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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 FIIs' long-short ratio in index futures at oversold levels may also be indicating a rebound.
The gains in Nifty were led by financial services and telecom stocks. Meanwhile, IT and oil and gas stocks declined.
FIIs reduced their long positions by 80 percent in a single session, dropping from 257,000 contracts to 51,000.
If the actual results throw in a surprise, not aligning with popular expectations, the market could face an abrupt fall. Prudence demands that a portion of the portfolio be hedged.