5 reasons why Dharmesh Shah is bullish on the market
«We remain to be positive for the market. And we believe we are in a structural bull market. And inside the structure of the bull market, we believe things should get better and better going forward,» says Dharmesh Shah, ICICI Securities.What are your long-term charts telling you?We remain to be positive for the market.
And we believe we are in a structural bull market. And inside the structure of the bull market, we believe things should get better and better going forward. We have targets for the Nifty of 21,400 by March 2024.
We expect Nifty close to those levels. At the same time, 18,200 remains to be a very strong support, which we expect to hold, which is again near the 200-day moving average and also 50% retracement of this entire rally from 16,800 to 19,500. So, yes, things should get better and better going forward in the next six to nine months.
The reason why we are so bullish on the market, there are five reasons. We see that the market should get better from the current levels. One is, if you look at the market, it has been trading in this range of 16,800 to 19,000 for the last six months to nine months.
And finally, a breakout implication target heads towards the 21,000 of the last 2,000 points rally. Apart from that, the seasonality factor also resembles us. We have done some research for the last four decades, which tells us that every third year of each decade has always been in positive.
We are in the third year, 2023. Each third year of each decade has always given a positive return with a median return of 18% since 1980. So that again remains to be more positive for the market.
Third is again the election year. We have also done the analysis on how the market behaves ahead of the election. So what we
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