Most of the traders know Mr. P R Sundar.
He is popular for his Youtube videos and has a very sizeable following on Twitter. From time to time, he is featured on Moneycontrol.com too.
Yesterday, he said on Moneycontrol.
NIFTY at 21000 by next December.
Nothing wrong with predictions as it is a good time pass. What would happen if NIFTY reaches 21000. There will still be as many losers in the market as there are today.
Markets move higher over a long period of time. There is always a possibility of a good move next year because last 12 months have been absolutely flat.
How much has NIFTY moved over last 12 months — 0.50%.
What is the logic for this number — we do not now.
Just like we did not understand the logic of what he stated only two weeks ago.
Between October 24 and November 09, his opinion about NIFTY has changed very drastically.
What should we make of such predictions — Have a good laugh and forget about them.
Predictions don’t make money, laughter keeps you happy.
What do I have to say about NIFTY?:
If I do not care for P R Sundar’s predictions, why would anyone care for what I say.
But all of us have our own views.
There is no harm in sharing. Enjoy a laugh at my expense too.
In the last 52 weeks, NIFTY has 27 losers and 23 gainers for a total gain of 0.50%.
Top 10 heavy weights have not performed well with 6 of them being on the losing side.
Among the 4 which are on the gaining side, only 1 stock — ITC finds a place among the top 10 gainers in NIFTY.
These are not the signs of a strong market.
In my view, NIFTY would be headed towards 16000 before it moves to 20000 and beyond.
And these were everyone’s views when Federal Reserve started raising interest rates and US inflation flared up. Those interest rates and inflation fears remain the same but NIFTY has bounced back from the September low of 16747.
It may revisit that place again.
And I may be as wrong as Mr, P R Sundar.
Please share and have a good laugh.