BJP seat wins, election results 2024: Sensex, Nifty, Bank Nifty levels to watch today

Lok Sabha election results 2024: With a strong 3-4 per cent rally in the previous session, Sensex, Nifty and Nifty Bank have breached their key resistance levels. Analysts said it is crucial to maintain a sense of caution, as the outcome of the Lok Sabha elections 2024 holds immense significance for the market and any deviation in actual seat wins for the BJP-led NDA via-a-vis exit polls may heighten volatility.  

"We would advocate traders to avoid aggressive bets and keep booking profits as we may witness some wild swings on the verdict day," said Osho Krishan of Angel One. 

Ruchit Jain, Lead Research at 5Paisa.com said Nifty's breach of a key hurdle of 23,100-23,000 hints at a continuation of the uptrend. The range will now act as the immediate support, he said while adding that  retracements of previous moves hints at possible target around 23,700 for Nifty followed by 24,000-24,200. He advised traders to trade with a positive bias. 

On Sensex, Jain sees support at 75,850, followed by 75,230 while the resistance is seen at 76,900, following which the index can test 77,350 level.

On Nifty Bank, Om Mehra of SAMCO Securities said Bank Nifty the index formed a Bullish Hammer pattern on the daily chart, indicating potential bullish momentum. To continue this upward trend, it's crucial for Nifty Bank to sustain above the support level of 49,800 and the immediate resistance is expected at 52,000 followed by 52,500 levels, he said.

It's advisable to observe the Nifty Bank for the next 2-3 sessions, before making any conclusions about adopting a buy-on-dip strategy, said Rupak De, Senior Technical Analyst at  LKP Securities.

On the NSE barometer Nifty, Mehra said: "Nifty currently holds above its short-term moving averages, suggesting a positive sentiment is prevailing in the market. However, considering the upcoming event day tomorrow, the Nifty may experience significant swings for the next trading session. The immediate support level is at today's low of 23,062.30, while the immediate resistance remains at 23,500."