- Wealth PMS
The Nifty did a magnificent 6.2% move in the week, ending at 5,361 after the Europe announcements. The index is now close to its 200 DMA which is less than 1% away. That remains the next resistance on the way up – remember that the 200 DMA has proved a useful base or top for the market over a long term.
With the Nifty P/E at 19, the index has shifted back upwards on valuation as well.
In the great month of October – Autos have done the best with a 12.2% move, with IT, Realty and Metals following suit. Banks have only gone up 4.74% meaning that the interest rate sensitives have performed differently.
Midcaps have not really recovered, with the Junior and Midcap indexes only gaining about 2%.
Where do we go from here? Watch the next post.