Bihar Election & Muted Market Reaction: Is Modiomics Failing?
India's benchmark stock index Nifty surged almost
2% since last week (November 9, 2025) on better-than-expected election win by
BJP/NDA (Modi admin) in the Bihar state election and hopes of an imminent
withdrawal of the 25% additional tariff on Russian oil. The surge has been fueled by two major
developments: the BJP-led National Democratic Alliance's (NDA) landslide
victory in the Bihar Assembly elections and mounting optimism around an
impending India-US trade deal. These factors have eased political uncertainty
and boosted investor confidence in policy continuity, the never-ending
attraction of Modinomics, and export growth. But despite the BJP's unexpected
blockbuster margin of win in the Bihar election, the overall Nifty rally was
quite limited, less than 1% unlike the Modi 2.0 and 1.0 era, when a 3-5% rally
in such scenarios was the norm. So, the question is whether the attraction of
Modinomics is falling?
Bihar
Election 2025: A Blockbuster Mandate for Modinomics or Bribe Politics and Election
Strategies?
On November 14, 2025, when the Election Commission
declared the final results, Bihar delivered one of the most decisive verdicts
in its recent political history. The BJP-led National Democratic Alliance (NDA)
swept to power with 202 seats in the 243-member assembly, crossing the majority
mark by a staggering 81 seats. The BJP itself emerged as the single-largest
party with 91 seats, while its key ally, Nitish Kumar’s JD (U), secured 84. The
opposition Mahagathbandhan (RJD-Congress-Left) was reduced to a paltry 34
seats, with Tejashwi Yadav’s RJD winning just 28.
This was
not merely a victory; it was a political earthquake: How the Numbers Tell the
Story.
·
NDA vote share:
~47.8% (highest since 1990)
·
Mahagathbandhan
vote share: ~29.4% (lowest in two decades)
·
Seat swing from
2020: NDA gained a net +47 seats, Mahagathbandhan lost 76
·
Women voter
turnout: Record 69.8% (up from 59.7% in 2020)
·
NOTA pressed in
only 0.42% of votes (lowest ever)
The Big Reasons
behind the NDA Landslide
v The Return
of the “Double-Engine” Narrative
After the brief turbulence of Nitish Kumar’s
2022-2024 flip-flop, the BJP’s aggressive reconciliation and seat-sharing
formula (BJP 153, JD(U) 78, LJP-RV 5, HAM 3) restored the image of a stable,
development-focused alliance. PM Modi’s 22 rallies and Amit Shah’s 18 visits
reinforced the message: “Bihar needs a government that works in tandem with the
Centre.”
v Women's
Power Decided the Mandate
The continuation and expansion of schemes like the
7th phase liquor prohibition, Jeevika self-help groups, and direct
cash transfers (₹3,000
monthly to women under the new “Mahila Samridhi Yojana” announced
in the campaign) created an unbreakable bond with female voters. In many rural
constituencies, women's turnout exceeded men's by 12-15 percentage points.
v Collapse
of the MY (Muslim-Yadav) Equation
Despite Tejashwi's energetic campaigning and
promises of 10 lakh jobs, the RJD failed to consolidate its traditional
Muslim-Yadav base. Muslims (17.7% of the population) showed visible
fragmentation, with a section shifting towards AIMIM (which won 4 seats) and a
larger chunk simply staying home. Yadavs (14%) remained loyal but were
outnumbered by the NDA's EBC-Dalit-Non-Yadav OBC consolidation.
v Development
Over Caste Arithmetic
The NDA hammered home tangible deliverables:
4-lane highways touching every district, 95% rural electrification, 3 new
AIIMS, the Kosi-Mechi river-linking project, and the highest-ever central funds
(₹2.4 lakh crore in the last five years). In
contrast, the opposition’s narrative of “jungle raj 2.0” and “caste census” failed to ignite the same passion it did in 2020.
v The Nitish
Kumar Era Continues
At 74, Nitish Kumar is set to take oath for a
record fifth term as Chief Minister on November 21. The BJP, despite being the
larger partner, has gracefully conceded the CM post to JD (U) as part of the
pre-poll pact. Samrat Choudhary and Vijay Sinha will be the two Deputy Chief
Ministers from the BJP.
v What This Means for Bihar (and India)
·
Political
stability for the next five years in a state that saw 11 governments between
1990 and 2005.
·
Faster
execution of central schemes (PM Awas, Jal Jeevan Mission, ethanol blending
plants, Semiconductor Park in Patna).
