NIFTY50 Index is range bound ( in range of 18000-18180 ) since 1-11-22. Eight trading sessions are gone. Index does not break the range. I drew a parallel lines for defining range. If, market showing upward trading in upcoming session, it will create double bottom and index will touch all time high in near future.
However, If Index breaks 17900 on closing basis, then market will be in bearish mode. It is very unlikely scenario.
First, we will discuss factors enabling bullish scenario.
1. Nifty50 stood at PE of 21.53 as on 10-11-22. It's showing very affordable valuation of Indian stocks.
2. FII bought INR 8531.51 Cr. till 10-11-22 ( taken from NSE)
Except two days, We have seen FII inflow in cash segment on continuous basis since 20th Oct-22.
Fingers are crossed, In my opinion; we will see all time high market.
However, If Index breaks 17900 on closing basis, then market will be in bearish mode. It is very unlikely scenario.
First, we will discuss factors enabling bullish scenario.
1. Nifty50 stood at PE of 21.53 as on 10-11-22. It's showing very affordable valuation of Indian stocks.
2. FII bought INR 8531.51 Cr. till 10-11-22 ( taken from NSE)
Except two days, We have seen FII inflow in cash segment on continuous basis since 20th Oct-22.
Fingers are crossed, In my opinion; we will see all time high market.