Nifty bulls scream 'Abki baar 24,000 paar' after exit polls predict Modi 3.0
stock market looks poised for a rally on Monday as Nifty bulls are screaming 'Abki baar 24,000 paar'.
If the election result on June 4 also turns out to be in favour of Street favourite BJP, analysts see Nifty jumping as high as 24,000 in the next few days. The headline index had ended the week down nearly 2% as FIIs preferred to play safe ahead of the D-Day.
As the exit polls result now indicate a clear victory for the NDA alliance, analysts say it is a shot in the arm for bulls who will trigger a big rally in the market on Monday.
«Largecaps in financials, capital goods, automobiles and telecom are likely to lead the rally. The bulls will be further emboldened by the better-than-expected 8.2% growth in GDP numbers which came after market hours on Friday. Technically and fundamentally the market is poised for a rally,» said Dr V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Analysts believe that the current market volatility will settle down on Monday and the focus would shift towards the most likely outcome of the BJP emerging as the single-largest party with a stable government and policy continuity along with new reforms.
«We expect a major structural reform rush in Modi 3.0, though the magnitude of the same would depend on the number of seats won. In setting a roadmap for Viksit Bharat 2047, we anticipate major policy reforms for Ease of Doing Business to attract FDI investments and sovereign rating upgrades, driving higher flows into government bonds given their inclusion in
