The domestic equity market began the week in full zest and attained lifetime new highs, but participation from Dalal Street players was subdued considering the uncertainty over the election outcome. The sentiment towards India has turned hugely bullish from a short-term perspective. However, a speed-breaker is expected around mid-May, when the election outcome will decide the direction for the Indian market. Traders must book profits on the overbought counters and not initiate any fresh longs at current levels.Markets are expected to remain subdued and under pressure at least till the election season gets over. However, volatility will continue on the higher side as knee-jerk reactions are expected due to the ongoing earnings season.

Source: Economic Times April 20, 2019 04:07 UTC