After hours of counting the BJP led NDA is in the lead of 335+ parliamentary constituencies. The lead is commanding as it shows a strong incumbency voter approval.
The markets continued with the profit taking as the Nifty breached the 11820 levels to fill the gap with which it had opened earlier at the start of the trading session today. However in the last half an hour, Nifty lost all gains and trading near 11600 on account of profit booking.
The benchmark index is likely to remain in the range of 11000 and 11800 for the following few sessions.
One can look to go long at 11200-11100 levels for profit booking target of 11600-11800 levels.
As per Market Experts:
Mr. Nitin Murarka, SMC Global Securities,
As profit booking was expecting since the Exit polls which give the trailer of the bigger picture. However, undercurrent remains positive for the market. Traders can initiate a long position, near 11100-11200 as Nifty expected to go back to 11800 levels. Nifty has broader range going forward 11200-12000.
Until VIX normalizes, the market will rest as the current trend seems to be exhausted, But Short positions should be avoided, Buying will come around 11200-11100 as per Mr. Vinit, Ventura Securities.