Nifty’s potential soars: A 1,000-point rally ahead?
The benchmark National Stock Exchange Nifty hit a record intraday high of 22,127 on Friday, surpassing its previous intraday peak from January 15. According to technical analysts at ICICIdirect, an over 1,000-point rally in the index might be on the horizon. The retail brokerage said in a note, “Our composite model, with equal weights on general election year price behaviour, bull market corrections, and bottom-up Nifty projection, strongly recommends buying the current decline for a target of 23,400 by June 2024.” It added, “In a general election year, Nifty tends to bottom out