Nifty at 19,000 before Budget: IIFL's Sanjiv Bhasin explains why bulls will rule the roost on Dalal Street

Nifty50 Target By Sanjiv Bhasin: Renowned market expert Sanjiv Bhasin has predicted that Nifty50 will hit 19,000 before the Union Budget. In a special show Bhasin Ke Hasin aired on Zee Business Monday, he said that Indian markets are poised to gain and outperform peers in the coming years. 

Speaking about the recent correction in the market, Bhasin said that 'corrections are very unhealthy always', adding that 'when correction comes, everyone runs away'. 

The market, he said, will reclaim 18,500 next week and suggested investors not fall prey to the rumours. Bhasin added that he had warned last week that the market is overbought and book profits.

Explaining why he is bullish on Indian markets, he said, "The US rate hikes are priced in and bond yields are stable. Also, Russia is now calling for talks on Ukraine. China wants to improve ties with the US... probably due to real estate problems and the Covid situation." 

"India is going to outperform," he said. "Budget se pehle 19,000 (19,000 before Budget)."

Bhasin Ke Haseen Shares

IIFL सिक्योरिटीज के संजीव भसीन का बाजार पर क्या है आउटलुक?#Budget2023 तक Nifty 19000

जानिए इस वीडियो में...@AnilSinghvi_ @sanjiv_bhasin #StockMarket #COVID19

https://t.co/b8C0DCWNjA pic.twitter.com/IsOwhUjajc

— Zee Business (@ZeeBusiness) December 26, 2022

On Covid situation, he said that Indian have immunity, but appealed to follow all government-issued guidelines. "Nifty at 18500 will give you confidence," the veteran market expert said.

"Hold your portfolio and look for stability. Stay invested and don't get caught in rumours," Bhasin told Zee Business viewers.

Bhasin's comment came in the backdrop of last week's correction in the market amid rising Covid cases in China and other countries, also on heightened fear of recession in the US and European markets. 

The Indian stock market has witnessed its biggest monthly corrections in December so far. Both Sensex and Nifty50 were down by around 5 per cent from the highs of December 1, 2022. This is the first time that Sensex and Nifty50 have corrected significantly in the month of December since 1994. Both the benchmark indices had fallen around 5 per cent each In December 1994. The last time when indices yielded negative returns was in December 2018.

Going by the data, Sensex on December 1 had touched a lifetime high of 63,583.07. The index has been corrected more than 3000 points since then or 5 per cent, as per the December 26 closing of 60,566.

The Nifty 50 index was also down by more than 4.50 per cent in December so far. As per data, Nifty is down by 873 points from the 18,887.60 levels, touched on December 1, 2022 -- also the lifetime high. Nifty on December 26 settled at 18,014.

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