The current trends also indicate that there is fresh leadership emerging from other stocks such as consumption. It is emerging very strongly, he added.
Even as the market recovers after a 10 percent cut from its all-time high, experts such as Atul Suri believe that the long-term bull market trend is intact, dispelling concerns of a bear market rally. “The Street breached key milestones like 10,000 and then recovered. But investors will continue to be cautious. These are classic patterns of a long-term bull market,” Atul Suri, Chief Investment Officer at Marathon Trends PMS, told CNBC-TV18 in an interview.
Going forward, he sees the Nifty moving past 10,600 for the market to cross over this correction territory.
On key risks, Suri is of the view that crude is the biggest dark cloud for India as it is on a bullish trajectory. "No one saw crude at $70 per barrel when it was trading around $50-55." He said it would not be a surprise if crude hits $90 per barrel.