Ahead of Market: 10 things that will decide D-St action on Monday
The NSE Nifty 50 concluded with a 0.2% increase at 22,531 points, while the S&P BSE Sensex saw a 0.1% gain, closing at 73,961. Initially, both benchmarks surged as much as 0.7% in early trade before retracing gains. Over the week, they posted a 1.9% decline.
In other developments, following the conclusion of the 7th phase of elections on Saturday, nearly all exit poll surveys suggested a likely victory for the BJP in this Lok Sabha election.
The collective average of major exit polls points to the BJP-led NDA securing 374 seats in this election. This positive sentiment is expected to lead to a significant market rally on Monday.
Here's how analysts read the market pulse:
«On the daily charts, we can observe that Nifty consolidated within the range of the previous trading session and has formed an inside bar pattern which makes the extremes of the range 22,700 – 22,400 crucial levels to watch out for. A breakout on either side shall lead to a treading move in that direction. In terms of levels, 22,420- 22,313 is the crucial support zone while 22,820 – 22,900 is the crucial resistance zone from a short-term perspective,» said Jatin Gedia of Sharekhan.
Rupak De of LKP Securities, said, «The highest call writing is visible at 23,000, while there is significant put writing at 22,500, indicating that the Nifty might oscillate between 22,500 and 23,000 in the next few days. However, a fall below 22,500 might trigger a correction towards 22,000.»
That said, here’s a look at what some key indicators are suggesting