·
A stronger
signal to investors: Bihar’s ease-of-doing-business ranking has already jumped
from 26th to 14th since 2020.
·
A morale
booster for the BJP ahead of crucial 2026-27 battles in Assam, West Bengal, and
Tamil Nadu.
·
PM Modi
consolidated his position within the fragmented BJP, a section of which wants
his retirement from active electoral politics due to his 75 years of age; Modi
is now expected to continue till at least the 2029 general election, but may
not participate in the next general election.
Overall
Public Mood
As the sun rose over Patna on November 15, the
streets were filled with saffron flags and the rhythmic beats of dhol-tasha.
Firecrackers lit up even the poorest bastis (slums) of Patna and Bhagalpur. For
the first time in decades, Bihar voted overwhelmingly for continuity rather
than change, for asphalt roads rather than old caste loyalties, and for a
future that feels within reach. In the words of a tea-stall owner in Muzaffarpur
who voted for the NDA: “Pehle log bolte
the Bihar sudhrega nahi. Ab lagta hai sudhar chuka hai”--(They used to say
Bihar can never improve. Now it feels it already has.)
The real
story of the Bihar Election 2025
Unpacking
the BJP's "Proxy Warfare" in Bihar 2025: From Fragmentation to
Tsunami
The BJP-led NDA's thumping victory in the Bihar
Assembly elections—securing 202 of 243 seats—has been hailed as a
"tsunami" by party leaders, but beneath the saffron surge lies a
calculated mosaic of electoral engineering. The BJP didn't just win; it orchestrated
a multi-pronged assault on the opposition's vote banks, leveraging proxies to
splinter the Mahagathbandhan's (MGB) cohesion. By deploying influencers like
Prashant Kishore (PK), bolstering AIMIM's niche appeal, exploiting LJP's caste
dynamics, and dangling targeted incentives like the ₹10,000 women's stipend, the NDA turned potential
vulnerabilities into decisive advantages.
BJP Proxy PK's
Digital Dagger: Tarnishing Tejashwi and Eroding Youth Support
Prashant Kishore, the maverick strategist-turned-politician,
entered Bihar's fray with his Jan Suraaj Party (JSP) not as a direct NDA ally
but as a de facto disruptor (proxy). Contesting 140+ seats independently, JSP
siphoned off anti-incumbency votes that might have flowed to Tejashwi Yadav's
RJD, which had positioned itself as the youth's champion with promises of 10
lakh jobs. PK's campaign was a masterclass in negative branding: relentless
social media blitzes, AI-generated memes, and whistleblower-style expos painted
Tejashwi as a "dynast out of touch with Bihar's aspirations." This
hit hard among urban millennials and Gen-Z voters in Patna, Muzaffarpur, and
Bhagalpur, where JSP polled 8-10% but won zero seats—effectively a "vote
sink" that cost RJD 15-20 seats in youth-heavy constituencies.
Post-poll
surveys reveal the damage.
RJD's youth vote share dipped from 32% in 2020 to
22% in 2025, with many citing "Tejashwi's unfulfilled promises" as
the turn-off: PK's indirect benefit to
BJP?
PK’s "governance audit" rallies echoed
NDA talking points on corruption, priming swing voters for Modi's "Vikas
Guarantee." Ironically, PK's flop (0 seats) amplified the narrative of
opposition disarray, making the MGB look like a relic. During the campaign, PK
also criticized the BJP leadership of other states in a bid to distract from
his main agenda in favor of an apparent anti-BJP, anti-Nitish Kumar, and
anti-Tejashwi Yadav image.
AIMIM as
the Muslim Vote Splitter: BJP’s Proxy in Bihar’s Seemanchal
The All India Majlis-e-Ittehadul Muslimeen
(AIMIM), led by Asaduddin Owaisi, wasn't formally in the NDA's pocket, but its
2025 performance—winning 5 seats with 1.85% statewide vote share—acted like a
scalpel on RJD's Muslim-Yadav (MY) fortress. Concentrated in the
Muslim-majority Seemanchal belt (Kishanganj, Purnea, Araria, Katihar—24 seats),
AIMIM's aggressive outreach on "Muslim dignity" and local issues like
flood relief fragmented the 17% Muslim electorate. RJD, which banked on
consolidating 80% of Muslim votes, saw it drop to 55-60%, leading to a
near-wipeout in the region (MGB won just 2 seats there).
