I think election wins in 3 states have resulted in this recent rally (gap up 2% on 04 Dec). On Monday, 20 May 2019, Nifty closed +3.69% from the previous day close, because exit polls have predicted a comfortable victory. What happened next? Well, Nifty jumped 2% and fell 10%, then again jumped 5% to make a top on 20 Jan 2020. Then fell 36% (corona bottom). If this history repeats, we can see Nifty go to 21011 levels, then fall till 18900, then top at 22040 levels. Volatility is expected during upcoming general elections.