I was just guessing at numbers and figures
Pulling your puzzles apart
Questions of science, science and progress
Do not speak as loud as my heart
The bulls are singing their hearts out. In fact they are rocking and the decibel levels just keep increasing. Bears are maintaining a deafening silence. Last week we mentioned that bulls are getting high and running wild. Well, this week, the story was no different. Bulls notched up another victory by taking the indices to new highs. This incredible journey have taken many by surprise as it has ignored all the concerns of overstretched valuations, rising crude oil prices and possible interest rate hikes. With all the major events out of the way and after a smooth rollover into December future series, the markets are likely to consolidate at these levels. This time around the Nifty rollover was to the tune of around 70.54% and market wide rollover was around 83.29%, indicating that traders are turning cautious and have taken more stock positions rather than Nifty positions. It seems like nothing could stop the bulls; all concerns of valuations are getting dissolved in the liquidity poured in by FIIs. Despite the recovery on the bourses on last two trading sessions of the week, extreme caution is usually advocated as the indices are trading at all time highs. Any gains could well be used to pocket cash. Expect some cooling off anytime. No one can time the market so stay on guard. Earnings growth may continue to be robust. The big hitch remains the valuations.