Fortnightly Market Review
Nifty @ 22488 Sensex @ 73885 as on close on 30th May 2024
We are approaching a major event in Indian Markets in terms of General Election outcome. Exit Polls would pour in by Saturday 1st May and on Monday 3rd June markets would react to those exit polls. 4th June happens to be the election day outcome. The expected impact of this event on the market is heightened volatility.
Markets range expected to be between 22250 to 23700 during this phase and more clarity would emerge from the 2nd half of 4th of June itself.
The current texture of the market is rotation with Metals, Auto, Reality being in the forefront.
IT and FMCG are the lagging bets.
So in a nutshell, bracing up for the volatility ahead because of the major event- the general elections as overhang. By Tuesday 4th June 2nd Half , the market should absorb election news.
A 1000 points swing can happen from current levels depending on election outcome. That means if elections outcome disappointments- then it may drift towards 21700-21500 as well and if elections outcome coming towards strong govt being chosen then upside is towards 23700 on Nifty.