1 month ago
Going ahead, analysts see stage set for Nifty to head towards 23,000 as sectoral rotation plays out, favouring largecaps over small-and midcaps
March 12, 2024 / 03:13 PM IST
Analysts at ICICI Securities expect Nifty to head towards 22,700 in coming weeks
Equity benchmarks Sensex and Nifty were volatile on March 12 as investors awaited US inflation data to map the trajectory of interest rate cuts. Going ahead, analysts see stage set for Nifty to head towards 23,000 as sectoral rotation plays out, favouring largecaps over small-and midcaps.
Sensex trimmed 391 points from the day's high to trade at 73,635, up 0.1 percent, whereas NSE Nifty 50 was down 129 points from the day's high of 22,452 to trade around 22,353 towards the end of the March 12 session.
Analysts at ICICI Securities expect Nifty to head towards 22,700 in the coming weeks, wherein large caps would relatively outperform the broader market. "Any bouts of volatility should be used as a buying opportunity, with support placed around 22,200," the brokerage firm said.
Aamar Singh Deo, Senior Vice President of Angel One, too, believes that largecaps would lend support to markets' positive momentum going ahead as investors will try to reduce their risk-appetite.
(This is a developing story. Please come back for more updates)
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
