NIFTY Index Chart Analysis

NIFTY REACTS TO THE VIBES OF ELECTORAL SUSPENSE

Two more buoyant and impulsive weeks have ended with over 2 per cent gains in straight weeks. Nifty achieved a significant milestone, scaling a new lifetime high at 23,110.80. Three successive highs in three days is a strong indicator of the market’s positive sentiment and suggest a low probability of a change in the government. The market had already factored in the election outcome in the pre-election rally. Nifty’s surge after the Reserve Bank of India’s dividend announcement further elevated sentiments. The economists expected that the fiscal consolidation would improve.