As Dalal Street entered Samvat 2080, the New Year as per the Vikrami calendar, Zee Business Managing Editor Anil Singhvi expects the index to scale fresh highs in the year ahead. He believes that a decent outcome of the 2024 general elections will help the domestic market outperform its global peers. The market wizard sees a higher range for the Nifty50 emerging at 21,000-21,500 levels with strong support for the blue-chip index expected at 18,000-18,500 levels.
He points out two kinds of risks to the upside in the domestic market:
Any major negative cue in the global markets
Failure of the current central government to return to power in 2024
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The market expert believes that while strong buying may continue in the pharma sector, chemical stocks are due for a re-rating, and IT as well as AI-related stocks may attract strong investor interest. He also expects strength in liquor-, yarn- and e-commerce platform-related stocks.
EDITOR’S TAKE | Here’s how Anil Singhvi views global markets
The market wizard expects new highs to emerge on Wall Street, with the tech stocks-heavy Nasdaq Composite expected to outperform the Dow Jones Industrial Average blue-chip index. The US market may stage big moves on the upside on any sign of a reduction in benchmark interest rates, he says.
Singhvi also expects an end to global political uncertainties during the course of the year.
He believes crude oil prices to ease to as low as $55 per barrel and expects levels to the tune of 39,000-40,000 to emerge in the Dow Jones gauge. He views geopolitical tensions and higher-for-longer interest rates as unknown and known risks to the upside, respectively.