Exit poll is showing a huge victory for BJP and thus GIFT Nifty is Showing 800++ points right now so no point to post the morning summary.
We will post the resistance & support levels after watching first 30 mins to 1hr market
As per our analysis in the report published in early Feb 2024, we expected #Nifty would rally to an all-time high of 23,400 by June (it was ~21800 at the time).
Closing at 22530 on Friday, the markets appear bullish and are well on track to reach this target. The following factors may contribute to this optimism:
🔸Exit polls indicate the expectation of a stable government.
🔸The GDP growth rate has surged to 8.2%.
🔸The Dow Jones has risen by 574 points.
🔸The monsoon has arrived on time.
🔸Gross GST revenue collection for May 2024 is at Rs 1.73 lakh crore, a 10% year-over-year increase.
🔸Foreign Portfolio Investors (FPI) have shorted 3 lakh contracts, a record high.
🔸Domestic long positions in Nifty are at an all-time high.
Update on Implied volatility
As the uncertainty reduces the implied start falling back towards normal levels. Today IndiaVIX is down by 20 percent to sub 20 levels as compared to the recent high of 26. Multi month low is seen between 9-10.
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