The early trends from Bihar elections 2025 were showing JD(U)-BJP-led National Democratic Alliance (NDA) leading in 136 out of the 243 seats, as of 10:00 AM on Friday. The leads suggest a likely continuation of the Nitesh Kumar led government in the state, with analysts optimistic on government policy continuation.
TRACK LIVE UPDATES Equity markets in India, however, started trade in red owing to negative cues from global markets, wherein the US Dow Jones cracked almost 800 points in overnight trade; NASDAQ plunged 2.3 per cent and the S&P 500 was down 1.7 per cent. Near home, Nikkei and Hang Seng shed 1.5 per cent each, while Taiwan and Kospi were down 1 per cent and 2 per cent, respectively.
Back home, the Sensex tumbled to a low of 84,043, down 435 points; and the Nifty shed over 100 points or 0.4 per cent at 25,766. In the broader market, the Nifty MidCap 150 and SmallCap 250 dipped marginally in red, before bouncing back.
Given this background, should you buy the dip on Bihar elections outcome optimism or sit on the side-lines owing to weakness in the global markets? Here's what the technical charts indicate.
Nifty
Current Level: 25,850
Likely Target: 26,400
Upside Potential: 2.1%
Support: 25,775; 25,372
Resistance: 26,000; 26,100
Technical chart shows that the
Nifty 50 index tested support at the 20-Day Moving Average (20-DMA) at 25,775 and has bounced back in intra-day trade. Chart suggests that the short-term trend is likely to remain up as long as the index holds above 25,372.
On the upside, the Nifty can potentially rally past its all-time high, which stands at 26,277 to levels of around 26,400, hints the chart. For now, the index is seen facing some resistance in the 26,600 - 26,100 zone.
BSE Sensex
Current Level: 84,360
Likely Target: 88,000
Upside Potential: 4.3%
Support: 83,900; 83,200; 82,850
Resistance: 85,150; 86,130; 87,000
The
BSE Sensex is likely to exhibit a bullish bias for the rest of the year, as long as the index holds above 82,850. Near support for the index is seen at 83,900 followed by 83,200. On the upside, the Sensex can potentially rally to 88,000-mark. Interim resistance can be anticipated around 85,150, 86,130 and 87,000 levels.
Nifty MidCap 150
Current Level: 22,384
Likely Target: 24,900
Upside Potential: 11.2%
Support: 22,400; 22,100; 21,750
Resistance: 23,100; 23,800; 24,350
The
Nifty MidCap index has rebounded into the positive zone, and is seen quoting alongside the higher-end of the Bollinger Bands on the daily chart. The short-term trend for the MidCap index is likely to remain positive above 21,750, with intermediate support visible around 22,400 and 22,100 levels.
On the upside, the Nifty MidCap index can potentially zoom to 24,900, suggests the Fibonacci extension chart. On its way up, the index may counter resistance around 23,100, 23,800 and 24,350 levels.
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Current Level: 17,089
Likely Target: 16,130
Downside Risk: 5.6%
Support: 16,878; 16,425
Resistance: 17,121; 17,207; 17,427
The
Nifty SmallCap index has also recouped losses and seen holding marginal gains. The overall trend for the SmallCap index, however, remains tepid with key resistance seen at 17,427. Interim hurdles for the index are seen placed around the 50-DMA and the 100-DMA at 17,121 and 17,207 levels.
On the downside, the SmallCap index runs the risk of sliding towards 16,130 levels for now. The index may seek intermediate support around 16,878 and the 100-Week Moving Average, which stands at 16,425.
 "NDA leads Bihar elections 2025, global cues weak: Should you buy the dip?")
