31 May 2024 – Stance changed to neutral, all eyes on exit poll for NSE:NIFTY by viswaram — TradingView India

By Taaza Facts

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31 May 2024 - Stance changed to neutral, all eyes on exit poll for NSE:NIFTY by viswaram — TradingView India

Nifty was unable to break the 22519 support, the entire day we spent hovering around this support resistance level – but the sheer inability to break shows the lack of strength of the Bears.
I would have maintained the bearish stance if we had at least 1 candle below this level. Currently, the next support level is at 22295 and the resistance level is at 22781.
All eyes are on the exit polls now, to be frank – technical analysis won’t work when there is news flow and there is no way to predict what is coming next.
To be honest, I am not aware if BJP will get the number of seats they had in mind or if we have a coalition govt or not. Personally, I prefer not to predict but take some aggressive positions once a clue appears.

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%

I am of the impression that we may have a fall after the initial surge as a few sectors are overvalued.

Taaza Facts

I am a multifaceted content creator with expertise in blogging, Finance, and Cryptocurrency reviews. My creative journey involves weaving captivating stories in blogs, designing aesthetically pleasing and functional websites, and dissecting the nuances of cinema. We are dedicated to sharing our passion and insights with a global audience.

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