle, rest 5 candles touched the 48947 resistance level. In 3 instances we went above, but could not sustain. If any of the candles closed above this level, I would have changed the stance to bullish. As of now maintaining the neutral stance with a slightly bullish tone.
All eyes are...
Nifty
- Important levels on Nifty spot for 09 May 2023
Imp levels on the upside 18343 / 18368 / 18401
Imp levels on the downside 18235 / 18208 / 18178
- Nifty rose 50 points with 0.25% rise in Open Interest. Before the Karnataka Election outcome, No signs of panic.
- Just before the Karnataka Election outcome, All 3 F&O major participants have a Net...
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Finally, exit polls have given some hope of stable government but considering past track record of +/- 10-15% deviation in numbers, risk to financial market has already been built up. BJP with 285+ seats and NDA with +310 seats are good for market but that should not last long as real concerns on economic slowdown will come into play. Will poll numbers behave...
200 day SMA and channel bottom support coinciding as shown.
A crucial level hence a bounce or break could be highly decisive in determining the direction of NIFTY in days to come.
For now we are on wait and watch mode.
Inverted Head and Shoulder is an Bullish Signal spotted on BEML on Weekly Chart Analaysis. Long Position @1012
Target - ₹1155
Stop loss- ₹870
Duration- 2 to 3 Months
