Near term outlook of Nifty based on 24-May-2024

 The markets are like a weather; you may not like it but you have to bear it. -Rakesh Jhunjhunwala

Near term Indian Markets direction is expected to be uncertain due to Indian parliament elections . Based on Patterns based prediction using Predictive Analytics I have tried to predict the near term outlook for next 4 weeks. There are two patterns that matches the Nifty as on close of 24-May-2024. It matches pattern with 24-Nov-2014 and 11-July-2017. The pattern from 2014 is pointing towards 1.25% positive move on upside and -6.0% on down side. The second pattern is pointing towards 4.% on upside and -1.0% on downside.
It seems, The first pattern is likely to be followed if election results are not to the likings of the market, while the second pattern is likely to be followed if the elections results are of to the likings of the market. Overall very high level of movement on either side in two digit percentage is not expected.
p.s. I have right to be wrong. % are approximate levels.
Nifty Patterns PredictiveAnalytics

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