Nifty closing this week looks like Calm before the storm.

31 magFII, DII and Retail investors are all awaiting Exit Polls and Actual results of election to follow thereafter. We have already discussed the best and the worst case scenarios. The candle formed today is Doji exhibiting indecisiveness. The support at which Nifty is standing is Mid channel. The other support which has been taken is 50 days EMA. Right now everything looks in balance. Lot of overpriced stocks corrected. Lot of underpriced stocks which gave good results exceled. Many more underpriced Banking and IT stocks are looking like value buys. Many overvalued Psu stocks look like them might again run further in case of expected results. Everything looks like it is on a tipping point. + or - 5 to 10% move depending on results is a definite possibility. DIIs have been buying all the way. FIIs have been selling all the way. Perfect recipe for a thriller to unfold next week. Everything is on a standstill. This weekend might be a calm before the storm.

Nifty Supports: 22392, 22057, 21827, 21712 and 21221. (Worst case scenario 17597 in case the expected results are not seen in election).

Nifty Resistances: 22672, 22829, 23140, 23226 and 23398. (Best case scenario between 23500-23600).