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

The market is probably going to witness a serious rally earlier than the next Samvat, says V.Ok. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Once there’s some readability on the result of the next normal elections due earlier than May 2024, markets will rally, he mentioned.

The resilient Indian economic system and good company earnings will entice big funding into the market. If the US bond yields proceed to decline FIIs will even turn out to be consumers available in the market.

The bull case situation is a flood of institutional cash — each home and international — and a steady authorities triggering a big rally available in the market taking the Nifty beyond 23,000 by next Samvat, he mentioned.

Large-caps throughout sectors will lead the rally. The doubtless outperformers are financials, capital items and cars. In IT mid-caps will proceed outperforming large-caps, he added.

Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher mentioned Nifty as soon as once more witnessed a slender vary certain session resisting close to the 19,450 zone in the course of the intraday session with energetic participation among the many broader markets.

With 19,200 – 19,250 appearing because the help zone, a decisive breach above the hurdle of 19,500 – 19,550 zone shall set off a recent upward transfer with bias bettering additional. The help for the day is seen at 19,350, whereas the resistance is seen at 19,600.

BSE Sensex is down 23 factors at 64,951 factors on Thursday. M&M is up greater than 2 per cent.

(With inputs from IANS)