The Bharatiya Janata Party-led alliance won more than 200 seats out of the 288 seats in the Maharashtra Assembly, where voting was held. The alliance has not yet announced who will be in charge of this commercial, but the atmosphere was upbeat. The new Prime Minister is scheduled to be sworn in on Tuesday, November 26th.
Palka Arora Chopra, director at Master Capital Services, said stability in Maharashtra has triggered a rally in the stock market, encouraging investors, especially in the infrastructure, urban development and manufacturing sectors, in line with the Bharatiya Janata Party’s policies. said that it has the potential to increase trust.
Meanwhile, the expected return of the JMM-led alliance to power in Jharkhand suggests continuity in social welfare policies, Arora said, while Jharkhand’s results are on par with Maharashtra. admitted that it cannot bring the level of market enthusiasm.
Expert Sandip Sabharwal said the election results showed not only a majority, but also broader powers, indicating that the population as a whole was satisfied with economic policies and that there was continuity in them. He said it shows that there is. “Maharashtra is the second largest state in the country and such a mandate from here will also strengthen the overall growth story of the country. So this will be received positively and if the market is “I think we’re at a point where we’re stable at an all-time high,” he added.
Santosh Meena, head of research at Swastika Investmart, echoed similar sentiments, saying that in Maharashtra, where the NDA saw a lopsided victory, sentiment remains bullish, although global factors continue to pose significant risks. It is likely that this will increase further. You get results, but they don’t last very long. On the impact of the result, Bagga said the policy would continue in the state, which has a GSDP of $470 billion. “It (Maharashtra) is an important state for India. It is also the commercial capital,” he added. “With the coalition winning, this result will have a positive impact on foreign investors who focus on political stability at the Centre.” In other words, the Modi government has a proven track record of leading coalitions to victory. This will be a boost for foreign investors as it will strengthen the credibility of the central government over the next five years. So is the Indian central government, which is confident,” Bagga told ET Now.
Meanwhile, in the UP assembly by-polls, the BJP won two seats and maintained a lead in five other seats. At the time of filing the report, the Samajwadi Party was leading with two seats.
Meena, who deciphered the chart, said Nifty has strong support at 23,200, which coincides with a 61.8% retrace of the previous rally from election day low of 21,281 to high of 26,277. He said there was. The index has regained the 200 DMA with a bullish Harami candlestick formation, indicating a possible trend reversal, it added.
“Immediate resistance is at 20-DMA at 24,030 and a break above this level could push Nifty towards 24,550/25,000 levels. On the downside, 23,500 near 200-DMA remains a key support level Similarly, Bank Nifty is firm at 200-DMA, with immediate resistance at 200-DMA. $51,300-$52,000 and the higher resistance zone is $52,600-$53,300,” the analyst said.
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