ICICI Direct view Nifty ‘maturity’ sets stage for a bull market
MUMBAI: ICICI Direct said the Nifty has reached ‘price- and time-wise maturity’ after remaining a laggard for the past 18 months. This points to a durable bottom and sets the stage for the next leg of the bull market, said the brokerage.
ICICI Direct cut its FY27 Nifty target to 28,800, implying an upside of over 18% from Friday’s close of 24,353.55. “Historically, bull market major corrections have typically bottomed out near 17% while finding strong support in the vicinity of the 200-week EMA and served as a foundation for a median 30% rally over the following nine to twelve months,” the analysts said.
