According to the stock market experts, the bull trend in the Indian stock market is expected to continue with the upcoming US presidential polls in the US and the Lok Sabha polls in India going ahead in the next year. However, they argued that FII inflows on Dalal Steet would continue as the Indian economy has fared better than most developed economies in recent years, especially in the post-Covid era -19.
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Stock market experts said that by Diwali 2024, Sensex can be expected to touch at least 72,000 levels while the Nifty 50 index is expected to touch 24,000 levels. However, they argued that the 2024 Lok Sabha polls would be crucial as a landslide victory by the Narendra Modi government would mean continuation of the government’s policies and this could add fuel to the Indian stock market.
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Expecting bull trend to continue further, Harjeet Singh Arora, Managing Director at Mastertrust said, “Given the growing fundamentals tail, the market is poised for a bullish momentum prevailing in Vikram Samvat 2080 keep. investment perspective, the equity market can deliver a great return.”
Speaking on Nifty 50 and Sensex, Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi said, “Next year, the Lok Sabha elections in India and the US presidential polls are scheduled. So, the outcome of the poll will be on the for this election is crucial The outcome of the Lok Sabha poll will be more important from the point of view of the Indian stock market however.If the current Narendra Modi government wins another mandate, it will set the new trend in Dalal Street as any change in government means that the government’s policies will continue.”
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Expert Anand Rathi said that Sensex usually rises by around 6000 points per year while Nifty rises by 2000 points per year. But, in case of another five-year mandate for the current government, we can expect Nifty 50 to touch 21,500 levels right after the Lok Sabha polls.
Target nifty 50 by Diwali 2024
Speaking on the Diwali 2024 target for key benchmark indices, Sumeet Bagadia, Executive Director at Choice Broking said, “Nifty is expected to touch 21,000 in the coming months but the 50-stock index is expected to go up to 22,500 levels in the medium term. However, if you talk about the Nifty 50 index target by Diwali 2024, I believe the key benchmark index could go up to 24,000 levels.”
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Bagadia said the stock market in India has seen an average of three bull trends in the post-Covid period. In the first bull market, Nifty 50 is expected to touch 20,500 to 21,000 but the next bull market will come after the Lok Sabha polls (provided the central government wins an absolute majority) and Nifty may touch do with 22,000 to 22,500 levels in that rally. Bagadia claimed that the third and last bull market may come ahead of Diwali 2024 and in that rally, Nifty may touch 23,500 to 24,000 levels.
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Regarding Nifty 50 outlook beyond Diwali 2024, Ravi Singhal, CEO, GCL Broking said, “From a technical point of view, if we see the forward one year earnings PE ratio of the Nifty 50 index, the 50 stock index is trading close to 18 levels, that is. on the lower side. Hence, from now on the next two years the Nifty 50 index can return up to 35 per cent from the current levels of 19,500.”
Sensex target at Diwali 2024
“Under normal circumstances, we can expect the BSE Sensex to touch 72,000 levels by next year’s Diwali. However, if the current government happens again in New Delhi after the Lok Sabha elections, the index may 30-stocks touch 80,000 and 85,000 levels in the long term or say in the next two years,” said Ganesh Dongre.
Disclaimer: The above opinions and recommendations are the opinions and recommendations of individual analysts or brokerage firms, and are not the opinions of Mint. We encourage investors to check with certified experts before making any investment decision.
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Updated: 11 November 2023, 12:48 PM IST
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