Trade Strategy for 1st hour of 23rd May – Election results day
The counting for the general elections has started at 8 am under the watchful eye of the Election Commission of India. The initial trends in the first half hour of the counting suggest a lead of the BJP led NDA alliance.
All the major domestic indices are expected to open with a gap up. It is highly likely that all the benchmark index of Nifty, Bank Nifty & Sensex will create new high within the first one hour of the trading session.
The currency pair of USD/INR is also likely to signal a strong show of the current government. The Rupee is likely to appreciate against the dollar in the first hour. This would indicate that the FIIs are likely to pump in more dollars in the Indian markets.
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