Nifty target: 40,000 in long term | CLSA's Laurence Balanco sees 20% upside in banking stocks
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- ✓The Nifty 50 could climb to 40,000 over the long term, said CLSA analyst Laurence Balanco.
- ✓He sees a major bullish breakout in Indian equities, with banking stocks potentially gaining 20 percent.
- ✓Balanco noted that a Nifty close above 25,500 by November-end would generate a strong long-term buy signal for investors.
Story at a Glance
- Category
- Indian Markets
- Reported By
- MoneyControl
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
Nifty outlook: The Nifty 50 could rally past 26,000 in the near term and potentially climb to 40,000 over the longer term, said Laurence Balanco, Technical Analyst at CLSA, who sees a major bullish breakout developing in Indian equities. He has identified 26,300 as the upper end of his immediate target range, while a move beyond that level could pave the way for a much larger rally towards 31,000-40,000. Speaking to CNBC-TV18 on Monday, Balanco said a Nifty close above 25,500 by November-end would generate a long-term buy signal -- the first since August 2020. His bullish outlook follows a sharp recovery in Indian equities, with the Nifty surging 8.58 percent last week and reclaiming the 25,000 mark for the first time since February 27.
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