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While Nifty is at a new high and is creating a lot of buzz, the fact remains that it is up just 4% from October 2021 highs. So, I would say that one should be more balanced and measured in terms of return outlook from the markets. Early to mid-teens return annually is what I would say will be a reasonable expectation.

​If you look at the negative number that you have seen in China, it is a warning sign that where we are heading first in US and then in Europe because as I have repeatedly said that disinflation is the problem, not the inflation. I think inflation is behind us.

Golden Cross is an important technical indicator of bullishness. It occurs when the short-term moving average crosses over the major long-term moving average on the upside.

A 5-year swing high represents the highest price a stock has reached within a five-year timeframe. This level acts as a significant resistance point where the price has historically struggled to go beyond.

Option data suggests a broader trading range in between 19100 to 19700 zones while an immediate trading range in between 19200 to 19500 zones.

​Our thinking was fairly simple that macro has to a large extent bottomed out then and not just the broader macro parameters things like current account deficit outside of that was showing a sort of strength which meant that even from a currency standpoint perhaps it would have been more stable and more importantly broader sluggishness in China which was another variable which we felt would bring in foreign flows into India.

​So I think the market is now liking the fact that some of this is happening. And that was always going to be the catalyst for the share price to move higher.

​We have had a rolling recession in housing. Consumers moved away from goods to buy more services. So, the goods economy, the manufacturing economy has been in a recession and I think those areas are going to start to show some signs of life. So, I did raise my expectations for first quarter real GDP from something like 1% to more like 2%.

It might be the case but looking at the update that most gold and jewellery companies have given including the likes of Titan and Kalyan, I think the numbers still seem to be sustaining, at least as far as Quarter one or the first half is concerned.

Essentially, we believe that the SIP numbers are really good. The confidence and trust of the retail investor is really high. They have continued to participate in the mutual fund through the SIP route.