According to stock market experts, bull trend in Indian stock market is expected to continue as upcoming US presidential polls in the US and Lok Sabha elections in India are going to hold key in next one year. However, they maintained that FII inflow on Dalal Steet would continue as Indian economy has comparatively done better than most of the developed economies in last few years, especially in post-Covid-19 period.
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Stock market experts said that by Diwali 2024, one can expect Sensex to touch at least 72,000 levels whereas the Nifty 50 index is expected to touch 24,000 levels. However, they maintained that the Lok Sabha polls 2024 would be key as Narendra Modi government winning the polls with full majoarity would mean continuance of the government policies and this may add fuel to the Indian stock market.
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Expecting bull trend to further continue, Harjeet Singh Arora, Managing Director at Mastertrust said, “In light of mounting fundamental tailwinds, the market is poised to sustain its prevailing bullish momentum into Vikram Samvat 2080. One should invest in equity from a long-term investment perspective, the equity market can deliver a phenomenal return.”
Speaking on Nifty 50 and Sensex outlook, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi said, “In next one year, Lok Sabha elections in India and US presidential polls are scheduled. So, poll outcome of these two elections will hold key. However, Lok Sabha poll outcome will be more important from Indian stock market perspective. If the incumbent Narendra Modi government wins another mandate, then it will inject fresh uptrend on Dalal Street as no change in government means continuance of government policies.”
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Anand Rathi expert said that normally, Sensex surges around 6000 points per year while Nifty rises 2000 points per year. But, in case of another five year mandate to the incumbent government, we can expect Nifty 50 to touch 21,500 levels immediately after the Lok Sabha polls.
Nifty 50 target by Diwali 2024
Speaking on Diwali 2024 target for key ben chmark indices, Sumeet Bagadia, Executive Director at Choice Broking said, “Nifty is expected to touch 21,000 in next few months whereas in medium term the 50-stock index is expected to go up to 22,500 levels. However, if you talk about Nifty 50 index target by Diwali 2024, I believe that the key benchmark index may go up to 24,000 levels.”
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Bagadia said that stock market in India has been witnessing three bull trends on an average in post-Covid period. In first bull market, Nifty 50 is expected to touch 20,500 to 21,000 whereas next bull market would come after the Lok Sabha polls (provided incumbent central government wins full majority) and Nifty may touch 22,000 to 22,500 levels in that rally. Bagadia maintained that 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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On Nifty 50 outlook beyond Diwali 2024, Ravi Singhal, CEO at GCL Broking said, “From technical perspective, if we see the PE ratio of one year forward earnings of Nifty 50 index, the 50-stock index is trading near 18 levels which is on the lower side. So, from here in next two years Nifty 50 index can give up to 35 per cent return from current 19,500 levels .”
Sensex target by Diwali 2024
“In normal circumstances, we can expect BSE Sensex to touch 72,000 levels by next year Diwalai. However, if the incumbent government repeats in New Delhi after the Lok Sabha elections, the 30-stock index may touch 80,000 and 85,000 levels in long term or say in next two years,” said Ganesh Dongre.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.
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Updated: 11 Nov 2023, 12:51 PM IST