INSUBCONTINENT EXCLUSIVE:
BJP Flag, BJP(Photo: Shutterstock)3 min read Last Updated : Oct 07 2024 | 11:05 AM IST
A reduced majority, or even a loss for the
Bharatiya Janata Party (BJP) in Haryana and Jammu - Kashmir (J-K) state elections is unlikely to ruffle the markets much, suggest
West Asia and its impact on oil prices, outcome of the US presidential polls in November and the upcoming corporate results season back home
trigger a temporary knee-jerk reaction, they believe.
Markets, according to G Chokkalingam, founder and head of research at Equinomics
Research, took cues from the outcome of Lok Sabha polls and to that extent, they are already discounting what may happen now in the state
of these states would have a minimal impact on the markets
At this stage, how crude oil prices behave due to the ongoing geopolitical situation in West Asia would be more relevant for movement of the
However, J-K is likely to witness a hung house, exit polls suggest, with the National Conference-Congress alliance likely to emerge closer
However, Maharashtra remains key
A loss there could trigger a negative reaction
Over the next few days, however, the markets have a lot of other things to worry about such as the geopolitical conflict in West Asia,
- state elections
That said, the outcome of the state polls, especially in Haryana and Maharashtra, analysts believe, are also important
the interests of food consumers and food producers
note co-authored with Aurodeep Nandi.
From a technical standpoint, the Sensex, analysts said, has a significant support near the 100-day
move above the important 20-DMA level of 83,400 to gain momentum
The support for the week is seen at 79,800 levels for the Sensex and at 24,400 levels for the Nifty
These indexes face resistance 83,500 and 25,600 levels, respectively," said Vaishali Parekh, vice president for technical research, PL
Capital - Prabhudas Lilladher.First Published: Oct 07 2024 | 11:05 AMIST
