Going ahead, the brokerage house expects Samvat 2080 to be an interesting year to watch out for the global economy. “We embark on this new Samvat with a narrative marked by ‘Higher for Longer’ interest rates, volatile bond yields, geopolitical conflicts in the Middle East, and fluctuating oil prices. However, on the domestic front, the prospects for the Indian economy appear notably brighter and more promising.”

The market is entering a critical period marked by state assembly elections in some key states this month, followed by general elections scheduled next year. “This political landscape is expected to introduce increased volatility over the next 12 months compared to the current levels,” Axis Securities says in its report.

Meanwhile, Swastika Investmart believes there is considerable potential for robust gains in the upcoming year. “Firstly, the forthcoming Assembly elections in May 2024 hold significant importance for the market, with a victory for the ruling party expected to provide a significant boost. Currently, Indian equities are outperforming most global markets. Secondly, the peaking of interest rates in both the U.S. and India is a positive sign for market growth,” says Sunil Nyati, Managing Director of Swastika Investmart.

In terms of levels, on a conservative note, Nifty has the potential to reach 24,000 if the ruling party secures a majority in the upcoming elections, but a different electoral outcome could briefly disrupt the ongoing bull market rally, says Nyati.

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Vikram Samvat

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