Investors should remain bullish as 3 pillars will continue to support the bull market in stocks, BofA says

• The bull market in stocks is set to continue and investors should remain invested, Bank of America said in a note on Thursday.
• "We are not worried about rising bond yields and inflation," BofA said.
• These are the 3 pillars that will support the bull market going forward, according to BofA.
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Investor worry has been on the rise in recent weeks as rising interest rates and inflation fears sparked a sharp decline in high-growth stocks.

But according to Bank of America, investors should stay the course and remain invested as the current bull market in stocks has legs to continue higher.

In a note on Thursday, BofA brushed off concerns about rising bond yields and inflation and said investors should "stay bullish" and consider buying reopening stocks as well as to "take a look at bruised tech."

"Bond pessimism is egregiously stretched, while structural deflationary forces are in fact, stronger than a year ago," BofA explained.

The bank said 3 pillars are supporting the current bull market and will continue to do so. The 3 "firmly in place" pillars include massive free liquidity growth, an exceptionally strong earnings growth cycle, and substantial market breadth.

That market breadth has been on full display lately, as a rotation out of technology stocks and into value sectors like energy and financials has led to significant outperformance of the Dow Jones Industrial Average relative to the tech-heavy Nasdaq 100.

Investors portfolios should be "bullishly positioned" and remain untouched amid the recent bout of negativity, BofA said. The bank said it will only begin to worry about the stock market "when free liquidity tightens, when the EPS growth cycle is enfeebled, and when the tape breaks down," the note said.

Until then, investors should take advantage of the recent skepticism towards the stock market, according to BofA.

"There is always some reason or the other since the start of this bull market to complain/worry about. That's why bull markets climb a wall of worry," BofA said, adding "it takes time and forgetfulness for fear to turn into greed."