Nifty headed to 21200, Bank Nifty may top 52000 in year 2023; Banking, Tech shares may drive rally
时间:2024-06-26 04:40:26 阅读(143)
While the Dow Jones and S&P 500 have declined 10-20% so far this year, Indian benchmark index NSE Nifty 50 has outperformed, rallying around 4% YTD. In the coming year CY23, Nifty is likely to move towards 21,200, according to analysts at ICICIdirect. “Low leverage among heavyweight sectors like banking and technology to lead Nifty towards 21,200,” the brokerage said. After one year of continued outflows, the BFSI space has started witnessing fresh flows in the last two quarters where banking was the major beneficiary. Analysts expect the same trend to continue in 2023 as well, it added.Bank Nifty to move beyond 52000
The Bank Nifty index has been the major driver of the Nifty since 2008 as visible through price ratio. There have been intermediate corrections of 25-30% in the ratio, followed by outperformance by 50-70% as seen in 2013, 2015, and 2019. “Henceforth, we believe that a similar outperformance trend should be seen in the coming months,” the brokerage said. HDFC Bank is expected to lead the index as the weight of the stock in the index is likely to increase due to the merger of HDFC Ltd and HDFC Bank.
Bharat Forge: Initiation Range: Rs 875-900 | Target: Rs 1150 | Stop Loss: Rs 730 | Upside: Rs 28%Hindalco Metal: Initiation Range: Rs 455-470 | Target: Rs 590 | Stop Loss: Rs 380 | Upside: Rs 26%LTIMindtree: Bharat Forge: Initiation Range: Rs 4350-4450 | Target: Rs 5800 | Stop Loss: Rs 3620 | Upside: Rs 31%MCX: Initiation Range: Rs 1610-1655 | Target: Rs 2150 | Stop Loss: Rs 1330 | Upside: Rs 30%State Bank of India: Initiation Range: Rs 610-625 | Target: Rs 790 | Stop Loss: Rs 515 | Upside: Rs 26%Sun Pharma: Initiation Range: Rs 970-1000 | Target: Rs 1260| Stop Loss: Rs 830 | Upside: Rs 26%
Indian market obstinateIndian markets have changed course from being Hypersensitive to becoming Obstinate, according to analysts. From 2011 to 2020, Indian equities were hypersensitive to global volatility as the degree of reaction to rise in US VIX was much higher. However, in the post covid era, Indian markets have shown signs of maturity and exhibited significant resilience to intermediate surge in global volatility, the brokerage stated.
Volatility upsides to be limited in 2023According to the ICICIdirect report, historically, volatility has been in a downward trend for a prolonged period of time, which, in turn, has been one of the best return periods for the Nifty. “While the low volatility could be a cause for concern due to lack of risk perception, historical evidence suggests that low levels of volatility may remain for an extended period of time,” it said, adding that since 2021, India VIX has failed to sustain above 26 and remained in a declining trend. “We expect volatility upsides to be limited in 2023 and remain on the lower side,” the brokerage said.
上一篇:BlackRock sets lower fee for spot bitcoin ETF compared to peers
下一篇:Will Nifty hold onto gains or fall below 17400- 8 things to know before stock market opens
猜你喜欢
- Zomato share price plunges 14% intraday, hits new all-time low; check what’s fuelling the sell-off
- Sensex, Nifty set to make new all-time highs by Dec-end; buy these stocks to bet on festive demand - INTERVIEW
- Sensex, Nifty erase all yearly gains; Nifty support at 17166, investors poorer by Rs 5 lakh crore
- Bharat Drone Mahotsav 2022- Check out photos from India’s biggest Drone Festival
- Sebi to focus on tech; plans Geotagging solution to boost enforcement activities
- Senco Gold, DCX Systems, HMA Agro Industries get SEBI approval to float IPOs
- Sebi working on ASBA-like facility for secondary markets
- Windfall tax on diesel slashed to Rs 0
- Bond market investors should invest in infra assets- Crisil