Nifty Hits 12‑Day Record of Failing to Surpass Prior Highs
· Business · Economic Times, LiveMint
The Nifty index has not climbed above its previous day’s high for 12 consecutive trading sessions, a streak that is the longest recorded in its history. The run began after SEBI introduced the Closing Auction Session, and Apurva Sheth of SAMCO Securities noted that the prior longest streak was 9 sessions. SAMCO’s analysis of similar episodes since 2010 shows expected forward gains of 3.36 % after five days, 2.51 % after ten days, and 1.93 % after fifteen days, suggesting a possible short‑term rebound. The market has largely absorbed the Q1 earnings season, which has largely beaten estimates, according to Vinod Nair of Geojit Investments. However, investors say the next phase will hinge on the stability of crude oil supplies, as India’s import‑heavy economy is sensitive to price swings. Fire‑exporting FIIs have sold roughly Rs 1 lakh crore of 10 stocks, though eight stocks resisted the sell‑off.
Why it matters
The streak signals caution among traders and portfolio managers, potentially leading to cautious positioning as the market watches oil price developments that can affect inflation and corporate margins.
Read the original report — Economic Times
Join us on Telegram
Breaking news the moment it lands. At 10,000 members we ship the Android app.