Broader trend for Bank Nifty remains positive
There could be some volatility with respect to the numbers of the exit polls and the actual outcome.
Probably Nifty Spot can hit 11000 Strike and 10800 may be possible.
Midcap and smallcap stocks have corrected quite a bit.
Nifty has formed a strong bearish candlestick pattern on the weekly charts and the market looks quite weak.
Selling may continue and we may head towards 11200-11250
Market is expected to trade in the broader range of 11500-11800.
Nifty moved in a tight range around 150-200 points.
We expect the Nifty to move to its lifetime high of 11,865.
There is some kind of fatigue at higher levels.
Immediate support for Bank Nifty at 29,600-29,650.
The positive breakout has been on account of good inflation data, corporate results, China GDP and good monsoon predictions.
Till the index holds above 11,550 zone, expect Nifty to test 11,880-12,000 zone.
11,550 is the immediate support but a break below it will take the index to 11,300 to 11,200.
On the weekly charts Nifty has a bearish hanging man pattern while on the daily charts it has formed a small bullish candlestick pattern.
The intermediate uptrend can resume once again if Nifty crosses the immediate highs of 11,710.
Nifty formed a small candle within a trade range but on the weekly charts it formed Doji Candle.
Auto sector is showing some weakness.
Some sectorial rotation is expected in the coming series.
Crucial supports to watch in the near term are at 11573 to 11556.
Crucial support for Nifty at 11600-11640 and till market is trading above this range.
Follow-up buying has come into the auto, metal and IT space.
The level of 11760 would act as a barrier.
At the same time market like participation from IT, auto, pharma, and that is where the traction should be atleast in this series.
11500, 11600 Call Option saw decent unwinding and fresh Writing was seen in 11400, 11500 Strike.