Nifty (a stock market index) reached its highest points in October 2021, December 2022, and June 2023. However, the amount of increase in value before each high point has been decreasing over time. In October 2021, the Nifty rose by 36% from its previous low, in December 2022 it rose by 23%, and in June 2023 it rose by 10%. This pattern suggests that the gains in the stock market before each peak are getting smaller as time goes on.
Many traders are feeling cautious about the future of the Nifty, a stock market index, after it reached its highest point ever. The market opinion is mixed because the Nifty has been struggling to regain its peak, which has made traders wary or uncertain about what lies ahead.
The Nifty 50 index was at 18,888.35 on June 28, showing a slight increase of 0.38% from the previous closing. It reached a high of 18,908.15 during the day. Rajesh Srivastava, a derivative trader, doesn't anticipate a significant upward movement beyond the 19,000 level for the Nifty. He suggests that traders should focus on specific stocks rather than expecting a broad market rally.
The Bank Nifty, which recently reached its highest point ever, is now showing signs of weakness as selling pressure emerged at the peak. This weakness in the Bank Nifty is concerning because bank stocks have a significant influence on the Nifty index. As a result, the Nifty index is likely to experience pressure as well due to the weakness in bank stocks.
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