Indian stock market: How is market expected to open on Monday post exit polls, GDP data?
India markets to cheer likely third term for Modi, hope for reforms“Monday morning markets would celebrate the EXITPOLL numbers and open with a gap-up strength. The gap up would be on the back of exit poll reports suggesting BJP can comfortably get 350++ seats pushing the Nifty to look to move-up for new lifetime highs.
Now at this juncture, we should focus on the next 5 years plan which is more important than the next 2-3 days. Election results will pass on with flying colours and focus will now shift towards Capex, Govt spending, valuations and earnings growth," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.During the week, the equity market shown some anxiety and nervousness around the impending political uncertainty, which resulted in a sharp rise in volatility in April and May.Until Thursday, frontline indices experienced a continuous decline over five sessions, resulting in a 2.4 percent drop from their recent peak earlier in the week.
This decline occurred amidst considerable volatility preceding the release of poll results. For the week, the Sensex plummeted by 1,449 points and the Nifty dropped by 426 points, marking their first weekly decrease in three weeks.
Traders adjusted their positions in anticipation of exit poll outcomes and final results.Also read: India stocks, bonds set to gain as polls show landslide Modi winIn general, analysts anticipate the Nifty 50 to ascend towards the range of 23,000-23,400. Conversely, they suggest that the index could hold around 22,400 on the downside.
While they foresee a gradual upward trend, the market might experience fluctuations this week due to the RBI monetary policy. Therefore, experts advise traders to monitor leveraged positions closely and await
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