Finally NSE Nifty has crossed the level of 8000 today for which the markets were waiting for a very long time.
It’s always best to go with the trend in the markets because if there is something you have to believe in then that is the current trend of the market.
Those who thought that the market just had an election rally and it would not sustain and those who are still skeptical on current rise of the markets may well have to change their way of thinking before it’s too late - for them.
During a bull market, even any big bad news doesn’t have any major impact on the markets.
As far as investors are concerned, those holding positions in market should hold.
In monthly charts Spot Nifty had a breakout from an ascending triangle when it crossed the levels of 6357.10 which as per technical rules have minimum targets of 8180 and the rise can continue. Investors should try to take maximum from these bull markets and trail their positions.
Capital Goods stocks like Bharat Heavy Electricals Ltd (BHEL) and steel sector big giant SAIL still may have lot to offer to investors. Investors should keep investing and better be stock specific in their selections and focus on stocks and sectors which have not caught up to the rally till now. Any correction right now should not be anticipated as end of the market rally, rather it should be anticipated as an opportunity to invest.
By Vivek Gupta, Director Research, CapitalVia Global Research Limited