Charts Suggest A Steep Surge In Nifty After Polls

Mumbai: If technical charts are to be believed, Nifty a steep surge after the general election is on the cards, very similar to the one markets witnessed after the UPA came to power in 2009. Technical analysts, who use past price movements of a stock to predict the future, see asymmetry between the two election year - 2009 and 2019 till now - where the poll results were preceded by dull price action. In the past few sessions, the Nifty, as well as the Sensex, has moved in a range-bound manner. “During the last election period, Nifty had a good bump up post the favorable outcome but the actual rally began few days prior to the event. But in 2009 elections we had similar sort of dull price action, which we have been observing since last few days,” Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking told. Chavan added that “we are in a steady uptrend where 11,549 remains to be a key support for Nifty and the higher projections can be seen around 12,200 and 12,400 in case of a favorable outcome from the mega event”. (IANS)

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