Finally, the bulls have their way!
After having been stuck between a tight range of 800 points between 14341 to 15163 for almost 3 months, Nifty managed to close at the highest level on a weekly basis. Nifty closed up 3.39% at 15175 while Nifty 500 ended with strong gains of 3.57%.
The Financials, Banks, Realty & Auto outperformed while the FMCG, Metals, Pharma & IT were laggards. The Mid Caps & small caps have also done better during the week.
Well, the Nifty has just managed to close above the previous weekly highest close of 15163.3. Follow-through above 15190 should take us to the previous ATH at around 15430 or so.
But I would still be watching very closely where it finishes the month.
The markets have been struggling at the upper trend channel on monthlies. A strong monthly close above an all-time high would be considered very bullish!
Let’s see where we end the next week & month!
Until then enjoy the party!
Have a great weekend!