Can Nifty touch 25000 level post Modi Version 3.0 Govt formation?

NIFTY Spot View: 07/06/2024
CMP: 22821.40
Moving AVG (EMA) 20 Hour & 40 Hour: 22626 & 22608
Moving AVG (EMA) 20 Day & 40 Day: 22589 & 22484
Support & Downside Range: 22669—22640 Zone, 22530--22290
Resistance & Upside Range: 22925—23050 Zone, 23165--23340
Short Term Trend Reversal Level: -- 21820

Trading View Summary:
•  Ahead of weekends in today's intraday trading session key level to watch is 22669—22640 support zone & 22925—23050 as resistance zone.
•  As long as nifty is trading above 22669—22640 bulls will try to move towards minimum 22925 to 23050 & maximum 23165 to 23340 spot levels.
•  Whereas after opening if bulls fail to move above 22925—23050 spot levels then there is a high chance that we may immediate see a profit booking pullback which may lead nifty below 22669—22640 spot levels.

Broder View On Market

On 4th June we saw a massive sell off in the market due to the Election event & same we saw a good recovery in the market on 5th & 6th June.

Seeing this fall & recovery up move one thing is sure that there is a 90% chance that we may not go below the low of 4th June & higher chances are there that market may spend few more days in a range before it starts an impulsive up move.

And during this range bound move there is a possibility that we may see some sector rotation to happen by DII’s & FII’s.

And during this range bound move chances are high that we may see some wild swing in the market both the sides so whosoever is trading in OPTIONS & FUTURES makes sure you keep hedge in the hand. And all the OPTIONS traders must try to avoid trading in same week options because chances are high that your premium may get melt in this range bound move. 

My take on a larger trend is that market is still bullish on the larger ground so nothing to worry just keep close on the stocks which you wish to add for your investment prospective & trading prospective.

AVOID TRADING BIG QTY IN OPTIONS FOR FEW DAYS.