Nifty's love for 11,200 levels in July: Where are the markets headed?

The sharp retracement in prices of most quality stocks from their mid-March lows has made the market's reward-risk balance less favorable, say analysts at Kotak Institutional Equities

If you believed that the markets have seen a secular bull run over the past few years, think again. Despite the highs and lows that the indices have made over the past few years, Nifty 50 – the benchmark index on the National Stock Exchange (NSE) – has somehow managed to hover around the 11,200 mark in July.

You may call it coincidence, but exactly two years ago on July 27, 2018, the Nifty recorded a closing high of 11,278 levels before scaling up and then losing steam over the next few months. Calendar year 2019 (CY19) saw a similar