8-10 allies or a Third Front government supported by Congress.
Some of the recent surveys suggest the BJP-led National Democratic Alliance coalition has solidified its lead and is now poised to emerge as the largest coalition. According to a BofA-ML report, the BJP-led NDA has a "fighting chance in around 425 of the 543 seats", but it did not predict a final tally.
BofA-ML, in a separate report, further said that in the upcoming general elections the key states that are likely to shape the next government are UP, Maharashtra, Andhra Pradesh, Bihar, and Tamil Nadu as these are potential swing states where there is a multi-cornered fight.
While national issues will have a big impact on the voting pattern, local level alliances would also matter and even a small swing of votes could materially change the seat tally of the parties, they said.
"Among the key states to watch out for are UP, Andhra Pradesh, Maharashtra, Bihar, and Tamil Nadu. These states are potential swing states where there is a multi-cornered fight," Bank of America Merrill Lynch analysts led by Jyotivardhan Jaipuria and Indranil Sen Gupta said in a research note.
According to Morgan Stanley, the elections will produce a stable government, which can then take up some of these reforms in a steady fashion.
More than 800 million people are expected to cast their vote this time. Elections are being held in nine phases between April 7 and May 12 and the results would be announced on May 16.