Domestic brokerage Axis Securities continues to believe in the long-term growth story of the Indian equity market, supported by the emerging favorable structure as rising capex helps banks improve credit growth. The streak of strong gains continues in the Nifty 50 universe.
“We expect Nifty EPS to post 10%/16%/13% growth in FY23/24/25. Thus, we target December’23 Nifty by valuing it at 20x on December 2024 earnings 20,400. 18% from current levels. The current level of India VIX is below its long-term average, indicating that the market is currently in a neutral zone (neither panic nor euphoria),” in the note Having said.
While the medium to long term outlook for the overall market The brokerage house said that while remaining positive, the market could see volatility in the near term with reaction in either direction.
“Keeping this in mind, the current setup is a ‘Buy on dips’ market. We recommend investors maintaining good liquidity (10%) to access such dips in a phased manner and for 12-18 months Build positions in high quality companies (where earnings visibility is high) with an investment horizon of Rs.
sharing as lifts up For the month of March 2023, Axis Securities has recommended the following stock to buy ICICI Bank (Target Price: 1,150), Tech Mahindra (TP: 1,300), Maruti Suzuki India (TP: 9,760), State Bank of India or SBI (TP: 750), Dalmatia India (TP: 2,120), Federal Bank (TP: 170).
Varun Beverages (TP: 1,500), Ashok Leyland (TP: 175), Infosys (TP: 1,800), PNC Infra (TP: 390), ITC (TP: 377), Healthcare Global Enterprises (TP: 330), Praj Industries (TP: 550), CCL Products (India) (TP: 650), Polycab India (TP: 3,390), and Bajaj Finance (TP: 7,400) are also part of its key recommendations.
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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