3-4% upside in Nifty very much on the cards in March, says Pankaj Pandey

economictimes.indiatimes.com:

Pankaj Pandey, Head Research, ICICIdirect.com, says “we still have enough firepower to take Nifty to much higher levels and if election outcomes come on expected lines, then overall we will not be surprised if 25,000 is very much likely on Nifty. Also, in March, a 3-4% kind of upside is very much on the cards. ”

Bulls are lacking energy. The thunder is not there. Markets are making all-time highs, but that is just optics. The underlying fabric of the market in the last 8-10 days seems to be getting slightly weak.
Pankaj Pandey: At 22,000 levels, obviously it is a psychological level, some bit of nervousness is understandable. But our sense is that typically during a month of, say February and March, the market usually tends to correct and from there on, panning out in a better direction. Our sense is in March, probably a 3-4% kind of upside is very much on the cards.

Overall, the earning season was quite okay, according to us. We do not see much of a risk to the double-digit earning growth that we have been pencilled in for the next two years. I think a 25,000 target for Nifty remains intact. In fact, market cap wise, we are seeing that while people talk that smallcaps are sort of quite pricey, with 26% earning growth, there are ample opportunities across caps – be it largecaps, midcaps or smallcaps.

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