On Thursday too much volatility was seen in the market due to election
results. Absolutely flat closing after nearly 450-point gain in the
prior three sessions since Call it a pause or whatever you will, there are
signs of a bit of diminished enthusiasm however, compared to a negative closing
that we were expecting this is definitely better. We need to see if it is a
just a breather or is it a precursor to an eventual corrective swing. May be bulls
are waiting for the actual outcome on the 16th before the final blast. Today
market started with 7141 made a high of 7182 and low of 7111 and closed at the level
of 7143.total 71 points throughout the day. For tomorrow due to Friday and
election results we are expecting the level of 7180-7200.. if any downfall then
7100 will proved as a very good supporting level.
Tomorrow Election results for the 16th Lok Sabha will
be announced between 8 am and 5 pm, which could trigger some bit of volatility
in the Nifty and the Sensex, while the numbers are being announced. . All
this is now in the realm of conjecture though. Good to wait and watch or even
better book some profits and take some money off the table...
The Bank Nifty is making an effort to climb up beyond the
strong supply zone between 14300 and 14400. However, as of now, either it is at
best consolidating or at worst doing some distribution at the top. Thus, we
suggest bit of caution and don’t be anguish.
RESISTANCE: 7170, 7190, 7240
SUPPORT: 7150, 7130, 7100
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