Is Nifty 50 poised to drop to 22,000 before Lok Sabha election result? Here's what 11 experts say

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Sensex, Nifty 50 fall almost 1% each; why did the Indian stock market fall today?- explainedThe Indian stock market is expected to remain volatile until the Lok Sabha election results on June 4. Will this volatility drag the index below the 22,000 mark before the election result? How much more pain is in the offing?Mint collated the views of 10 experts to understand how the Nifty 50 may move in the next few days. Here's what they said:If the current downturn continues, the Nifty 50 could see the level of 22,520 before the exit poll results are out.Nifty 50 has resisted near the trendline's higher end, coinciding with the retracement hurdle.

Also, the market has rallied ahead of the event, and India VIX continues to inch higher (now at 24), which may be leading to nervousness and, hence, some profit booking. However, the overall trend remains positive, as the FIIs have covered the short positions, the index is trading above its key moving average supports, and the RSI on the daily chart is positive. “The immediate supports for Nifty are placed around 22,650, followed by the 22,500-22,450 range.

On the higher side, the hurdle is around 23,100; once surpassed, the index could continue the uptrend towards 23,400," said Jain. Also Read: Lok Sabha Elections 2024 trading strategy: Largecaps or midcaps – what should you bet on?On intraday charts, the market is holding a lower top formation, which indicates further weakness from the current levels. “For the day traders, 22,800/74,800 would be a trend decider level.

The correction formation is likely to continue below the same. Below it, the market could slip to 22,650-22,600/74,300-74,100," said Chouhan. “On the flip side, above 22,800/74,800, the sentiment could change.