Sensex gained 6000 points from Feb 2016
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updated on 5 sept 2016
The domestic equity benchmarks, which have been in the bull phase for some time now, are ruling at their highest levels in 15 months.
All thanks to the global liquidity glut, NSE barometer Nifty50, which hit a 52-week low of 6,825 in February this year, has surged over 29 per cent since then to rule above the 8,800 mark. The BSE Sensex has climbed 6,000-odd points to 28,500 from 22,500 level since then.

Market experts believe another 10-15 per cent surge in the equity indices from their current levels looks next to impossible, but technical charts have kept hopes alive.

August was the sixth month of consecutive gains for the Nifty50, the fourth ever in the history the index has done so. This was made possible by a massive Rs 50,000 crore investment made by the foreign portfolio investors (FPIs) in the domestic equity market. Technical charts now hint at more upside.

India VIX and Nifty50: India VIX generally has a negative correlation with the Nifty50 or any other index. However, the magnitude of the correlation varies from case to case. With India VIX ruling around 13, which is far off from its 52-week high of 26.87, the index may sustain the positive momentum.

Weekly RSI nowhere near the overbought territory:

The weekly relative strength index (RSI) is yet to witness an overbought situation and lack of any RSI-price divergence on the weekly scale supports the current bullish trend to remain intact.