GIFT Nifty rises 800 points; this is the trading scenario for the current trading day.
Last week, FII selling and election uncertainty put pressure on the equity markets. Following the BJP's victory in exit polls, analysts anticipate a good market response on Monday.
Due to FII selling that was aggressive and election-related uncertainty, equity markets were under pressure for the whole week. However, many anticipate a bullish response from the market on Monday in response to exit polls that indicate the BJP would win.
With a mix of public sector companies under focus, analysts predicted that largecaps in financials, capital goods, autos, and telecom would lead the brief surge prior to the major statistics.
Good prospects on the Gift At 23,500, the Nifty traded 812 points, or 3.58%, higher.
Tech Perspective
After four sessions of losses, the Nifty has now recovered on the daily chart from near the 50-day SMA. The 14-day RSI is declining and is still below the 9-day EMA, a sign that the momentum is waning. It is currently at 50.33.
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