MARKET SUMMARY

As per the news of election, Market opened huge gap up. Both index saw sharp profit
booking at the very first candle. Nifty made a huge bearish candle as first candle on 5 tf
indicating profit booking. BNF also made a doji candle at highs and start trading within the
mother candle after making inside candle pattern. Nifty also after making days low started
trading within the range. BNF data was more positive than Nifty since morning. BNF breaks
out of inside candle and saw some positive momentum, however in view of Nifty lagging
could not move sharp upside. Nifty after breaking out from channel pattern, both index saw
huge shorts covering . BNF above 46000 saw huge shorts covering and touched an ATH of
46480 levels and Nifty touched ATH of 20700 levels. Both index managed to close near ATH
indicating more positive momentum may be seen in both index. As told in yesterday market
summary that both index will show positive momentum in this expiry in view of huge
positive rollover data with BNF leading the rise, FIIs have covered all their shorts and have
finally started building long positions along with Cash equity indicates positive for markets.
VIX after initially fall started rising after noon session and finally closed with 5% rise above
threshold levels of 13 indicating some volatile market may be seen in this weekly expiry.
Both index have made huge bullish candle on daily TF and closed ATH, however has closed
in over bought zone and some profit booking should be expected before any further rise in
the market.