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Nifty

Nifty is now at all-time high thanks to major push by NiftyBank and NiftyIT constituents. Its rise to all-time highs spearheadedbythesesectors underlines the strong momentum and optimistic outlook in the market ahead of the June 4, 2024, election results. Witharisingsupport zone at 22800, the Nifty is heading boldly towards the upper end of the channel pattern resistance, which is locatedaround23180. Option data indicates a higher range formation of 22800–23500 zone for the next week, which indicates the convictionamidsttraders. Meanwhile, the confident call writing bound has moved higher, towards 23500. A hint of instability might be seenas theelectionresults get closer which could increase market volatility. Traders may continue to exercise caution & refrain frombuilding leveragepositions until the event volatility cools down. Traders are advised to remain selective while deploying longs & utilize intradaydeclinestoadd longs rather than chasing breakout moves with a stop at 22630.

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