SBI Cards, NMDC and more: ICICIdirect lists 7 stock picks for 2024 with up to 30% potential upside
Nifty 50 settled at 21,741.90, up 11 points, or 0.05 per cent. The BSE Midcap index hit its fresh all-time high of 37,171.97 while the BSE smallcap index touched its all-time high of 43,094.79 during the session. After the robust gains in the last two months on expectations of rate cuts in light of favourable macros, the market is expected to see some consolidation due to rich valuations.
The frontline indices rose around 20 per cent in 2023, their second-best year since 2017, and were among the top-performing stock indexes globally. The broader small- and mid-caps gained about 55.62 per cent and 46.57 per cent in 2023, far outperforming the blue-chip indexes despite valuation concerns. Also Read: At 15% upside, Nifty 50 to claim 25,000 by Dec 2024? Here's why analysts are bullish on Indian markets The bull-run in Indian financial markets is likely to continue in 2024 as foreign interest remains robust, with heavy buying expected in both equity and debt markets, said several analysts and industry watchers.
Markets are eyeing a potential upside of 15 per cent from the current levels as Nifty 50 is likely to claim the 25,000-mark by the end of 2024 and the Sensex target is set at 83,250, according to domestic brokerage firm ICICIdirect. In the current market scenario, ICICIdirect has released its top seven stock picks for 2024 with a potential upside of up to 30 per cent. The brokerage has selected quality stocks on technical as well as fundamental parameters.
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