Market likely to gain on BJP’s Super Sunday, Nifty may test 20,620

If Nifty 50 sustains above 20,430, it can test 20,620-20,810 within the next week

The market is expected to react positively to the outcome of the state elections, with the BJP on track for big wins in Madhya Pradesh, Rajasthan and Chhattisgarh as votes were being counted in the four states on December 3 afternoon, analysts said. While the BJP was set to form the government in three Hindi heartland states, the Congress could only manage to win in Telangana.

“If the final results of the state elections are in BJP’s favour, we expect markets to further cement gains. The image of the BJP as a pro-reformist and the performance of the economy on various fronts, especially during the COVID period and gloomy global economic situation, have provided market participants confidence that a dual-aided right-wing government is beneficial in the longer term,” Swapnil Shah, Director – Research, StoxBox.

Also Read: Assembly Election Results 2023 Live: 3/3 for BJP in heartland, Cong left with Telangana

Ahead of the 2024 general elections, a decisive win for the BJP in key states would send a strong message to investors betting on India’s rising growth potential and position the country on a stronger footing as compared to its peers, Shah said.

The Nifty hit a new high on December 1. The 50-stock index closed 134.75 points or 0.67 percent higher at 20,267.90 after zooming to a record high of 20,285.15. The Sensex which settled 492.75 points or 0.74 percent higher at 67,481.19 was about 400 points shy of its record high of 67,927.
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