Nifty Analysis : 20 May 2019

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Hello Friends,

 In Reaction to the exit polls, Nifty opened gap-up by 244 points hoping that the same government will be back at the center.

 Today Nifty Closed at 11832 which is very near to life time high of 11856.
However, Life time high of 11856 is yet to be taken out.


Ichimoku Cloud Indicator suggests, this up-move may continue further. However, this will be highly volatile till we see actual election outcome on 23rd May.

 On the upside, 12000 level continues to be act as resistance as there is maximum open interest in 12000 Call option with total 1,062,750 contracts.

This up-move may be a good opportunity to book profits and wait for elections outcome.


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Disclaimer: I am not SEBI Registered analyst. All above analysis are just for study purpose.
I am not responsible for any gain or loss arising out of trades taken based on the study shared above.
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Location: India

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