In the midst of an incredible upmove, the Nifty is at 6110 and is nearly at an all time high (6300+ is the highest). Everyone I know seems to be surprised by the direction. The Nifty is climbing a wall of worry. The standard reasons are all negative, or so it seems:
When markets climb despite bad data, it means that even if one of these points changes for the good, markets will soar. You don’t fight euphoria of this sort, but you stay aware that this is a sentiment driven rally and sentiment is a beast not well understood.
It’s when the last disbeliever becomes a diehard bull that rallies end. But is this one of those? Or are we just running on steam in a low liquidity market?