What does the recent broad-market rally in markets tell us?

A key characteristic of the rally in Indian stock markets since April 1, 2020 is its broad-based nature. Contrary to the polarization seen in CY2018 and CY2019 when a few high quality names kept the bellwether Nifty 50 up, the recent rally has witnessed broader participation of mid-and-small cap stocks. This broad nature of the rally has clearly provided opportunity to investors to make money. But this does not mean that everyone invested made handsome money.

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Investing at Market Peaks
Alphaniketan is an Investors Education initiative from Alphaniti

Investing at Market Peaks

Ever since the stock market hit its recent low in March 2020 correcting some 40% in response to the Covid-19 related lockdown and the ongoing sharp rebound thereafter, market experts have been largely caught on the wrong foot, intermittently predicting boom times ahead and a sharp correction.

The market is now up about 80% from the March lows and some 40 to 50% above the Nifty targets given by most of the leading brokerages in April 2020.

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