Around year-end, the 8,000 level was successfully tested, and right now the index is trading 10 percent higher.
Indian stock market: breakout attempt at all-time highs
But this is not simply at 10 percent rise. This is an attempt of the Indian stock market to break through all-time highs. In other words, a MAJOR breakout is brewing in the stock market in India.
Stock market investors consider this to be a historical moment. As usual, a third attempt to break above all-time highs is very powerful. It mostly has sufficient power to achieve a breakout. The chart setup suggest bulls will easily beat the bears as the Nifty 50 Index shows a continuous pattern of higher lows.
The point in all this is that, once broken to all-time highs, the current bullish energy will only get stronger. InvestingHaven’s research team believes the Nifty 50 Index will challenge the psychologically important 10,000 level very soon after all-time highs at 9,000 points is taken out.
Stock investors can easily ride the Indian stock market with the INDA ETF. It is quite hard to get exposure to individual stocks in India. Investing Haven is reviewing a list of individual stocks in a diverse range of sectors which will be posted soon.
The iShares MSCI India ETF (BATS:INDA) was unchanged in premarket trading Tuesday. Year-to-date, INDA has gained 8.47%, versus a 2.42% rise in the benchmark S&P 500 index during the same period.
This article is brought to you courtesy of Investing Haven.