Thursday, February 22, 2024

Analysts predict big rally to take Nifty beyond 23K by next Samvat

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Shillong, November 9: V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, predicts a significant market rally before the next Samvat, emphasizing the importance of clarity on the outcome of the upcoming general elections expected before May 2024.

As per IANS, Vijayakumar anticipates a surge in the market, driven by the resilient Indian economy, strong corporate earnings, and substantial investment from both domestic and foreign institutional sources. A decline in US bond yields could also lead to increased Foreign Institutional Investor (FII) participation in the market.

In the bullish scenario, with a flood of institutional money and a stable government, the market could experience a substantial rally, propelling the Nifty beyond 23,000 by the next Samvat. Large-caps in sectors such as finance, capital goods, and automobiles are expected to lead the rally, with IT mid-caps outperforming their larger counterparts.

Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher, notes that the Nifty, currently resisting near the 19,450 zone, may experience an upward move if it breaches the 19,500 – 19,550 zone. The support zone is identified at 19,200 – 19,250, with support for the day at 19,350 and resistance at 19,600.

On Thursday, the BSE Sensex is down 23 points at 64,951 points, while M&M shows an increase of more than 2 percent.

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