One has to be careful today till the Gujarat elections clarity emerges which is likely by 10:30AM. Last time Congress won in the first phase of counting which led to a drastic fall in Nifty but BJP won in subsequent phases. However, damage was done to the market and short sellers in the first phase. Himachal will be closely monitored as chances of BJP losing exists against Congress and it can affect uptrend in Nifty. Independent candidates who left BJP is going to make a difference in Himachal.

The below screenshot taken from the election commission of India website shows that BJP is likely to win but with lesser seats and AAP has caused a slight dent in its voter base.

Nifty Strategy for Today

Nifty Spot View: 08/12/2022

Cmp: 18560.50
Support & Downside Range: 18540—18500—18480 zone
Resistance & Upside Range: 18620--18668—18730—18782--18888
Short-Term Trend Reversal Level: -- 18129
Trading View: Ahead of the Gujrat election and Himachal election out today's intraday bias remains range bound till nifty is trading below 18620 and above 18540 and options writers will try to eat as much as premium they can on weekly expiry day whereas key level for the day to watch is 18480 spot levels if BJP coming with strong numbers in Gujrat than we might not see a daily close below 18480 spot levels and we may head higher again in coming days towards ATH.

Fresh Perspective Nifty. Nifty broke its intraday support levels of 18550/18600.So we need to wait till nifty crosses 18730. Downside opens till 18445.

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Max pain is at 18600 and we expect Nifty to expire close to this figure. Strengthening support is 18500. PCR is 0.62 is not good for the Nifty uptrend.

Nifty live update CMP 18583 now 18528 spot become today's mom dad support and upside 1 8 6 2 5 spot becomes resistance, currently 18600,18650,18700 calls has combined oi standing at 5.38cr and if Nifty moves above today's high 18625 and sustain above it than 18600 and 18650 call writers can say roughly 3cr ++ call writers of today's expiry comes at risk which also forces 18700 call writers to unwind it whereas downside if nifty goes below 18528 spot then this call writers goes heavy and 3.80cr put writers of 18600,18550,18500 put writers combined comes at risk so understand the importance of 18625 resistance and 18528 Support

Nifty - Current Expiry - Critical Option Analytics Data
Strongest Support	Strengthening Support	PCR	MaxPain	Strengthening Resistance	Strongest Resistance
18500	18500	0.629409	18600	18600	18700