As the Lok Sabha Elections 2024 near their conclusion, with only one voting phase left, market experts are analyzing potential market movements on June 4, 2024, the election outcome day. Investors are keen to know which segments might perform well and how Sensex and Nifty 50 will react. The market has largely factored in a potential third-term victory for the Bharatiya Janta Party (BJP), but much will depend on the exit polls results released on June 1, 2024.
Jitendra Gohil, Chief Investment Strategist at Kotak Alternate Asset Managers, believes the NDA is likely to form the government, with the BJP securing a majority. He noted that in previous elections, the BJP has won significantly more seats than predicted by polls.
Trading Strategy for June 4
Sensex and Nifty 50 Movement
Analysts believe the current dip in the Nifty index is a minor setback. Rahul Ghose, CEO of Hedged.in, expects the Nifty to be above 23,000 on June 4, which is at least 500 points higher than its current level. Ghose also highlighted that the crucial level for the index is 22,000, where the maximum put writers are positioned. Additionally, large players are creating short straddles at the 23,000 level for the June expiry, supporting this view.
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