1. Crucial Level of 18000: The Nifty index has tested the crucial level of 18000 multiple times. When a price level is repeatedly tested and holds, it often indicates strong support. The fact that the Nifty has sustained above this level for about seven times suggests a bullish sentiment in the market.
2. Market Sentiments: The relaxation of interest rates in the USA can have a positive impact on global market sentiments, including the Indian market. As the US markets experience a boost, it tends to have a ripple effect on other markets around the world, potentially providing an additional push to the Nifty.
3. Discounted IT Stocks: It is worth noting that most of the IT stocks in the Nifty 50 index are currently trading at a 30-40 percent discount. Such discounted rates can attract buyers and contribute to an upward movement in the market.
4. Banks Near All-Time High: The fact that banks are trading near their all-time high suggests strength in the banking sector. Banking stocks often have a significant impact on the overall market performance, and their strong performance can contribute to the bullish sentiment.
5. Chart Analysis: According to reference to the chart analysis, there is a seventh wedge pattern forming on the hourly timeframe. Wedge patterns are often considered bullish, indicating a potential continuation of the upward trend. This pattern supports the idea of a bullish move in the Nifty index.
2. Market Sentiments: The relaxation of interest rates in the USA can have a positive impact on global market sentiments, including the Indian market. As the US markets experience a boost, it tends to have a ripple effect on other markets around the world, potentially providing an additional push to the Nifty.
3. Discounted IT Stocks: It is worth noting that most of the IT stocks in the Nifty 50 index are currently trading at a 30-40 percent discount. Such discounted rates can attract buyers and contribute to an upward movement in the market.
4. Banks Near All-Time High: The fact that banks are trading near their all-time high suggests strength in the banking sector. Banking stocks often have a significant impact on the overall market performance, and their strong performance can contribute to the bullish sentiment.
5. Chart Analysis: According to reference to the chart analysis, there is a seventh wedge pattern forming on the hourly timeframe. Wedge patterns are often considered bullish, indicating a potential continuation of the upward trend. This pattern supports the idea of a bullish move in the Nifty index.