- Before 2014 Indian general election market consolidated for almost six months
- In 2014 middle, BJP took 336 seats and formed a majority government.
- Market celebrated BJP robust winning and it took Nifty to reach 9000 levels from 6000 levels.
- 2015 was the period of decline in Nifty50 and global markets as well. Fall in petroleum prices, Greek debt default, sharp rise in US bond yields and Brexit bought stock market selloffs globally.
- 2016 – 2017 shocking results of the Brexit referendum, the victory of Donald Trump in the US Election and Demonetization move by the Indian Government driven the market towards 10000 marks in the card.
- 2018 was the year of consolidation. Driven by the Union budget of India and Global breakdown, rumors of Fraud by Housing Loan companies, Oil price Increase and rupee fall against US Dollar.
- From 2018 Nifty consolidating between 11500 and 10000.
- Especially last five months facing tough resistance around 11000 and taking crucial support from 10000.
So for in Nifty 6000, 7000, 8000, 9000, 10000 and 11000 levels acting as a good psychological levels. Every thousand counts performing as a good support and resistance in the charts. On Friday, 8th March 2019, Nifty prices closed above 11000 psychological levels in the weekly scale. Even though most analysts believe that the market seems to be in an overbought zone still election 11000 marks will act as a crucial support and consolidation could be seen further or we can face higher level weakness.
Market wouldn’t care which party going to win in 2019 Indian general election. It may be BJP or Congress
- With Majority wins – Rally towards 12000 levels
- Without Majority win- Downwards to 9000 levels
Disclaimer: The views expressed by investment expert on rollnreel.com are his own and data available from nseindia.com. Rollnreel.com advises users to check with certified experts before taking any investment decisions.