As the 2024 election results will be announced today, the Indian stock market is expected to witness some growth. The Indices Sensex and Nifty 50 are likely to open with strong gains.
The domestic equity indices recovered on Monday, June 3, 2024, with the benchmark Nifty 50 closing above the 23,200 level. Investors cheered exit polls and India’s better Q4 GDP (Gross Domestic Product).
The Sensex soared 3.39%, 2,507.47 points and closed at 76,468.78, while the Nifty 50 grew 3.39%, 733.20 and finished at 23,2763.90. With this growth, Nifty 50 recorded its best session in the last three years.
The lead research analyst of 5paisa.com, Ruchit Jain, said about the Nifty 50’s growth, “The Nifty 50 index ended well above the previous hurdle of 23,100 – 23,000, which hints at a continuation of the uptrend. The actual results will be declared today, and if all goes well, then we can see a continuation of the momentum on the higher side. The previous hurdle of 23,100 – 23,000 will be seen as the immediate support now, while on the higher side, retracements of previous moves hint at possible targets around 23,700 followed by 24,000 – 24,200.” He advises traders to keep trading in the direction of the trend.
Mandar Bhojane, the research analyst at Choice Broking, discussed Open interest (OI) and said, “According to the OI data, on the call side, the highest OI is observed at the 23,500 strike price, followed by the 24,000 strike price. On the other hand, the highest OI is at the 23000 strike price.”
