With the steady reopening of the Indian economy, development on the vaccine front and the recent big Presidential win of Joe Biden in the US elections 2020, many analysts feel that a bull run is on-its-way. Phillip Capital believes one can expect the mother of a bull run can start tentatively by early-2021 (H1CY21).

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The phrase "mother of bull run" means an extremely strong rally with markets rising vertically for an extended time period making new highs.

Such a similar trend was seen in 2009 when the Nifty50 index traded in an uptrend after making a low at 2,539 level.

"Although the rally was not one-sided with index forming its own peaks and troughs, the general trend continued to be bullish," explained the brokerage.

According to the report, Phillip Capital feels that the COVID candle (of March quarter) was re-traced in three candles. This indicated the strength of the bulls in the market and the bullish trend that is expected to continue.

The midcaps and smallcaps have also started to outperform the large-caps, which is a strong pre-requisite for any bull run, explained the brokerage. For instance, the broader markets have outperformed the benchmarks in terms of returns.

On a year-to-date (YTD) basis, the Nifty Midcap100 index has surged 8.88 percent and the Nifty Smallcap 100 has risen 4.56 percent outperforming the returns of Sensex (+6.47 percent) and Nifty50 (5.73 percent).

Looking at the previous bull runs, the brokerage believes that the mother of the bull run will start with Nifty50 levels at 13200-13500. Tentatively, this could take place early CY21 and will last till 2024-25.

"One can keep a conservative scenario at 17000-17500 Nifty levels, and the best-case scenario at 22000-24000," concluded the brokerage report.