Muhurat Trading: Atul Suri sees Nifty at 30,800 by next Diwali, highlights themes that could lead the next rally
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Atul Suri expects Nifty to reach 30,800 by next Diwali.
- ✓He said, "I think we are in the first stage," describing the current market move as a short-covering rally.
- ✓While stocks at 52-week lows bounced, he noted that true portfolio gains will only come when new market leaders emerge.
Story at a Glance
- Category
- Indian Markets
- Reported By
- CNBC TV18
- Reading Speed
- 9 Minute(s)
- Market Focus
- India Economy
Question
We were just chatting with Ramesh Damani, who feels this could be a structural change and the beginning of a bull market. Do you agree?
Answer:
Fingers crossed. I think we are in the first stage. This is a typical short-covering phase. If you look at the speed of the rally, with an index moving 8% in a week, you have to go back a long way. The characteristics are also interesting: stocks that were at 52-week lows have driven the rally. The move began last month. Look at the IT index, which was the worst-performing index. It saw a sharp move last month, but there was no follow-through. In fact, it has been underperforming over the past week. Then look at Reliance. When have you seen Reliance move so much? The next day, there was no follow-through. Private sector banks have also seen some movement. Let's see how long it lasts. This is typical of a short-covering rally.
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