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Historical day for Indian stock market; nifty &
sensex was at life time high . sensex was above 40000 & nifty above 12000. Continuing their
record-breaking run, bulls hit new fresh record highs on Monday & took
nifty above 1200 mark for the first time history of Indian stock market. As expected and predicted by exit polls the
BJP is going to form the government again. Markets had rallied on Monday and today
after the trends started confirming NDA's win Sensex and Nifty hit their new
highs. But after that the market caught up with ground realities of the economy
and global factors. Global markets were showing weakness due to US-China trade
worries and so our market settled down & turned negative.
Traders must stay cautious now. With a clear mandate, the new government has scope to tackle significant and long pending reforms in the areas of land and labor. In addition, we expect the government to continue to focus on infrastructure, fiscal consolidation and financial inclusion. Looking at technical’s, Nifty has support around 11600 , breaching it on downside might result in more downside towards 11500 , On the upside, any close above 11850 may take the Nifty above 12000. Infra and Banking sector may give good returns on the upside. Going ahead Nifty faces immediate resistance at 11900 on the upside and support is at 11600 on the downside.
Traders must stay cautious now. With a clear mandate, the new government has scope to tackle significant and long pending reforms in the areas of land and labor. In addition, we expect the government to continue to focus on infrastructure, fiscal consolidation and financial inclusion. Looking at technical’s, Nifty has support around 11600 , breaching it on downside might result in more downside towards 11500 , On the upside, any close above 11850 may take the Nifty above 12000. Infra and Banking sector may give good returns on the upside. Going ahead Nifty faces immediate resistance at 11900 on the upside and support is at 11600 on the downside.
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Resistance: 11850, 11950
Support: 11600, 11500
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