31 May 2024 - BankNifty stance is neutral, slightly bullish tone
BankNifty was unable to break the 48947 resistance today, except for the 10.18 candle, rest 5 candles touched the 48947 resistance level. In 3 instances we went above, but could not sustain. If any of the candles closed above this level, I would have changed the stance to bullish. As of now maintaining the neutral stance with a slightly bullish tone.
All eyes are on the election exit polls today and then the actual results on June 4th. Banks and financial sectors will be the first to react to any news, rumors, or press releases. Unlike other developed markets, finances are the most important sector in our listed space.
Copy pasting 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%
All eyes are on the election exit polls today and then the actual results on June 4th. Banks and financial sectors will be the first to react to any news, rumors, or press releases. Unlike other developed markets, finances are the most important sector in our listed space.
Copy pasting 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%