Dow jones showing strength - ready for all time high journey
DJAI after consolidation showing sign of trend reversal. A head and shoulder formation on dail chart shows a good chance for an upmove of nearly 2500-3000 points from 34500 expected breakout zone. With US mkt doing good may put our market on a little slow track with profit booking and some money moving out to invest in improving US economy battaling from slow down.
Interestingly, if dollar strengthen then our mkt will underperforming in near short term for next 2-3months before the Q2 results fueling the domestic growth in India.
Low valued pockets will always show strength in weaker mkt. Potentially metals, Pharma and IT may lead now, while auto, FMCG, energy has already contributed significantly in achieving all time high in Indian mkt.
Interestingly, if dollar strengthen then our mkt will underperforming in near short term for next 2-3months before the Q2 results fueling the domestic growth in India.
Low valued pockets will always show strength in weaker mkt. Potentially metals, Pharma and IT may lead now, while auto, FMCG, energy has already contributed significantly in achieving all time high in Indian mkt.