Any September dips should be bought as Nifty is set to breakout till 27,000: ICICI Direct
Positive global cues, along with strong FII flows, contributed to a sharp 2% rally in the Nifty last week, bringing it to 25,356. The index has gained approximately 36% since breaking out around the 18,600 level.
ICICI Direct expects that the index is likely to achieve its historical trend, with a projected target of around 27,000 by March 2025.
Historically, September has been a month known for volatility. Over the past 19 years, September produced a dip of around 3% in the Nifty on 15 occasions. Despite this volatility, the average three-month returns following these dips have been approximately 7%, with a success rate of 78%.
The brokerage, therefore, advised investors that any temporary pullbacks from hereon would present an opportunity to increase exposure to Indian equities.
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«Nifty continues on the path of our CY30 target of 50,000, as part of decadal cycle projection and we upgrade our Nifty projection for FY25 to