This wasn't accidental. BJP's subtle
signaling—through backchannel nods and non-aggression in key contests—allowed
AIMIM to thrive as a "third force." Owaisi's barbs at RJD
("false promises to Muslims") mirrored BJP's "appeasement
politics" critique, further eroding Tejashwi's image among younger Muslims
wary of Lalu-era baggage. The payoff: NDA swept 18/24 Seemanchal seats,
flipping the MY equation into Modi's touted "positive MY"
(Mahila-Youth) pivot.
LJP's
Caste Calculus: Consolidating the Dalit-OBC Base
Chirag Paswan's Lok Jan Shakti Party (Ram
Vilas)—LJP( RV)—returned to the NDA fold after its 2020 solo run had
inadvertently boosted RJD by splitting JD (U) votes. This time, contesting 29
seats, LJP (RV) won 19-22, punching above its 3-4% vote weight by
hyper-targeting Paswan-Dusadh Dalits (6% of voters) and peripheral OBCs. But
the real genius was in "costing" the MGB's caste arithmetic: LJP's
micro-campaigns in 50+ constituencies diluted RJD's Yadav consolidation and
Congress's upper-caste forays, turning potential MGB pickups into NDA holds.
In 2020, LJP's rebellion had gifted RJD 20+ seats;
in 2025, its loyalty fortified the NDA's EBC-Dalit firewall, especially in
north Bihar. Chirag's youth appeal—via TikTok-style rallies on education and
jobs—further chipped at Tejashwi's base, with LJP claiming 25% of Dalit votes
that RJD eyed. Result? A unified NDA vote transfer that amplified BJP-JD (U)'s
39% combined share into a seat bonanza.
The ₹10K "Bribe": Sealing the Deal with
Women's Wallets (last bullet in the coffin)
ECI
remains silent
No dissection of the NDA's win is complete without
the "Mahila Samridhi Yojana"—a pre-poll announcement of ₹10,000 annual cash transfers to women heads of
households, layered atop existing schemes like Kanya Vivah and cycle
distribution. Framed as empowerment, critics like Tejashwi slammed it as a
"vote-buying gimmick," but it landed like a thunderbolt among Bihar's
51% female electorate. Women's turnout soared to 69.8% (vs. 59.7% in 2020), and
exit polls show they favored NDA by 55-45% over MGB, crediting Nitish's
"pro-women" ledger (liquor ban extension, safety initiatives).
This
wasn't just cash; it was psychological warfare. In rural strongholds like Madhubani and
Sitamarhi, the promise neutralized RJD's caste census pitch, swaying EBC and
Mahadalit women. The "bribe" tag? It backfired on Tejashwi,
reinforcing his "entitled heir" image amid PK-fueled scandals. NDA's
women-centric push—22 Modi rallies invoking "Nari Shakti"—clinched
60% of female votes in 100+ seats.
The Bihar Tsunami's
Aftermath: A Blueprint for 2026?
The BJP's evolution was from brute-force
mobilization to surgical fragmentation—proxies as pawns, incentives as icing.
RJD's 25-29 seats (despite topping vote share at ~28%) underscore the
efficiency: MGB's MY core held (Yadavs at 90% loyalty), but cracks elsewhere
proved fatal. For Tejashwi, the loss stings personally—retaining Raghopur by
14,532 votes feels hollow against the statewide rout. BJP's playbook-Scalable
to West Bengal or Assam, where youth disillusionment and minority flux loom
large. In Bihar's churn, this wasn't mere opportunism—it was political chess.
The NDA didn't build a new majority; it dismantled the old one, brick by proxy.
As Nitish eyes his fifth term on November 21, the real question is why the
market reaction is so muted despite the blockbuster win by the BJP/NDA?
Allegations
of Voter List Manipulation in Bihar 2025 Elections: The SIR Controversy and
BJP's Alleged Role
As the dust settles on the BJP-led NDA's landslide
victory in the Bihar Assembly elections—securing 202 of 243 seats—the
opposition has zeroed in on one flashpoint: the controversial Special Intensive
Revision (SIR) of electoral rolls conducted by the Election Commission of India
(ECI) earlier this year. Critics, including Congress, RJD, and allies in the
INDIA bloc, have accused the process of being a deliberate tool for voter
suppression, allegedly orchestrated to favor the BJP by purging names of
opposition-leaning voters, particularly from minority, poor, and migrant
communities. With over 74 million voters at stake in a state plagued by migration
and poverty, the SIR has become a symbol of what opposition leaders call
"vote Chori" (vote theft), potentially explaining the
Mahagathbandhan's (MGB) rout (just 35 seats). This isn't just post-poll sour
grapes; the controversy simmered for months, sparking protests, Supreme Court
petitions, and even parliamentary disruptions.
