The BJP led alliance crossed the 200 mark out of the 288 Maharashtra assembly seats which went to polling. While the alliance is yet to take a call on who the CM will be this time around, the mood was upbeat. The new chief minister is set to take oath on November 26, Tuesday.

The stability In Maharashtra could trigger a rally in the stock market, boosting investor confidence especially in infrastructure, urban development and manufacturing sectors which are aligned with BJP policies, said Palka Arora Chopra, Director of Master Capital Services Ltd.

Meanwhile, the JMM-led alliance’s expected return to power in Jharkhand, suggests continuity in social welfare policies, Arora said, while conceding that Jharkhand’s results could not offer the same level of market enthusiasm as Maharashtra.

The election results indicate that not only the majority has been retained but with a much wider mandate, which indicates that the people in general are happy with the economic policies and there will be continuity in policy, expert Sandip Sabharwal said. “Maharashtra being the second largest state in the country, a mandate like this from here also reinforces the entire growth story of the country. So, I would think that it would be taken positively and it has come at a time when markets are not at all-time high,” he added.

Echoing a similar sentiment, Santosh Meena, Head of Research, Swastika Investmart said that Maharashtra, where NDA witnessed one sided victory is likely to boost bullish sentiments, further though global factors will continue to pose significant risks.Expert Ajay Bagga sees an immediate impact of results and not a very lasting one. On the ramifications of the results, Bagga said that there will be a continuity of policy in a state which is having $470 billion of GSDP. “It (Maharashtra) is an important state for India. It houses the commercial capital as well,” he added.”The results will have a positive impact on foreign investors who look at political stability at the centre because a coalition alliance has won one of the major seats. So, the Modi government has proved its credentials in leading a coalition alliance to victory, and that helps strengthen the credentials of his central government for the next five years. So, foreign investors would be looking at this as a boost of confidence in the Indian central government as well,” Bagga told ET Now.

Meanwhile, in UP assembly bypolls, BJP won two seats while maintaining a lead in five others. Samajwadi Party was leading in two seats at the time of filing the story.

Decoding charts, Meena said that Nifty has found strong support at 23,200, which aligns with the 61.8% retracement of its previous rally from the election-day low of 21,281 to the high of 26,277. The index reclaimed its 200-DMA with a bullish harami candlestick formation, signaling a potential trend reversal, he added.

“Immediate resistance is at the 20-DMA of 24,030, and a breakout above this level could push Nifty toward 24,550/25000 levels. On the downside, 23,500, near the 200-DMA, remains a critical support level. Similarly, Bank Nifty has held firm at its 200-DMA, with immediate resistance at 51,300–52,000 and a higher resistance zone at 52,600–53,300,” this analyst said.