The benchmark indices are poised to open marginally lower on Tuesday as the world's largest democracy begins counting election results.
The GIFT Nifty, an early indicator of the Nifty 50's performance in India, was down 69 points, or 0.29% at 23,445 as of 08:35 a.m.
This follows a record-breaking session on Monday, with benchmarks including banking and public sector undertaking stocks surging to new all-time highs.
The NSE Nifty 50 closed 733.20 points, or 3.25% higher at 23,263.90, while the S&P BSE Sensex gained 2,507.47, points or 3.39% to close at 76,468.70. Both Nifty and Sensex reached new intraday highs of 23,338.70 and 76,738.89, respectively.
Outcome of the general election may cause market volatility and in the immediate term, 23,500-23,800 will serve as resistance points, according to Neeraj Sharma, AVP technical and derivatives research at Asit C. Mehta Investment Interrmediates Ltd. "On the downside, the recent breakout peak of 23,110 will act as the first key support for the index."
For Bank Nifty, as long as the index remains above its breakthrough level, the bull runs might extend to 52,000-52,700. "On the downside, trend line support is nearing 50,600 levels, with the recent breakout point at 49,975.”
With the counting process underway, public sector enterprises, financials, infrastructure, railway and defence will be in focus.
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