Opposition parties claim the SIR wasn't a cleanup
but a "surgical strike" on their vote banks, deleting 4-6.5 million
names (5-8% of total voters) in a way that disproportionately hit Muslims (17%
of Bihar's population), Yadavs (14%), Extremely Backward Classes (EBCs),
Dalits, and poor migrants—groups that lean toward RJD-Congress.
v Rahul
Gandhi's "Vote Chori" Campaign: Gandhi led a 16-day "Voter Adhikar Yatra" across 23 districts,
alleging ECI-BJP nexus stole 25 lakh votes in Haryana (citing duplicate photos,
even a Brazilian model's image on IDs). He extended this to Bihar, calling SIR
a "flop show" that enabled NDA's "hijacking." The INDIA
bloc staged a "Bihar Bandh" on July 9 and marched to ECI offices; the
Supreme Court heard petitions urging a delay, with one judge suggesting
delinking SIR from polls for better review.
v Post-results,
the chorus grew louder: Akhilesh
Yadav called it a "rigged mandate" and "electoral conspiracy,"
while Shiv Sena (UBT) claimed BJP's Maharashtra playbook—adding fakes there,
deleting here—was repeated. Congress's Ajay Maken flagged "something
amiss," vowing evidence of wrongdoing.
v BJP claims
opposition rigged past polls via fakes:
ECI notes only 17 lakh inclusion applications vs. 21 lakh additions, showing
transparency.
v ECI's
Stance: Rejected claims as
"baseless"; no evidence of bias, and the process followed
constitutional norms. CEC Kumar's pressers emphasized logistics, not politics.
v Legal experts
like Prashant Bhushan argue for
"social audits" over rushed BLO verifications, warning of ECI's
"credibility crisis." The Supreme Court has urged better planning for
future SIRs, now rolling out in 12 more states/UTs.
Broader
Implications: An Acid Test for Indian Electoral Democracy?
The SIR saga underscores deepening distrust in
institutions, with opposition vowing probes and boycotts in future polls (e.g.,
Akhilesh: "SIR game exposed" for Bengal/UP). For BJP, it's a win-win:
electoral dominance plus a narrative of "clean" governance. Yet, with
Bihar's poverty (highest in India) and migration woes unaddressed, the real
test is delivery—lest 2026 battles (Assam, Bengal) reignite these fires. As one
Patna protester put it amid July's Bandh: "Voter lists clean? Our futures
aren't." Independent investigations, as Congress demands, could clarify
whether SIR was reform or rigging. For now, Bihar's "tsunami" rolls
on, but the undercurrents of doubt persist. India is fast becoming a 'banana
republic' and an electoral autocracy despite having the title of the World's
biggest democracy. Although freedom of speech in India is almost assured,
freedom after speech may not be!
Muted
reaction of the market: Is the attraction of Modinomics fading?
The overall reaction of the market was quite muted
despite the BJP/NDA's blockbuster win in various states (Haryana, Delhi-UT,
Maharashtra, and Bihar), consolidating PM Modi's hold despite growing rift in
the BJP and corporate India (Note Bank) over Gujarat vs Maharashtra lobby.
India's
Fiscal Tightrope: UPA vs NDA – A Tale of Similar Strains and Squeezed
Development Space
Overall Indian economic performance-no major
difference between UPA (2004-24) & NDA (2014-24); combined public debt
growing ~12% vs 13% against real GDP growth 7% vs 6%; Federal govt paying
almost 45% & 35% of its core revenue as interest on public debt &
salaries/pension alone; after freebies, little left for development of the
country.
India's economic journey under the United
Progressive Alliance (UPA, 2004–2014) and the National Democratic Alliance
(NDA, 2014–present) reveals a striking continuity in macroeconomic pressures,
despite differing global contexts and policy emphases. The overall performance
shows little divergence, with public debt growth hovering around 12–13%
annually against real GDP expansion of 6–7%, and committed (mandatory)
expenditures (interest, salaries, pensions) devouring 45% and 35% of core
revenue, respectively, leaving scant room for development post-subsidies. Both
regimes grappled with rising debt servicing costs amid moderate growth,
constraining capital outlays and long-term investments. This "fiscal
squeeze" has persisted, exacerbated by external shocks (global financial
crisis for UPA; COVID for NDA), but rooted in structural issues like high
committed spending and subsidy burdens. The NDA complicated the overall
economic trajectory by introducing higher & complicated GST and tariffs,
resulting in a higher cost of living and an affordability issue.
