It is umbrellas out in Kochi thanks to the monsoon

Both the Sensex and Nifty made a new 52 week high and these Indices along with major global equity market Indices are likely to move up further towards strong economic growth. Nifty is likely to move towards 9,700 and may even be 9,750 in the short term. Support for the Nifty lies at 9546. A decisive move can cause further sell-off but chances are remote due to better than expected monsoon in the South and GST roll out by the beginning of July 2017. The introduction of GST will propel economic growth; our GDP can grow more than 7 per cent and will attract more fund flow to the country. So, it is prudent to take long positions rather than short in the futures segment of the Nifty. According to world markets, India will grow 7.2 per cent in FY 18 and further, more growth can be expected after GST roll-out. Global equity markets VIX are at 52 weak lows suggesting further uptrend. Domestic VIX is at around 11 indicates strong appetite for Indian equities. The recent uptrend in equity markets is mostly on strong liquidity.