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Nifty can touch 25,320 by Dec, pvt banks & healthcare to lead
The Business Guardian
|March 16, 2024
Gandharv Anand of CapitNbulls, a franchise under Motilal Oswal Financial Services Ltd., sees an upside target of Nifty in the range of 24,550 to 25,350 by the end of December 2023 (base case scenario).
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The targets for the index have been revised upwards due to an upward revision in the 15-year average PE (18.8x) with an EPS of 1,342.
Technically, we need a strong closing above the levels of 22,124 to initiate fresh longs. With ADX near historic highs and weekly RSI divergence, I'm not comfortable to enter fresh trades here. Even on Tuesday (February 27, 2023), the market breadth remained very poor, and more than 53 percent of stocks were trading 3 percent or lower.
At present, there is a froth in the valuations of mid-caps and small caps; however, large caps are fairly priced to be added to any dips. Midcaps are trading at a price-to-earnings ratio of 27x, and small caps are trading at a price-to-earnings ratio of 33x.
Such high levels are not at all comfortable for making an investment.
This story is from the March 16, 2024 edition of The Business Guardian.
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