Nifty to scale 50,000 peak by 2030? ICICI Direct shares top stock picks for 2023
ICICI Direct expects the headline Nifty index to touch the 21,400 mark in 2023, and rise all the way to as high as 50,000 by 2030. The brokerages target for the current calendar year implies upside of as much as 16 per cent from its current levels.
ICICI Direct expects the headline Nifty index to touch the 21,400 mark in 2023, and rise all the way to as high as 50,000 by 2030. The brokerage's target for the current calendar year implies upside of as much as 16 per cent from its current levels.
"Our prognosis of various technical studies leads us to the conclusion that the Nifty is poised to reach towards 50,000 by CY30," said ICICI Direct in a report.
Can Nifty really reach 50,000? ICICI Direct mentions a "rhythm"
"Indian equities are likely to display the same rhythm that the US and Nikkei did in 1990-2000 and 1980-1990, respectively, i.e. delivering a decadal move of 5x (five times) on headline indices."
The brokerage mentioned, in its report, the performance in 2021 and 2022, which it believes adds strength to the argument that Nifty is mimicking the forecast trajectory.
Decadal studies show that 2023 will turn out to be a strong year, it added.
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