Stock Market News: Will SenWsex and Nifty Fall Further After Lok Sabha Results?

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Stock Market News: After the Lok Sabha Election 2024 results were announced a great deal of fluctuation took place in the stock market which can result in worst scenarios

The Indian stock market expected that NDA would win the Lok Sabha election by more than 300 seats but it was only 295 seats which led to Sensex and Nifty suffering massive losses, another reason is that BJP had to rely on the NDA alliance to rule the third time.

Now, the market will put its main motive of macroeconomic factors and the next meeting of the Reserve Bank of India (RBI).

On Tuesday, Sensex 4,389.73 points, or 5.74 percent, to end the day at 72,079.05, and the Nifty 50 fell 1,379.40 points, or 5.93 percent, to end the day at 21,884.50.

However, today on June 5 at 11 am, Sensex was up 1,032.94 points at 73,111.99 and Nifty saw a surge of 346.15 points, or 1.58%, at 22,230.65.

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Furthermore, Nifty FMCG recorded a 6 percent jump today.

Livemint reported that Mandar Bhojane, a Research Analyst at Choice Broking said, “The Nifty 50 index formed a substantial bearish candle, with key support levels identified at 21,400 and 21,200. If these levels fail to hold, the next supports are at 20,800 and 20,300.”

He further added, “On the upside, the Nifty needs to break above 22,800 and 23,000 to regain strength and potentially reach new all-time highs of 23,500 and 23,700.”

V.L.A. Ambala said that judging by the current market situation it would do best to follow a “neutral trading strategy” until the market stabilizes to avoid any unnecessary loss.

She further said, “We could see the Nifty gaining support between 20,800 and 20,500 and facing resistance between 22,500 and 22,800 in the next trading session.”

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