Samvat 2079: Sensex, Nifty50 likely to touch new highs on multiple positive triggers, analysts say – Check levels

Samvat 2079: On the back of multiple positive triggers, Indian Indices – BSE Sensex and Nifty50 – are likely to make new highs in Samvat 2079, several analysts estimate. Both the benchmark indices have corrected between 6-5 per cent in the one year amid various global and domestic headwinds.

“We estimate Nifty50 Index at Rs 811 for FY23 and Rs 930 for FY24 with significant contribution from automobiles, banks, diversified financials and telecom,” Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said.

The market analyst Chouhan further said, “We can expect Nifty to range between 14880 (15x FY24) and 19530 (21x FY24). Similarly, we expect BSE Sensex to range between 51000 and 66000 by end of Samvat 2079.”

In line with Kotak Securities expectations, Roop Bhootra - CEO, Investment services, Anand Rathi Shares and Stock Brokers also said, “Currently, we have a target of 19,500 for Nifty50.”

And the same was also quoted by Brijesh Bhatia, Senior Research Analyst Equitymaster. “The bullish trend is likely to continue in the Samvat 2079. Sensex and Nifty are likely to head to 66,000 and 19,500 levels respectively,” he added.

“On one year forward, Nifty target is at 19425 (21x FY24 EPS) with sectoral bias towards banks, capital goods/infrastructure, autos, avoiding sectors having more global exposure like IT, oil & gas and metals,” ICICI Securities also expect the same target the Nifty index is likely to achieve.

Without citing any levels with respect to frontline indices, Vinit Bolinjkar, Head of Research, Ventura Securities mentioned, “We believe that in the short-term market will remain in a consolidation phase. Further moves after that will depend on how earnings pan out and US rate cycle.”

Indian indices at present are one of the best-outperforming markets globally. In the last couple of quarters when US indices – Dow Jones and S&P 500 – are trading at 52-week lows, Nifty and Sensex are just a few percent down from their all-time highs.

Nifty and Sensex are worth the weight in gold against the global markets. They are having time correction whereas global markets are witnessing price correction.

Factors such as good monsoon, higher reservoir levels, cool-off in commodity prices, and healthy job/labour market cumulatively indicate a bull run in the frontline indices in Samvat 2079.