Given the outperformance of large-cap (23 percent) and mid-cap (58 percent) stocks in the past year, brokerage house Investec believes the probability of a correction (10 percent drawdown) in 2024 is high.
“But our modest objectives of 22240-22450/550 continue to be in play though, along with an optimistic target of 22800-23000. But any prospects of potential delay in the onset of rate cuts, could jolt the ride, but may not be enough to trigger a collapse per se,” he says.
Budget 2024: Positive announcements could push Nifty beyond 21,850, and that the index could aim for all-time high levels around 22,100. A break below 21,400 and 21,200 may trigger selloff.