ICICI Direct sees Nifty at 20,700 by Diwali

MUMBAI: ICICI Direct expects the Nifty to touch 20,700 by Diwali and by 21,400 by March 2024. The targets imply an upside of 5.9% to 9.5% from Nifty’s Thursday closing of 19,543.

The index fell 89.45 points, or 0.46%.

“Our model suggests Nifty is following CY14,CY17 playbook, wherein post large consolidation breakouts, intermediate corrections to the tune of 5-7% always presented buying opportunity to ride structural bull run with key support at 18,600,” said the retail brokerage in a note on August 10.