"As per our ‘Nifty fair value model, the index is now close to 20% overvalued. Thus, we do not anticipate a large upside to the index from this point. The most likely outcome for the index in the next 6-9 month period seems to be a time correction," Kotak said in a note.
The October 2023 concentrated All-Season Portfolio consists of stocks viz. Nestle India, Cipla, Bajaj Auto, Tata Consultancy Services (TCS) and Infosys. Apart from ITC, NTPC also made an exit from its portfolio and replaced it with Cipla.