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ICICI Direct, in its recent report, has projected that the Nifty could reach between 20,700 and 21,000 by the end of CY23. This projection is based on historical data indicating that September investments typically yield profitable returns.
Despite a 4% correction from Nifty’s life high of 20,222 due to global volatility, primarily fueled by the higher rate regime in the U.S. and escalating prices, an average gain of 9% has been observed. The price parity of the June-December 2022 rally suggests a target of 21,000 by December 2023 with strong support at 18,700.
The report also highlights sectors such as BFSI, auto, infra & realty as potential leaders of this anticipated rally. ICICI Direct’s hot picks include prominent names like HDFC Bank, HAL, L&T, and Maruti Suzuki.
In addition to this, the report indicates a shallow nature of correction across mid and smallcap space. A breakout above multi-year highs suggests further potential for a midcap rally. This observation points towards a potential surge in these sectors in the coming months.
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