NIFTY: Confident Crowding!Bulls break the highs, post new weekly closing high.
The back-to-back strong bull candles have not appeared since NOV 2023, that is near six months. Arguably the best foot when the bears least expected the same.
Previous resistance now strong support around the 22800 area.
With Exit poll looks real poll and the confidence that the market is showing as exit poll confidence, markets are looking to stretch than succumb.
What it means later one has to wait and see, suffice to note the canvass is optimistic above 22800. The upwards sloping channel still remains the territory and within this the action to remain.
What it takes out in the process, when the actual results unfold, the ability of market to substantially move higher is blunted. Thus, any disappointments will be sharp to say the least.
With US markets on holiday not much of clues, some stray data coming from the Europe. The last but one phase of election markets likely to ignore.
Month End expiry, possibly hike in margins by the weekend to handle the volatility are some of the points to keep having manageable positions.
Supports 22890-22840-22795
Supply 22995-23040-23108