"Outcome of Karnataka assembly election will set the market tone. Any majority win for Narendar Modi led-Bharatiya Janata Party will increase investors' confidence and we could see the markets moving towards a new high in the coming week. However, any set back in Karnataka may also force the Modi government to turn populist and go slow on bold reform measures and go slow on bold reform measures that it has been known for so far.
On the technical front, Nifty broke out from a symmetrical-triangle pattern on the smaller time frame chart. The projection of the breakout opens up another 200 points upside for the Nifty which translates into a potential target of 11000 levels. Nifty has a support level at 10700 going forward".