Nifty closed below a month of low or consolidation post election results as breakdown was seen with selling pressure. It was aggressive since writing was seen at multiple strikes on CE front like 11600 – 11700 – 11800 since morning while at the same time a follow-up selling was seen. There was an addition in PE front around 11400 – 11500 which further indicated the momentum is strongly in favour of bears. With this kind of selling pressure, it would be hard for Nifty to recover in the short term. There can be some sideways move or minor bounces but the tone is set in favour of sellers in the short term.
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