India
requires political & policy reforms from political funding to land, labor, and law. India needs to follow the
EU/US model of political funding, electoral reform, including constructive
debate on economic plan and other issues. India also needs to follow the
Chinese model of development, involving mostly local governments rather than
using it as a political PR campaign.
India's
external debt is now increasing rapidly above its FX reserve levels.
As of mid-2025, total external debt stands at
$747.2 billion (end-June 2025), reflecting a robust 10–13% year-on-year (YoY)
growth from $668.8 billion a year earlier. In contrast, FX reserves have been
on a declining trend, dipping to $687.0 billion as of November 7, 2025—down
$2.7 billion in a single week and over $8 billion since late October. This
marks the first sustained instance in recent years where debt has eclipsed
reserves (debt-to-reserves ratio now ~108.7%), reversing India's post-1991
crisis norm of ample reserve buffers (typically 100–110% coverage). While the
debt-to-GDP ratio remains moderate at 18.9% (end-June 2025), the rapid debt
accumulation amid reserve erosion signals heightened vulnerability to global
shocks like currency volatility or capital outflows.
Currency
and Import Risks: With 54% USD
exposure, further rupee weakening (projected 2–3% in FY26) could add $10–15
billion to debt stock via valuation. Oil imports (80-85% of energy needs)
consume ~20% of reserves annually; Higher oil prices could drain another $5–10
billion (if India is forced to buy US oil).
India's M2 (MONEY SUPPLY) is now growing above
real GDP; this, along with increasing current account deficit, USDINR may scale
100 levels by 2028-29; the Indian economy may face stagflation, higher cost of
living, and a weak labor market.
India's
'K'-shaped economy needs political & policy reform.
India's $3.9T economy (nominal GDP), often touted
as the world's fastest-growing major, is navigating a precarious path.
Highlights a confluence of red flags: M2 money supply outpacing real GDP
growth, a persistent current account (CA) deficit, potential rupee depreciation
to ₹100/USD by 2028–29, and the specter of stagflation amid an
increasing K-shaped economy. These dynamics could indeed amplify cost-of-living
pressures and weaken the labor market, underscoring the urgent need for bold
political and policy interventions.
Jobless
growth in K-Shaped Economy: Thriving Elites, Squeezed Masses
India's post-COVID rebound remains starkly
unequal—a "K-shaped" recovery where high-end segments (tech, pharma,
equities) soar while informal labor (90% of workforce) lags. Urban consumption
dipped 2–3% in Q2 FY26 (rural up 1%), with two-wheeler sales (proxy for
middle-class) flat lining amid 7–8% food inflation. Labor market woes: Unemployment
at 7.8% (urban youth 17%), EPFO additions slowing to 1.2 million/month, and
real wages stagnant since 2022. India's $3.9 trillion economy risks a
"lost decade" without addressing these fissures. K-shaped inequities
could fuel social unrest.
India has
to improve its economic/labor productivity above GDP growth, so that higher GDP
will not cause higher inflation. For
India to achieve sustained 8–9% real GDP growth without triggering persistent
inflation, labor and total-factor productivity (TFP) must grow faster than GDP
itself. Historically, India has relied on factor accumulation (more capital +
more labor force) rather than efficiency gains. That model is hitting its
limits. Every 1% extra GDP growth currently requires
~0.6–0.7% extra employment + ~0.4–0.5% inflation pressure because productivity/efficiency
is lagging. This is exactly why 7–8% growth still produces 5–6% CPI and
occasional 7–8% spikes. To grow at 8% real with lower than 4% inflation, India
needs:
·
Labor
Productivity 7.0% vs 4% current
·
Total Factor
Productivity 4.0% vs 1.5% current
·
Employment
Growth 1.5% vs current 2.5%
Productivity
is the ultimate
India can keep printing 7–8% GDP growth with 5–6%
inflation forever — or switch to 8–9% GDP growth with 3–4% inflation forever. The
difference is that productivity is growing faster than GDP, not the other way
around. East Asia proved it is possible in one generation. India has the
demographic window until ~2040. After that, aging kicks in, and the game
becomes much harder. 2026–2030 is the last real shot at the productivity
supercycle. Everything else (rupee, inflation, jobs, inequality) will follow
automatically if we get this one variable right. But it may be very difficult
as India is a service & import-oriented economy, and that too being subject
to inefficient government employees.
