Nifty Hourly Charts
Spot Nifty is in positional buy mode on the hourly charts since 9th May and Bank Nifty in buy mode since 22nd April. Currently the support zone comes near 7084 and 14365 respectively. Reverse your position to sell mode if the support zone breaks on the hourly charts.
As of now 7500CE and 8000CE has the higher open interest which indicates a possible resistance at 7500 for the current month. As Nifty Responded with a sharp reversal from the high on Election Results Event once can conclude that smart money started shorting 7500 and 8000.
SGX Nifty Update
Currently SGX Nifty is trading around 7306. Probably much hyped markets are over by now. And one can safely assume that no circuit freeze around the corner after election results. The 2009 Election Results and the Market Reaction to the results are nothing but white swan events.