Nifty and Bank Nifty – Election Period Volatility

This is election period and election means volatility. If we analyze market history in the election period then the conclusion will be up & down only. INDIAVIX is showing volatility strength. As per my analysis sentiments are more powerful than charts as well as fundamental in this season. Let’s see technical analysis below.

Technical Overview of NIFTY: Nifty has made previous lifetime high on 28^th August 2018 i.e. 11760.20 and retested the level again on 03^rd April 2019. But not given closing above lifetime high and made Bearish Engulfing pattern at lifetime. From this level nifty has started to trade in a range i.e. 11760-11550, nor bear nor bulls only zic-zac. Once the market has tried to break levels on 16^th April, a however attempt was failed and nifty has continued their zic-zac range. Still, the range continues and if we see as technically then Flag is forming. We are waiting for “Breakout” or “Breakdown” for clear direction.

Technical Overview of NIFTY BANK: As we have seen before a few weeks all banking stocks were lead to market one by one. Bank Nifty has made 3 times lifetime and finally stopped around 30670. On 01^st April 2019 bank nifty has made lifetime high of 30648.10 and made the second top on 18^th April 2019. As per the technical, bank nifty has made Double Top chart pattern around 30650. Now bank index is trading between two trend lines and both are working as Support & Resistance. 

As per my technical as well as fundamental analysis, my advice is better to avoid aggressive trading and shift into the swing or positional trading for this month.

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Disclaimer: The contents produced here are purely for educational purpose. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.