Conclusions:
Everything fair in love & war, and also elections
Overall muted reactions of the Indian stock
market, even after blockbuster wins by Modi in state after state (HR, DL, MH,
and BR) after the June'24 general election debacle, show Modinomics may not be
working fine amid increasing unemployment/under-employment, weak labor market,
and higher cost of living. Modi’s mantra of reform & perform, and the
marketing theme of 6D (development, demand, demography, deregulation,
digitalization, and democracy) may now be in peril. India's so-called
demographic dividend may now be turning into a demographic nightmare, and GEN-Z
protests/chaos amid a lack of sufficient well-paid public and private jobs.
Higher cost of living is eroding discretionary
consumer spending and private consumption & CAPEX. So-called democracy is
now turning into an electoral autocracy. The model of Federal
government-centric & politically motivated so-called development is not
working properly simply because of the constant political game of chess. In his
15 years of administration with unprecedented political and public mandate,
Modi could go for real structural & monumental reforms in land, labor, and
law, along with politics & other policies. But Modi preferred the same Vote
Bank policies and went for incremental policy & process reforms.
Indian policy makers need credible basic economic
data like core CPI inflation and the employment situation of the country, along
with private consumption & capex data. But Indian politicians are unwilling
to publish such data and are more interested in the cast census rather than the
true economic census. India does not provide quality universal free/affordable healthcare
& education for its 1.5 billion people, and this, along with the higher
cost of living, has subdued private discretionary consumer spending. Also,
higher energy and other input costs are making Indian exports less competitive
in both the global & local markets.
Higher indirect taxes like GST and tariffs, along
with constrained supply of food items relative to demand and poor logistical
& warehousing infra, devalued currency, the cost of living is doubling
almost every 10 years. Although the economy is growing around 6% & 10% in
real and nominal terms, overall productivity is much lower, around 4%, which is
creating higher inflation of ~0.5% for every 1% additional nominal GDP growth. Although the total CPI inflation is now
turning into virtual deflation, it's purely due to the higher food inflation
base effect in the last year and should bounce back in 2026. The Indian core
CPI is now bouncing back to above 4%. Although the government (MOSPI) now
claims 5% average unemployment rate, it’s around 8% as per private (CMIE) data.
Thus, it's safe to assume the headline unemployment rate is around 6.5%
(average) even after considering the huge surge in temporary gig workers.
Bottom
line:
Irrespective of political narrative, be it
Modinomics (Modi/BJP) or Rahulnomics (Rahul Gandhi/INC), India needs a complete
reset, right from political funding, the entire ecosystem of politics and
policies, to be a truly developed economy by 2047 or even by 2100. Although at present,
Nifty is poised to scale ATH 26500-27500 on hopes of an imminent US-India trade
deal optimism, looking ahead, lower tariffs on US goods may also hurt the
bottom line of Indian corporates. For the time being, all focus would be on
earnings for Q2FY26, which is poised to come around 800 for Nifty. And at
around 26000, TTM PE would be around 32.5, in a clear bubble zone.
Technical
outlook: Nifty, Bank Nifty, and USDINR Future
Looking
ahead, whatever may be the narrative, technically Nifty
Future (CMP: 26050) now has to sustain over 26150 for a further rally
towards 26250/26350-26400/26500* and further 26650/26800-27000/27500* in the
coming days; otherwise, sustaining below 26450, Nifty Future may slip to
26250/26000-25375*/24750 and 24400/24000*-23500/23100 in the coming days.
Technically,
Bank Nifty Future (59027) now has to sustain over 59100 for a further rally to
59500*/60000-60500/61000 and a a further 61500/62000-63000/65750 in the coming
days; otherwise, sustaining below 59000, BNF may fall to
58400/58000-57700/57100 and 56500/56100-55600/55000 and further 54500-54000 in
the coming days.
Technically,
USDINR-I now (88.90) has to sustain over
89.50 for a further rally to 90.00/90.50-91.00/91.50 and 92.50-94.50 in the
coming days; otherwise, sustaining below 89.00/88.50-88.00/87.50, USDINR may
again fall to 87.00-86.50/86.00-85.50/85.00 and 84.00-83.50 in the coming days.
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