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Experts believe markets could open above 23,100 amid positive sentiments. Exit polls indicate a clear BJP-NDA win. GDP numbers released over the weekend exceeded expectations at 8.2 percent.
The cost of hedging Indian stocks has surged ahead of the general elections outcome next week. The NSE India Volatility Index rose 88% in May, the most since March 2020, reaching a two-year high of 24.17% on Thursday.
RVNL Share Price: RVNL shares have surged over 1,000% in 2 years driven by strong order inflows and execution. Investors are debating whether to book profits or buy the dip.
During such events traders' anticipation of wild swings raises prices of both call and put options. This, in turn, results in a spike in fear gauge India VIX, which has rallied 88% this month to 24.18 as of Thursday.
Indian market expected to consolidate following weak global cues. Nifty futures closed down at 22731 levels. Options data indicates a trading range of 22500 to 23000. Experts recommend buying Jubilant FoodWorks, Torrent Pharma, Hindalco, Dr. Reddy's Labs, Asian Paints, and Exide Industries with specified targets and stop losses.