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Nifty ended Monday’s trading session 733 points higher with analysts saying that if the election results are better than expected on Tuesday the headline index can even cross the 24,000 mark.The bulls are in full control of the markets at the current juncture and are using every minor pullback to create long positions. Support for the Nifty is now seen at 23,200 and 22,950-23,000 levels. On the higher side, immediate resistance is at 23,350 levels and the next resistance is at the 23,500 mark, said Tejas Shah of JM Financial & BlinkX.Volatility indicator India VIX ended 15% lower as exit polls predicted that PM Narendra Modi will retain power with a landslide victory.According to the Open Interest (OI) data, on the call side, the highest OI was observed at the 23,500 strike price, followed by the 24,000 strike price. On the put side, the highest OI was at the 23,000 strike price.What should traders do? Here’s what analysts said:Jatin Gedia, SharekhanOn the daily charts, we can observe that Nifty has broken above the previous swing high of 23,110 to suggest the start of the next leg of up move which can extend till 23,500-23,740 from a short-term perspective. The psychological level of 23,000 shall act as a key support from a short-term perspective. Daily and hourly momentum indicators have a positive crossover which is a buy signal. Thus, both price and momentum indicators suggest the continuation of the rally.Rupak De, LKP SecuritiesThe sentiment remains highly dependent on the election results tomorrow. If the election results align with the exit poll or fall below the exit poll numbers, it might attract mild to heavy selling pressure in the overall market, including the Nifty space. However, if the results are better than expected—meaning if the NDA secures significantly more seats than the average exit poll numbers—then the Nifty might embrace another round of buoyant movement.Mandar Bhojane, Choice BrokingIf Nifty breaks 23,300 level and sustains, it can further rise to 23,700 and 24,000 levels in the coming days. On the downside, 22,900 and 22,800 will act as immediate support levels. For the Bank Nifty, if the price sustains above the 51,000 level, it could further rise to 52,000 and 52,700 levels. On the downside, 50,400 and 50,000 will act as immediate support levels.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Ratings firm CreditSights on Monday said it expects the credit metrics of Tata Steel to improve in the ongoing fiscal aided by factors like infrastructure-led domestic steel demand and lower coking coal prices. Tata Steel last week reported a 64.59 per cent decline in consolidated net profit at Rs 554.56 crore for the March quarter from Rs 1,566.24 crore in the year-ago period, mainly on account of lower realisations and expenses on certain exceptional items. In a report, CreditSights -- a FitchSolutions company -- said it expects Tata Steel's credit metrics to improve meaningfully in FY25, with net leverage projected to improve, driven by robust EBITDA growth and lower capex. "We expect total FY25 EBITDA to grow robustly year-on-year in the mid 20 per cent range, supported by robust infrastructure-led domestic steel demand, very slight recovery in steel price realizations aided by robust domestic demand...lower coking coal input costs that could offset higher iron ore input costs," CreditSights said. It also said Tata Steel's annual results "were less poor than we feared." Revenues and EBITDA fell 6 per cent and 27 per cent year-on-year, respectively, as continued losses from Europe and higher operating expenses outweighed strong India revenues and lower coking coal input costs, the ratings firm added.

D-Street fear index India VIX fell 22% to the day's low of 19.12 on Monday after a screaming call by exit polls suggesting the return of the incumbent Bharatiya Janata Party (BJP) led NDA government. At 1:20 pm India Vix stood at 20.21, down by 17.85% from 24.60 on Friday.According to the average of 12 exit polls, NDA is seen as winning 367 seats this time, improving its 353 count in the 2019 elections. Even the lowest forecast is that of 316 seats. While the NDA may fall short of its ambitious 'Abki Baar 400 Paar' target, traders see Nifty going beyond 24,000 this week. While exit polls are estimates given by pollsters, actual results will be announced on Tuesday."The markets are riding a wave of optimism, propelled by the exit polls suggesting a decisive win for the NDA government, reflecting the sentiment driving the surge to an all-time high of 23,122," Suman Bannerjee, CIO, Hedonova said.The rally is likely to sustain if the NDA wins while any surprises might trigger volatility, Bannerjee cautioned.Sahaj Agarwal, Head of Derivatives Research at Kotak Securities expects a reduction in volatility, which in market parlance is called "volatility crush". Typically, a market-impacting event leads to an irrational increase in implied volatilities (IVs) of options which primarily occurs due to the fear and uncertainty surrounding the event's outcome, he reasoned."High implied volatilities are attractive for option sellers and provide momentum for option buyers. The transition back to a low IV regime is often drastic, making risk management crucial. As the event progresses and certainty sets in, IVs collapse and return to normal levels," Agarwal said.India VIX's 52-week low stands at 8.20 and peaked to the 52-week high of 26.20 in the run-up to the final phase of polling and exit polls on June 1."The previous 15-month average for India VIX is observed at 13-15. Therefore, expect an IV crash and a sudden drop in options premiums, along with the impact of the underlying movement, referred to as delta," Agrawal opined.After the exit polls, it was expected that when markets resume trading on Monday, bulls will be unleashed. Headline index Nifty hit a fresh lifetime high of 23,338.70 gaining over 800 points while the S&P BSE Sensex soared by 2,778 scaling a new peak of 76,738.89.Also Read: Exit Poll impact on D-Street! Religare Broking expert tells what to do with Naukri, DMart and 4 other stocks?(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)