Nifty 50 Is on a move to reach 21000 and bank nifty is on the race to reach 50000 making it an all-time high in the history of the Indian stock market. it’s not the first time it is nifty 50 and Bank nifty in the race to make all time previously they reached the same place where the market is now but was retraced at that time consolidating the market but, and shown a dip of 1000s points in the recent months .but this time it is showing strong bullish trends as it has much positive news coming into places
there are various positive news coming this week which are one of the reasons for the exponential growth and recovery of the indices.
Table of Contents
NIFFT 50 AND BANK NIFFTY GROTH POINT OF VIEW
ELECTION
This is the season of election and the election plays an important role In the growth of the nation. this week we have witnessed elections in 5 major states Rajasthan, mp, Chattisgarh, Telangana, and Mizoram. and the ruling party has won the majority number of states, showing the potential to make 2024 government again, having said that the day the result went public the stock market us up by almost 2% making the options price grow 1000% in a day. this shows the market is welcoming this result and showing a positive result on the table
RBI REPORT
the RBI raised its real GDP growth projection for FY24 to 7 percent from 6.5 percent earlier. RBI projecting the growth statement helps the investor make a bet on the share market as if the nation grows the indices like NIFFTY 50 and BANK NIFFTY will automatically grow at more pace. this GDP projection shows the market will keep up this bullish trend and is not likely to retrace soon.
EXPERT VIEW
“The RBI took a balanced approach by raising the economic growth forecast and also expressing concern about food inflation, which may have an elevated trajectory in the short term. A drop in rabi sowing and dipping reservoir levels provides a perception that foodgrain prices can rise. The impact was visible on FMCG stocks, which underperformed today,” said Vinod Nair, Head of Research at Geojit Financial Services.
