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Last Updated : May 23, 2019 07:08 AM IST | Source:

A morning walk down Dalal Street | If election results are in line with exit polls, Nifty may head towards 12,000-12,100

In case of a market-friendly outcome, indices may head towards their major resistance zone placed between 12,000-12,100 on long term charts.

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Todays L/H

Action packed day is what we expect from the D-Street on Thursday as the results of 17th Lok Sabha Elections are scheduled to come out later today which will decide the fate of the market in the near term.

Investors should brace for some volatility on May 23 as results from various states will start coming out in the morning itself.


The S&P BSE Sensex rallied more than 100 points while Nifty50 held on to 11,700 just a day ahead of counting of votes. The counting will begin at 8 o'clock in the morning, and the trends are likely to start coming in by the afternoon.

India VIX, which is also known as the fear gauge or volatility index shot up to hit a 4-year high intraday and closed 7.38 percent up at 27.54 ob May 22. The index spiked to 30.18 in intraday trade.

If election results on May 23 are not in line with the exit polls, experts are projecting the indices to swing wildly in the range of 3-5 percent from the current level. On the other hand, if election results are in line with the exit polls, upsides will be capped.

On the institutional front, FPI were net sellers in Indian markets for Rs 965 crore while the DIIs were also net sellers to the tune of Rs 157 crore, provisional data showed.

Big News:

On the earnings front, as many as 103 companies will declare their results for the quarter ended March later today which include names like IGL, Ramco Industries, Sun Tv, and Religare Enterprises etc. among others.

Technical View:

Nifty forms a Doji kind of pattern on charts

In case of a market-friendly outcome, indices may head towards their major resistance zone placed between 12,000-12,100 on long term charts

India VIX moved up 7.73 percent to 27.63. India VIX made a new record high of 30.18 which is the highest levels in the last 44 months.

Three levels: 11400, 11883, 12000

Max Call OI: 12000, 12500

Max Put OI: 11000, 10500

Stocks in news:

Public sector lender Bank Of Baroda posted a net loss of Rs 991.4 crore for March quarter ended 2019 on elevated provisions. The loss was despite higher NII, other income, and operating profit.

State-run MOIL on May 22 reported a 5.71 percent increase in standalone net profit at Rs 135.08 crore for the quarter ended March 31, 2019.

Thermax Ltd May 22 posted a 67 percent on year jump in its consolidated net profit at Rs 126.90 crore for the quarter ended March 2019, mainly on account of higher revenues.

Technical Recommendations:

We spoke to ICICIDirect and here's what they have to recommend:

Axis Bank: Buy| LTP: Rs 778| Target: Rs 870| Stop Loss: Rs 695| Upside 12%| Time Frame 6 months

KEC International: Buy| LTP: Rs 285| Target: Rs 323| Stop Loss: Rs 269| Upside 13%| Time Frame 1 months

Disclaimer: The views and investment tips expressed by investment expert on are his own and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

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First Published on May 23, 2019 07:08 am
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