Udayan Mukherjee, the consulting editor at CNBC-TV18, is of the view that the Indian stock market usually makes a move before elections one way or the other.

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"Till now, the market was very hesitant because it had no clear inkling on which way to swing and now it appears that it is feeling more confident, it may be wrong, and we have seen many instances of the market taking a move in one direction and then react violently after the election results and that possibility always remains," Mukherjee said on Tuesday.

“At this point, people are more inclined to make a swing towards the way up and therefore a probability of a pre-election rally has got brighter – that doesn’t mean it will be a permanent outcome for the year but at least for the next few weeks the market looking to move higher to 11,100-11,200 levels again,” he added.

Talking further about the election rally, Mukherjee said, “If there is a pre-election rally it will be a sentiment rally and usually pre-election rallies are not clever rallies; they are gut rallies.”

“Therefore, I would say that does not look at quality etc. to ride a pre-election rally. This is about gut and sentiment and if, still it’s not given that that will happen, but if a pre-election rally were to happen I would imagine that more than the Nifty, the real juice might lie in the fallen midcaps and smallcaps,” he added.