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‘Mother of bull run’ predicted early next year

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46% businesses in India fear negative COVID-19 impact for 1 yearNew Delhi, Nov 18 (IANS) A ‘mother of bull run’ is being predicted for the Indian stock markets, which will start early next year and last till 2024-25.

Phillip Capital said in a report that one can expect the mother of bull run to start tentatively by early 2021 (H1CY21).

A similar trend was seen in 2009 when the Nifty50 index traded in an uptrend after making a low at 2,539 levels. “Although the rally was not one-sided with index forming its own peaks and troughs, the general trend continued to be bullish,” the report said.

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Phillip Capital said the Covid candle (of March quarter) was re-traced in three candles. This indicated the strength of the bulls in the market and the bullish trend that is expected to continue. The mid-caps and small-caps have also started to outperform the large-caps, which is a strong pre-requisite for any bull run.

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The broader markets have outperformed the benchmarks in terms of returns.

Philip Capital said that the mother of bull run will start with Nifty50 levels at 13,200-13,500. Tentatively, this could take place early CY21 and will last till 2024-25. “One can keep a conservative scenario at 17,000-17,500 Nifty levels, and the best-case scenario at 22,000-24,000,” the report said.

Source: IANS

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