Nifty 50 Cross 23400 or more after exit Poll?


 As we all know, the Saturday exit poll came in favor of the BJP-NDA. The Hon. PM Narendra Modi will be the PM of India one more time. Will it impact Sensex, Nifty 50, Bank Nifty, or the Indian stock market?

According to the exit polls, BJP-NDA is expected to win the elections, and this may have a good effect on the Indian stock market on Monday. This is because investors usually like when there is political stability, which can make them feel more confident about the market. We may see an increase in the Sensex, Nifty 50, and Bank Nifty, and more people buying stocks in different areas. But, the final results of the election and how people feel about the market will determine how much the market goes up.

As the government is not going to change, how far the market, or Nifty, or Bank Nifty, goes up is the question mark.

Expected Gap Up Tomorrow, but how many points will Gap Up sustain till June 4th on counting day?

In that case, price action will play a crucial role, and investors or traders need to follow price action.

 Without any knowledge or advice, do not blindly take a call or buy shares unless the price action or market trend shows an uptrend is sustained.

Nifty 50 -The level of 22,775 is expected to be significant for tomorrow's market. This is because the Dow Jones index closed in a positive manner on Friday, and the impact of the exit polls may lead to a gap up opening in the market tomorrow.

On Friday, the Nifty closed at 22,530. If it opens above 22,775 on Monday and sustains that level, it will be interesting to see if it can reach 22,965 or even 23,110.

If the gap-up opening at 22,775 is unable to sustain, there is a possibility of a downward movement in the market. In such a scenario, it is important to closely monitor the price action to measure the market sentiment and make informed decisions.

As per the price action, it may be a false breakout. If Nifty goes below 22,480, there might be more downside possible. If, after a gap up, the market touches 22,775, there could be a chance it might decline, as indicated by the 15-minute chart, since it previously declined from this level. 

The market may not go up unless a price action pattern significantly affects the Open Interest data. Only when such a pattern appears is there a chance for the market to rise.

Bank Nifty – On Friday, the Bank Nifty experienced a range-bound scenario, closing at 48,967. It is important to observe tomorrow's market opening to see if the Bank Nifty opens with a gap-up. Tomorrow, it is crucial to monitor the resistance levels at 49,500 and the psychological level of 50,000, as these levels will play a significant role in determining the market's direction and could act as barriers to further upward movement. This is particularly important because the market previously dropped from 49,688.

 If the market opens flat at 49,079, there may be a chance of short covering, which could result in a 500-point movement. If market goes up 49079 and sustain then there may be chancers short trader may be trapped.

 Note :  Don't trade blindly just because the Exit Poll predicts a clear victory for BJP. It's important to analyse price action and trends carefully and trade accordingly. 

 

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