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Bofa cuts Nifty target by 1,000 pts to 16,000, sees flat market this year

Says any easing in global crude, FPI outflow reversal and bottoming of rupee will be positive for market. Key downside risks include higher global inflation and faster rate hikes

markets, stock market, sensex, correction, nifty, shares, growth, profit, economy, gain
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BS Reporter Mumbai
Bofa Securities on Tuesday cuts its Nifty target to 16,000 from 17,000 earlier. The brokerage expects the market to remain flat this year on concerns such as front-loading of interest rate hikes in the US; high domestic inflation and recent off-cycle rate hike by the RBI. Bofa said any easing in global oil prices, reversal in FPI outflows and bottoming of the rupee will be a positive for the market. Key downside risks include a higher global Inflation prints resulting in faster than anticipated rate hikes. “In this negative scenario, we see Nifty's valuation multiple shrinking to its long-term average
Topics : BofA Nifty

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