Bank Nifty has immediate support levels at 48,500 and 48,400, indicating these are critical levels where buyers are likely to emerge. On the upside, resistance is observed at 49,000 and 49,300, suggesting these levels might see selling pressure. The supply zone between 49,000 to 49,300 aligns with the resistance levels, further reinforcing this area as a potential barrier for upward movement. Conversely, the demand zone from 48,100 to 48,300 indicates a strong buying interest, making it a crucial support region.

Traders should monitor the 49,000 level closely, as maximum call and put writing at this strike price signifies significant market activity and a strong resistance. If Bank Nifty breaks above 49,000 convincingly, it could signal further bullish momentum, targeting 49,300 and beyond. However, failure to breach 49,000 might lead to a retracement towards the support levels.

In the near term, traders could consider initiating long positions near the 48,500 support level with tight stop-losses just below 48,400. Conversely, short positions might be considered around the 49,000 resistance level, with stops placed above 49,300. Watching the price action within these key zones will be crucial for making informed trading decisions.

In conclusion, the poll conducted in our broadcast revealed a significant majority of 85 percent of respondents believing that the BJP will emerge victorious in the upcoming Lok Sabha elections, with only 15 percent supporting Congress. This sentiment suggests a strong market confidence in the BJP's win, which is likely to contribute to a bullish trend in the stock market post-election. However, it is crucial to recognize the current volatility as the market reacts to various pre-election uncertainties and speculations. Investors should approach trading with caution during this period, taking into account the potential for sudden fluctuations. Implementing risk management strategies and staying informed about political developments can help navigate this volatility. Ultimately, if the poll results hold true and the BJP secures a win, a more stable and upward market trend can be anticipated. Therefore, strategic, informed trading decisions during this volatile phase can position investors well for the anticipated post-election bullish market.?

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