2023 likely to be a flattish year for Indian equities: Kotak Securities

Kotak Securities sees Nifty50 at 18,385; rising FD rates could attract investment

Kotak Securities has given a base case target of 18,717 for the Nifty50 index for 2023. The brokerage believes that a combination of global headwinds and stretched valuations could cap the gains for next year.

On Tuesday, the 50-share index closed at 18,385 points.

"In the short run, markets are expensive and at this level, it is difficult to expect major returns. The downside is limited but the upside is capped. We are expecting a flattish year,' Shrikant Chouhan, executive vice president and head of research, Kotak Securities, said.

Chouhan said it will not be not easy for investors to