History repeats itself and so do chart patterns. It can be observed looking at the Nifty 50 daily chart that the current scenario might turn out to be the mirror image of 2009. UPA emerged victorious in 2009 general election and Indian stock market celebrated the event with two upper freeze in a single day followed by the bull-run that continued for the next 18 months. But, the market went through the tough phase before experiencing such euphoria.
Deep cuts have been witnessed in September-October 2008, followed by sideways dull market from October 2008 to March 2009 and eventually, the consolidation resulted in a pre-election rally.
The same scenario has been repeated in 2018-19 till now, which suggests that this rally could get accelerated in May series with a sharp move and the ruling party might remain in power once again.
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