Karnataka election results impact: What to expect when markets reopen on Monday?

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Key Points

As Karnataka assembly election results were largely in line with the Streets expectations with Indian National Congress (INC) emerging as a clear winner, the impact, according to analysts, could be sentimental but is unlikely to have a significant bearing on domestic stock markets when they reopen for trading on Monday.. The recently concluded Karnataka election has resulted in Congress emerging as the clear winner..

On the weekly performance of the benchmarks, Anand James, Chief Market Strategist at Geojit Financial Services said, While the start of the last week had some pensive moments ahead of the Fed decision, the positivity from it was doused by the elections in Karnataka which is bracing for an anti-incumbency wave...

Ashish Chaturmohta, Fund Manager - PMS Strategy - Apex, JM Financial Services said that the road ahead for the domestic markets is going to be better from here as the government expenditure is expected to rise in the build-up to the general elections in 2024...

The Nifty has been displaying a consistent upward trend since April, successfully surpassing the significant resistance level of 18,200, Meena said...

On the downside, the immediate support level is at the 9-day moving average (DMA) of 18,200, followed by the 20-DMA at 18,000, with a cluster of 100 and 200-DMA at 17,800, which would act as significant support levels during any correction...

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