03 Jun 2024 - Exit poll results takes Nifty50 to all new highsNo technical analyst could have predicted what would happen today, yes most of them would have guessed it right. The analysis that really stood out Friday was when one of the analysts posted the screenshots of Adani group stocks and mentioned - see the exit poll results before the actual exit polls.
Honestly, it could have gone either way. If the exit polls predicted less than 270 seats, then we would have fallen 800pts easily. Luckily, things went up and the majority of the crowd were happy (most of them were long only).
Our stance is revised to bullish, if we start falling then 23089 would be the first support.
Electionresults
31 May 2024 - BankNifty stance is neutral, slightly bullish toneBankNifty 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 on the election exit polls today and then the actual results on June 4th. Banks and financial sectors will be the first to react to any news, rumors, or press releases. Unlike other developed markets, finances are the most important sector in our listed space.
Copy pasting my expectations for markets next week, post election results
1. 400+ seats - up 5%+
2. 270 to 399 seats - down 5 to 10%
3. less than 270 seats - down 25%