Markets ended on a strong footing for the week. It was early diwali on the streets as Nifty broke its previous high and was 9 points shy to hit 10200. The close is an all time high close for Nifty. Sentiment has been strong ever since the IIP and CPI numbers came out. Nifty sits strong at 10167 with its eyes firmly set on a final ebay hermes h bracelet unboxing nerf
break out attempt. This will be markets 3rd attempt at 10170+ levels.
Technically speaking Nifty is looking good with a gap up opening on daily charts. Undercurrent seems strong enough to warrant a fresh rally. A close above 10200 will confirm 9700 zone to be an intermediate bottom, may be a pattern hermes outlet
of double bottom will be in place. Still early days but technically Nifty does look good for fresh intraday spikes above 10200. Sustaining a close above this hermes h belt will be a thing to watch. Divergence continues as Nifty Bank is yet to take out its highs and Sensex is still a few points shy for an all time high.
Fundamentally, nothing has changed. Markets are still over valued. Multiples continue to be at all time highs across the board. Also FII continue to dump in cash markets, and DII continues to mop up supply with the dry powder it is sitting on. IPO market frenzy continues as people flock towards high valued IPOs. RIL came in with decent but doubtful results. The stock will react on Monday. It will be a wait and watch game as results season kicks in the coming days and weeks. This is will be the litmus test for all major companies and the market as a whole.
Globally DOW continues to be strong and over bought. Charts indicate a reluctant history where the market has risen almost all year around. Other parts of the world have a similar phenomenon. Barring a few local issues such as Brexit for UK and Catalan crisis for Spain, world seems a quieter place for now. But who knows when Kim strikes.
Banks are finally looking to lead this break out. Far from its new highs, one can bet on banks in the coming weeks. Nifty bank does seem it will test last highs if not break it. This year and season’s favorite metal stocks should see some traction continuing. Nifty metal looks to continue to scale new highs. Nifty energy will be one index hermes birkin bag to watch. Reliance should lead followed by HPCL. One can look at momentum bets in this index.