As elections enter the penultimate phase of polling, the investors remain jittery over making investments. With stock markets remaining volatile, losing in 10 sessions out of eleven so far, investors and traders are seeking strategies to hedge funds ahead of the major event. The range of Nifty movement in May 2004, May 2009 and May 2014 was nearly 30 per cent, 30 per cent and 14 per cent, \u00a0respectively. HDFC Securities has listed three scenarios advising traders how to go about trading as the poll results are announced on May 23. In case of BJP getting clear majority or over 272 seats, downbeat stocks could perform, even as the market may rise sharply. If NDA-led BJP government forms the government, markets would react positively, with a cap on upside. The midcaps may do well in such a scenario. \u00a0In case of NDA failing to form the next government, markets may react negatively on the results day, owing to an unexpected outcome. Also read: Investors bracing for a steep fall in global stocks; here\u2019s how they\u2019re preparing for it \u201cDepending on the election outcome, Nifty may swing wildly on either side. Investors who are fully invested, it is always advisable to hedge the portfolio ahead of such big events\u201d, the report said. Meanwhile, the benchmark equity indices - Sensex and Nifty - today closed on a lower note after closing on higher first time yesterday in last ten sessions. BSE Sensex ended 203.65 points lower as investors took money off the table tracking mixed global cues. The 30-share BSE benchmark closed 203.65 points, or 0.55 per cent, lower at 37,114.88 after gyrating 500 points. The index hit an intra-day low of 37,047.87 and a high of 37,559.67. NSE NIfty too ended on a lower note as it dropped 65.05 points, or 0.58 per cent, to close at 11,157. The index touched a low of 11,136.95 and a high of 11,286.80 in the day. Note: The investors and traders are advised to consult market experts before taking any investment decision.