Nifty hits record high 12041 after BJP thumping victory in 2019 election. According to latest trend BJP ha crossed half way mark 270 and racing towards 345 mark.The index currently lost nearly 400 points from high on high valuation and slight weakness in global markets on US-China trade tension. It hits low of 11651 and closed around 11657.
On the lower side, near term major support is around 11520-550 (50- day MA) and any convincing break below will drag the index till 11400/11264/11052 (200- day MA). Any major weakness only below 11050 level.
The near term major resistance is around 11750 and any break above that level confirms minor bullishness and a jump till 11832/11849 possible.
It is good to buy on dips around 11250-300 with SL around 11000 for the TP of 11850/12000.
