Prabhudas Lilladher sees Nifty at 19,066 by June 2023

Brokerage Prabhudas Lilladher has set a target of 19,066 on the Nifty by June 2023 on the grounds that the worst may be over for Indian markets as global headwinds subside.

The forecast implies a return of over 19% over the index's closing of 15,938.65 on Thursday. Its top picks are Reliance Industries, ICICI Bank, Avenue Supermarts, Ashok Leyland, Crompton Greaves Consumer, VIP Industries and Nazara Technologies, among others.

Prabhudas Lilladher's bull case estimate pegs Nifty at 21,525 and bear case estimate pegs Nifty at 15,052.


The brokerage said Indian markets are currently dancing to the tunes of global factors such as crude oil prices, inflation, and fears of a recession due to the hawkish stance of global central banks in their attempt to raise interest rates to control inflation.

"Softening prices of crude, bountiful monsoons, sharp increase in rural incomes from firm crop prices and improving labor employment will be key demand drivers," said Prabhudas Lilladher.