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The volatility, which reached a two-year high, is likely to remain elevated until the election results, with the Nifty 50 expected to consolidate around the 23,000 mark, experts said.

With the global markets on a rebound mode post the US Fed Policy announcement, Shah, of SBI Securities, feels Nifty could continue consolidating between 22,280 on the downside and 22,800 levels on the upside in the coming week.

For Nifty, support is at 21,800 and then 21,500, while resistance is at 22,200. Stock-specific action and sector rotation is likely during consolidation, analysts said

The Sensex closed 803 points, or 1.26 per cent, higher at 64,718.56 while the Nifty closed the day at 19,189.05, up 217 points, or 1.14 per cent. This was the third consecutive session of gains for the Sensex and the fourth consecutive session of gains for the Nifty.

As we will be entering into fourth week of earnings season, nearly 200 companies are set to announce their quarterly numbers in the week ended May 8.

The banking and financial sector can outperform in the near term and Bank Nifty is expected to defend 40,000 levels in the current series for the targets of 42,000-42,200 levels.

Microsoft has reportedly offered Sony options for including Call of Duty on its PlayStation Plus subscription service.