Today market movement was like tsunami wave in the capital market ocean it seems as it already celebrating the new government in the center affirming “Ayega to Modi hee” .It is the biggest single day gain in the last 10 years .This is a decade movement which traders witness today, some are skeptical of the continuation of the trade while few are still craving for more .India VIX has fallen to 22 today which was highest at 28 on 16th & 27th May 2019.
BSE Sensex rise on volatility with strong volumes with gap up opening today, it failed just 135 from touching all time high. Today the market cheer up on the prospect of a stable government at the center with possibility of the BJP returning in power with outright majority .However another aspect which is playing its role quietly is better than expected quarterly results posted by most of the companies.The rate cut by RBI make eassy access to cheaper credit facility which spurr the growth in the economy.
On the daily chart a strong psychological resistance is placed near 39380-400 level .It require a strong thrust to break this level, momentum oscillator suggest upside is remaining in index . However by technical aspect some pull back is expected till the 39150-39000 before it keep its voyage till 40,000 mark