02/06/2024 (7 PM) : So, now we have got it clear that Modi government is going to win elections comfortably as per exit polls. We had already predicted the same in our blog published on 17th May based on Market behavior and analysis. You can read that here. We had again made a big-move prediction for NIFTY on 25th May and have been advising to take buy stocks / long side positions before elections as market is not going to give you much chance after the results. And that is exactly what is going to happen in next two days!!
Now there are two key important levels to watch out for on June 3rd and June 4th. Now broadly, for this week, NIFTY will try to work in a rising channel. Mind you, this is the rising channel which is going to start and I am with full conviction, predicting that this channel is going to be formed (considering that geo political factors remain manageable). If you can predict a rising channel correctly at the very start, that means you are entering at bottom of it and will fetch the full potential of that.
Now see behaviour of NIFTY in last few weeks, the way it has been consolidating and was willing to start upward journey was clear. Writing was on the wall, only question was, if you read that? Now the levels:
Starting tomorrow, 3rd June, Nifty should be expected to rough 23000 and upto 23150 at least. On higher side, it may go even to 23300. Target of 23000 and 23150 might have to wait for actual results on 4th. And once 23450 is reached and index stays there for a week at least, then we are open for 25000 as next target in 2-3 months.
When NIFTY achieves 24700, then you should do some profit booking as well. Till then at least, don’t think about selling.
Comments are welcome!
