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Saturday, November 01, 2014

Nifty Outlook Continues to Remain Bullish
Key benchmark indices surged to record highs for a second consecutive session on Friday after Bank of Japan's surprise expansion of its massive stimulus programme raised hopes for additional foreign inflows into India. The Bank of Japan on Thursday decided to accelerate the purchase of government bonds to 80 trillion yen ($725 billion) annually, up by 30 trillion yen.

The 30-share BSE Sensex rose as much as 1.96% to an all-time high of 27,894.32, while the Nifty gained as much as 1.97% to reach the record level of of 8,330.75, surpassing their previous highs hit on Thursday. The market breadth indicating the overall health of the market was positive in Nifty50 stocks, the advance to decline stood at 45 advances to 5 declines.

According to experts, the announcement of the additional stimulus package from the Japanese central bank is a positive news development for India, and with macros situation well balanced, India stands out compared to other emerging market economies. "India stands to be a beneficiary from the potential QE in Europe and Japan. If a QE happens in these regions, the government will reduce the supply of bonds in the capital markets, bond prices are bound to escalate and investors are likely to sell off relevant debt instruments," says Vivek Gupta, CMT - Director Research, CapitalVia Global Research Limited.
Earlier this week, global ratings agency Moody's said that it may consider a ratings upgrade on India if inflation stays under control in the long term and the recent measures to boost growth and attract investments are implemented properly. Growth seems to have bottomed out, crude is falling, inflation is stabalising, the economy is showing signs of recovery and corporate earnings are expected to grow considerably in the next couple of quarters, which may attract more foreign capital into India. Apart from Japan, investors are also betting that the European Central Bank (ECB) will now announce its stimulus program to revive growth in Euro-zone. Experts feel that some of this excess liquidity will be coming to India compared to other emerging market economies. 
A 257 points gain in Future and Options settlement (October, 2014 expiry) and a close at Life Time High clearly shows strength among Bulls and continuance of the uptrend. With the Nifty closing at 8332.2, it has now entered a new "Resistance Free Zone" and the next upward level of Nifty is anybodys' guess. 

The BULLISH TREND is now likely to spread in the mid and small cap counters, in a more vigorous way. However, on next Monday. after such a mammoth rally on last Friday, the indices could trade range bound, but the broader market is expected to continue to remain bullish. The investors and traders are suggested to pick up the shares of good companies, with stories and keep holding.  
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