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Though the BJP dramatically improved its performance from the last
elections, reports that the Congress was ready to provide support to the JDS,
the indices slipped. If index forms a bearish candle in Wednesday’s trade there
is a higher probability that the trend could reverse from current levels. But,
even for the trend to reverse, Nifty future must close below 10650 levels. Our
expectations political turn out of events had their own impact on the bourses
owing to which Nifty future registered an inverted hammer kind of formation
with a long upper shadow suggesting profit booking exactly at its logical
resistance point of 10945 levels. Index has to continue to hold above 10750
zones to extend its move towards 10900 and then towards 11000 zones while on
the downside supports are seen at 10700 and then towards 10600 levels.
"SELL RELINFRA BELOW 385 TGT 380/372 SL 392""BUY INDUSIND BANK ABOVE 1915 TGT 1922/1934 SL 1905"
The market gave up all gains and closed marginally in the red on Tuesday
as uncertainty around who will form the government in Karnataka made investors
wary. Today after BJP struggled to reach the halfway mark of 112 seats to
form the next government in Karnataka. There were reports that Congress and JDS
staked their claim to form the government. BJP won 104 seats out of 222 seats
for which counting was done. Congress was able to retain 78 assembly seats with
JDS winning on 38 seats. Independent candidates won on two assembly seats. Earlier in the day, the Sensex rose over 350 points and Nifty future hit
10947 for the first time since February 2, 2018 amid the early trends of the
results of Karnataka assembly elections showing BJP leading gains in the Congress-ruled
state. The BJP looked set to emerge as winner leading on more than 100
seats in contest for 222 assembly seats. The Congress looked a distant second
leading at 64 seats, followed by Janata Dal (Secular) holding gains at 45
seats. But as the Narendra Modi-led party faltered ahead of the halfway mark,
benchmark indices turned volatile and fell into negative territory. While the
Sensex fell 451 points from the intraday high of 35993, the Nifty future was
down 128 points from the intra day high of 10947 level.it has opened at 10814
made a low of 10787 and closed at 10816. Total 160 points nifty future has
moved in intraday.
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Resistance: 10850, 10900,
10950
Support: 10800,
10750, 10700
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