New Delhi, Nov 18 (IANS): A 'mother of bull run' is being predicted for the Indian stock markets, which will start early next year and last till 2024-25.

Phillip Capital said in a report that one can expect the mother of bull run to start tentatively by early 2021 (H1CY21).

A similar trend was seen in 2009 when the Nifty50 index traded in an uptrend after making a low at 2,539 levels. "Although the rally was not one-sided with index forming its own peaks and troughs, the general trend continued to be bullish," the report said.

Phillip Capital said 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 mid-caps and small-caps have also started to outperform the large-caps, which is a strong pre-requisite for any bull run.

The broader markets have outperformed the benchmarks in terms of returns.

Philip Capital said that the mother of bull run will start with Nifty50 levels at 13,200-13,500. Tentatively, this could take place early CY21 and will last till 2024-25. "One can keep a conservative scenario at 17,000-17,500 Nifty levels, and the best-case scenario at 22,000-24,000," the report said.