June 30, 2024   |   Read Online

 Price of collectible watches continue to soar

Source –Wall Street Journal, alphaideas

• Finally as we have been saying private banks come to the party and Reliance popping up the index to 24k levels

• Mid and Small caps after a long while played second fiddle

• Nasdaq closes in on 18k levels

• As we cross 24k, there is a possibility Nifty might continue to move higher to our earlier target levels of 25k-26k (Mentioned in our annual note) – However we continue to believe that the current upside could be led by private banks and Reliance which have under participated

• We at current levels are now wary of individuals putting in new moneys (especially ones who are already fairly invested into equities)

 Shall I stop my STP’s now?

Our Answer:

As the markets come close to 24k Nifty levels, they trade at almost 23 times (Nifty 50) and 26 times (Nifty 500). Though we remain categorically bullish over the next 2-3 years backed by strong tailwinds of demographics, liquidity and reforms, the short term texture looks overdone and hence we recommend a pause of any further STP's for investors who are high on equity i.e. They are close or beyond their equity allocation limits.

• Fears of a weak monsoon could result in rising food prices - Read More

• SEBI decisions from it's last board meeting (We'll do a detailed post on this tomorrow) - Read More

• India allocation soars in emerging market equities - Read More

• Why are super-rich Indians moving to the UAE - Read More

We put in a chart today of private bank ETF that is one good defensive play at this market levels

Like us to break down a specific finance story? Reply to us here.