The Wrap🌯 31 Dec 2023 | Bull Market Continues
Your weekly digest of everything important in Indian Stock Market
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Bull Market Continues, Nifty returns 20% this year, India expected to be top performing economy in 2024
The bull market continues.
The scare of one day’s price action of 20th Dec 2023, quickly faded away as markets continue to progress upward. Being the last week of the year the volumes were thin but that didn’t stop the bulls from continuing the momentum.
Auto was the strongest performing sector this week, followed by Metals, FMCG, Consumption, Realty and Pharma.
It’s very hard to find sectors that aren’t doing well.
As the year comes to a close, a common question on everyone’s mind is where do we go from here.
I have covered a lot of this in detail a few weeks back in this issue of the Wrap, so I will keep it short.
2024 is likely to be a strong year for the stock market, esp. Indian stock market. It will also be a first normalized year in terms of macro indicators post pandemic.
So my long term (12 months & beyond) view has bullish bias. You may read about all the reasons why in this issue of the Wrap.
In the immediate short term however, I am cautious as I expect some amount of consolidation and volatility as focus moves to upcoming events like budget and elections.
An extended market breadth with 90% of market trading above its 40 week EMA underlines the cautious stance even more.
In terms of sectors, I believe there is a lot of opportunity with good margin of safety in cement, pharma, chemicals and select large cap companies.
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