INSUBCONTINENT EXCLUSIVE:
swinging from 19.9775 to 11.7
Situation changed markedly along almost all those fronts by the end of February, showing signs of a strong upswing, which infact has been
playing out in the first half of March, taking Nifty close to 11500 on Friday.
What is in store:Midcap index which had fallen over 26% from
the Jan 2018 peak has bounced nearly 12% from the February lows, bringing in cheer to the broader market
Ideally, Nifty should soar above 12k
The extended period of consolidation since October 2018, the breakaway rallies of March, on clearing 11k, the bullish candlestick patterns
that have followed are all pointing towards that end
Nifty VIX, a measure of volatility has also been steady around 15, pointing towards investor confidence in near term uptrend prospects
Meanwhile, 11670 holds potential of posing a challenge to upsides.
What you could do: In the broader market, the pace of up moves may be
expected to slow down at some point in the next two weeks, as FY draws to a close
However, with strong FII inflows, it would be prudent to stay with the uptrend
It may be better to play these segments on the option side.
The author is chief market strategist, Geojit Financial Services.
