ETMarkets Smart Talk: 3 reasons to invest now; We foresee December 2024 Nifty target at 23,000 as base case: Neeraj Chadawar

economictimes.indiatimes.com:

“In our base case, we foresee the Dec '24 Nifty Target at 23,000. We assume the continuation of the political stability and consequent visibility on the policy continuity after the 2024 General Elections,” says Neeraj Chadawar, Head — Fundamental and Quantitative Research, Axis Securities.

In an interview with ETMarkets, Chadawar said: “These bull and bear phases of the markets are driven by sentiments in the market. When sentiments are positive, the market will continue to do well. In a fear scenario, the market will fall,” Edited excerpts:

We were cruising nicely but suddenly COVID, freight concerns, and potential geopolitical tension struck D-St. What is your take – is it profit booking or will any of the above factors have a material impact?
Neeraj Chadawar: The year 2023 was interesting, not only for the Indian equity market but also on the global markets front. We commenced the year with restrained expectations and witnessed notable volatility in the initial months.

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However, in the second half of the year, the Indian market witnessed a remarkable recovery from its Mar '23 bottom, and the broader market outperformed the Large-cap companies by notable margins.

Both domestic and foreign investors have actively demonstrated confidence in India's long-term growth narrative. In FY24 so far, DIIs and FIIs have invested $12 Bn and $23 Bn, respectively, in the Indian equity market till 22nd Dec '23.

After being net sellers in FY22 and FY23, FIIs regained confidence in