Supporters of a Croatian far-right party wave US and Croatian flags as they gather in Ban Jelacic Square in downtown Zagreb yesterday. Participants also voiced support for US President Donald Trump. Market participants await tax reforms by Trump. Pic/AFP

Nifty and Sensex scaled up to a multi-month high recently and Nifty finally closed last Thursday, at 8939.50. India VIX, which is measuring investors fear factor, said it declined on Thursday by around 2.19 per cent and closed at 13.4. The State Election results are going give a firm direction to the market in the next few weeks. The March series attracted a lot of short roll-over ahead of election results. Investors with high risk appetite can write long straddles on Nifty. Nifty has resistance at 8982; if this level is breached then we can see Nifty marching towards 9000 and 9117. Support for the Nifty lies at 8861 and 8781. Chances are remote for the Nifty move down below 8781.