On Tuesday, Nifty opened on a flat note as expected. IIP numbers were bad and Nifty, defying all logic and expectations, rallied sharply in the second half to close near 3680 levels.
Logic says that people should prefer to stay light before the elections results come out. But this market is defying all logic, hence one can't be sure. Another line of thinking is that after having closed 6-7 times in the range of 3600-3700, probably this is where we will stay until the election results come out. From this range, market can easily rally or fall 300-400 points depending about the election result.
On Wednesday, nifty is again expected to open on a flattish note. Intraday players can go long if it opens and sustains above 3700. If we open below 3680, one can go long when we break above 3680-3685 intraday. Fall below 3640 may lead to 3600 levels.
Nifty resistance at 3680-3720-3760. Suport at 3640-3600-3585-3560
Nifty Futures tips
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