• Nifty is currently trading with bullish bias on the daily charts and has closed well above the major support zone of 11650-11700 levels. For the day, the index will take its direction from the outcome of the general election trends which will be available during the market hours. • We expect the volatility is to spike in the today’s trade amid the big political event. The index has support around 11650 followed by 11500 while resistance is pegged around 11880 and 12000 levels. On the flip side, BANKNIFTY is having support around 30250 and 30000 levels while resistance is pegged around 30700 and 30950 levels.
Sectors to watch for the day:
• We remain bullish on select private sector banks followed by Auto and FMCG counters for the day. While any bounce in the Pharma and IT stocks may be used to exit the existing long positions. - Presented by Amit Samar (Research Analyst)
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