On current form, bulls likely to dominate Street this week says Aamar Deo Singh of Angel One
Nifty and Bank Nifty, it seems likely that bears will think twice before confronting the bulls head-on, says Aamar Deo Singh, Head Advisory at Angel One. This is because the majority of broad-based technical indicators, such as the Advance-Decline Ratio, all-time high stock prices, and 84% of stocks that are trading above their 200-Day Moving Average, all indicate a rally that will span multiple sectors.
What are your thoughts on Sensex and Nifty's current run in this series? Where do you see them this Friday?
The Indian stock market's incredible surge continued to gain steam last week and doesn't seem to be slowing down. The Nifty finished the week with weekly gains of 1.88%, and a record high of 20,192, while Bank Nifty, not to be outdone, finished the week with weekly gains of 2.38%, just shy of its all-time high of 46,369 in July. Also, remaining in the 10–12 area was the India VIX, which represents investors' comfort and confidence.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Chief Technology OfficerVisitIndian School of BusinessISB Chief Digital OfficerVisitIIM LucknowIIML Chief Marketing Officer ProgrammeVisitThe quick momentum build-up, long build-up according to derivatives data, and lack of significant negative news flows all point to the bullish momentum, likely continuing in the future. The markets appear to have factored in inflationary worries and rate increases for the foreseeable future.
Overall, last week's global emotions were overwhelmingly favourable, which gave the home markets even more support. Long-term support for the domestic markets will come from FII inflows and rising confidence in the world's faster-growing economy. The
