New Delhi, Dec 3 : The outcome of state election results hints towards continued uprun in the market, Dhiraj Relli, MD & CEO at HDFC Securities, said on Monday.

While part of the outcome was discounted in advance, there is a scope for a further upmove, discounting the positive surprises coming out from the results, he said.

“Having said that, we could witness some profit taking at higher levels due to end of a near-term uncertainty,” Relli added.

If FPIs indulge in large short covering in F&O markets and increase momentum of buying in cash markets post these results, Nifty could keep rising at a healthy pace beyond a couple of days.