Large rise expected to push Nifty beyond 23K by next year, according to analysts Samuel

Before the next Samvat, the market is probably going to see a significant rebound, according to V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Markets would rebound once the results of the next general elections, which are scheduled for May 2024, are somewhat clear, he said.

Large investments will enter the market as a result of the robust Indian economy and strong corporate profitability. In the event that US bond rates keep falling, FIIs will start purchasing bonds in the market.

According to him, the best-case scenario involves an influx of institutional capital, both international and local, and a stable administration that sparks a significant market rally that pushes the Nifty over 23,000 by the following Samvat.

Sector-wide large-caps will drive the rally. Financials, capital goods, and autos are anticipated to outperform. He said, “In IT, mid-caps will continue to outperform large-caps.”

Nifty once again saw a tight range bound day holding within the 19,450 zone throughout the intraday session with robust activity among the wider markets, according to Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher. The support zone is between 19,200 and 19,250. A clear break over the 19,500–19,550 zone would initiate a new upward advance with an even stronger tilt. The day’s resistance is located at 19,600, while the support is located at 19,350.

On Thursday, the BSE Sensex is down 23 points, trading at 64,951 points. M&M has increased by almost 2%.