Markets have been consolidating and moving in a tight range ahead of the outcome of the assembly poll outcome in key states of Punjab, Uttar Pradesh (UP), Goa, Uttarakhand and Manipur – to be announced on March 11. Analysts say the outcome could create distractions (or positives) for the government and will be interpreted as a referendum on the government’s demonetisation drive.
Results of exit polls for Assembly elections in five states indicate that the election results, especially of the biggest state Uttar Pardesh, can result in a drastically changed political landscape of the country. They can not only usher in major changes within parties but also radically change political future of many leaders. Most exit poll results show the Bharatiya Janata Party (BJP) gaining; the Congress, Samajwadi Party (SP) and Bahujan Samaj Party losing; and Aam Aadmi Party making major gains even if it does not win in Punjab and Goa.
Incidentally, Samajwadi Party chief Akhilesh Yadav had on Tuesday had said that he would be willing to host BSP chief Mayawati for tea. On Thursday, Yadav told BBC that in the eventuality of a hung assembly he was not averse to a tie-up with the BSP. Mayawati and Mulayam Singh Yadav had a pre-poll alliance in 1993, which enabled them to jointly defeat the BJP in the wake of the Ram Janmabhoomi movement, but have been sworn enemies ever since the infamous 'Guest House' incident in 1995.
If the BJP triumphs in UP, the PM can justifiably claim it to be a referendum in favour of his November 8 demonetisation decision. A favourable electoral verdict, say sources, will embolden his government to go after tax evaders and complete the unfinished agenda of demonetisation.
The electoral victories would also help BJP emerge the largest party in the Rajya Sabha in 2018, and reach closer to the majority mark. The lack of numbers in the Rajya Sabha has hobbled the Modi government in its efforts to push through some of its legislative agenda.
>>> Nifty Hourly Chart <<<
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Price trying for a break out again, will the Exit Polls can make it. If so another round of rally possible before the actual results.
>>> INFY - We have short Position <<<
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Shorted and Holding for good correction.
>>> PFC - Holding Long for UPmove <<<
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Holding long for a rally if manage to hold the channel support as shown on above chart. Cheers!!!
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