Nifty spot Index was closing below 10900 levels since, Nov'18 to Feb'19 on monthly basis for alomost 4 months consecutively and unable to move and sustain above 11k mark, but after the General Election dates were announced on 10th March'19, the Nifty Index given a breakout from 10900 level and moved till 11572 level and made a high 11572.80 on 22.03.19, the sharp move almost 600 pts in 9 trading session is purely by the FIIs, they pumped the money flow in to the Indian Equity market with the optiomism of present political reasons, this was evident with the US Dollar Vs. INR, the Indian currency appreciated from $70.49 to $68.35.

Now, the question is lingering in everyone’s mind that, the Nifty Index will it break the all time high 11760.20 made on 28.08.2018 and continue the rally above or not ?

The yesteday's minor profit booking from 11572 to 11434.55, this was the technical correction, which is long due, now the Nifty will continue the correction below 11400 or not is an another question to be raised?...but the consolidation is good for the Nifty around 11400 levels, techincally, the Nifty Index immediate support seen around 11450-11360 zone, any further weakness below 11360 may drag the Nifty Index to 11280-11175 levels are possible in coming days.

Major factors to watch out are: firstly, the worry about the global slow down, and the hawkish move by US Fed and they are stating that no more Fed Interest rate hike in 2019, secondly the Crude oil prices again moving northwards direction and finally, our General election outcome. Major factor is our General election, it is not so easy to the present NDA Govt to capture and retain the power by BJP in thumping majority like last time, to get the simple majority the BJP may work hard and it looks they may form the Govt with their allies, since the regional parties may perform and shine well in this election. Hence, the Nifty may find strong abstacle at 11650-11760 levels in the coming session, any further rally above the all time high and close above for three consecutive sessions may pave the way for further up move till 11920-12230 levels.

Investor/Trader may use this rally to book profit in part or in full and may wait till the General Election outcome.