Gujarat Election Results 2017: Following BJP Win Prediction, Nifty And Sensex Surge But Upside Faces Resistance At 10,410 Points Mark

Along with anticipation of the outcome of the Gujarat assembly elections, and the announcement on the implementation of the "e-way" bill as well as the tax reforms, key domestic equity indices are set to be driven in the coming week as well.

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Gujarat Election Results 2017: Following BJP Win Prediction, Nifty And Sensex Surge But Upside Faces Resistance At 10,410 Points Mark

Gujarat Election Results 2017: After predictions of the BJP's win, the Nifty and Sensex surged


New Delhi:  With the BJP predicted to win in Gujarat and Himachal Pradesh, the Sensex and Nifty surged. In the run-up to the exit polls, the Sensex had been volatile. NDTV's poll of exit polls, which is an aggregate of 10 exit polls, has predicted the BJP will win 116 seats and the Congress will win 65 seats. Along with anticipation of the outcome of the Gujarat assembly elections, and the announcement on the implementation of the "e-way" bill as well as the tax reforms, key domestic equity indices are set to be driven in the coming week as well.

Investors' risk-taking appetite will also be impacted after taking note of the cues of the parliament's winter session. The direction of the foreign fund flows and the rupee's movement against the US dollar are also factors that will impact investors.

"The verdict of the Himachal (Pradesh) and Gujarat state elections will be the key trigger for the market next week," according to Vinod Nair, Head of Research, Geojit Financial Services.

The rupee had strengthened by 41 paise and closed at 64.04 against the US dollar, when compared to last week's close at 64.45.

Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, told IANS news agency that the rupee has been one of the best-performing currencies in the world and that inflows in debt and equity were expected.

"The rupee has been one of the best-performing currencies in the world... We continue to expect inflows in debt and equity. As a result, rupee can range between 63.80 and 64.30," she said.

While the Nifty had surged during the run-up to the exit polls, its upside will face immediate resistance at the 10,410 points mark.

Although according to Deepak Jasani, Head of Retail Research for HDFC Securities, upsides will be likely once again once the 10,410 point-mark resistances are taken out.

"Further, upsides are likely once the immediate resistances of 10,410 points are taken out. Weakness could resume if the supports of 10,265 points are broken," he said.


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