The Nifty 50 index has reached another high level of 17340.10, but all eyes are now on the Bank Nifty index.

The Nifty 50 index has reached another high level of 17340.10-stuffsearth

    The Nifty50 index closed the week high at 17323.6, up by 3.70%.

    Markets have seen stellar gains in recent weeks, with global and Indian equity markets hitting record highs. This week was no different as the Indian indices continued moving without any signs of caution. While a number of factors contributed to this rally, it looks like the existing liquidity in the market was the driving force. This year the amount of capital raised through the IPO has increased by almost 2.2 times compared to the same period last year, and 11 more companies approved by SEBI are expected to raise more than 11.6 billion rupees. + Companies will be looking for around Rs 89 billion, awaiting regulatory approval, to join the pool and take advantage of the great liquidity and enthusiasm of retail investors. Another aspect contributing to this entry is the regulatory storm facing Chinese companies, which is forcing investors to consider other developing countries. The combination of all of these factors helped the Nifty50 achieve the fastest sprint record of 1,000 points in just 19 racesing session. Not only the market, but other macros also showed signs of recovery, as first-quarter GDP numbers increased on personal consumption, exports and capital expenditures, although at the low level, GST income exceeded 1 lakh crore for the second straight month and the manufacturing PMI data remains. in the extended area since July. This definitely bolsters market confidence, which should drive bullish momentum in the future. According to Peter Lynch, going with the flow (cautiously) seems to be the most sensible course of action in such a market: “Those who leave the stock market to avoid a crash are those who choose to skip the next rally.

    Events of the Week

    August's car sales figures this week did not surprise DStreet. cars and tractors faced small waves, while trucks performed well. What is most hampering the auto industry is supply constraints, especially semiconductor shortages, exacerbated by new restrictions in East Asia. opt to build on profitability as these supply disruptions begin to fade away.

    Technical Forecast

    The Nifty 50 Index showed a large bullish candle on the weekly chart and broader indices joined the rally as well. The Bank Nifty Index is also trading near previous all-time highs, which could play a decisive role in raising the benchmark index. This figure could push the Nifty even higher. But traders should be aware that current levels are overbought and a small decline would be a more reasonable outcome. The price area around 16600 could act as immediate support for the fall. Manufacturing and manufacturing could boost investor sentiment next week. In the absence of any other major developments, Indian indices are expected to reflect global signals and move in tandem with foreign stocks. Investors should take advantage of this rally with fundamentally stable stocks. Nifty50 closed the week at 17,323.6, up 3.70%.

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