Hi All,
No, I am not saying it, but Yes, markets might be indicating.
Was out of markets, hence could not post any updates for a while. However, in the absence of any bullish evidence, Nifty could not hold levels of 11250-200 and created a low near below the next gap support of 11150-11170, though it closed below the gap for a day but bounced back sharply after creating a Bullish Harami Pattern, which would have given a buy above 11300 with stop below 11100, could not update the same.... :(
On the political front, I personally think that 2019 is no where going to be easy for NDA like 2014, and would be challenging to get the required majority. However, on the eve of a big political event the way Nifty has bounced back by almost 3% (11100 to 11400) it keeps me wondering if the markets are discounting a probable positive outcome from the exit polls due on Sunday (at least a near to clear mandate to NDA, somehow).
Nonetheless, Nifty after a stunning pullback, looks good for bulls with ultimate support near 11100-11000 and thanks to the multiple Bullish Haramis, expected to travel at least till 11470-80, which also is a downward gap resistance. Another good sign would be that the weekly candle is a strong pull back candle and 11430-11470-11500 would be crucial levels to watch out for.
However, on a safer side, let us wait for Monday to take any trade, the next week is going to be crucial for trading aspects, as the actual results would be declared on 23rd May, which also happens to be the weekly expiry.
No, I am not saying it, but Yes, markets might be indicating.
Was out of markets, hence could not post any updates for a while. However, in the absence of any bullish evidence, Nifty could not hold levels of 11250-200 and created a low near below the next gap support of 11150-11170, though it closed below the gap for a day but bounced back sharply after creating a Bullish Harami Pattern, which would have given a buy above 11300 with stop below 11100, could not update the same.... :(
On the political front, I personally think that 2019 is no where going to be easy for NDA like 2014, and would be challenging to get the required majority. However, on the eve of a big political event the way Nifty has bounced back by almost 3% (11100 to 11400) it keeps me wondering if the markets are discounting a probable positive outcome from the exit polls due on Sunday (at least a near to clear mandate to NDA, somehow).
Nonetheless, Nifty after a stunning pullback, looks good for bulls with ultimate support near 11100-11000 and thanks to the multiple Bullish Haramis, expected to travel at least till 11470-80, which also is a downward gap resistance. Another good sign would be that the weekly candle is a strong pull back candle and 11430-11470-11500 would be crucial levels to watch out for.
However, on a safer side, let us wait for Monday to take any trade, the next week is going to be crucial for trading aspects, as the actual results would be declared on 23rd May, which also happens to be the weekly expiry.
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