The upward movement is expected to be accompanied by volatility rather than a straight path
By Team Bajaj Broking
MUMBAI, Oct 31 (The CONNECT) -In Samvat 2080, India’s Nifty index posted an impressive 25% return, placing it among the world’s top-performing indices and showcasing India’s robust economic growth. This coincided with the third consecutive electoral win for the ruling government, reinforcing political stability and positioning India as an increasingly attractive destination for foreign investment.
India’s focus on multinational collaborations has accelerated its role in critical sectors such as smartphone manufacturing, aerospace, semiconductor production, electric vehicles, and artificial intelligence, underscoring the nation’s technological ambition.
Inflation was well-managed at 5.4% due to effective monetary policies, and substantial forex reserves-maintained currency stability, bolstering investor confidence.
India’s GDP growth also exceeded expectations, reaching 8.2% in fiscal year 2023-24, with strong contributions from industry and agriculture. This growth, along with political stability and strategic global partnerships, indicates India’s increasing influence on the world stage and its commitment to innovation and sustainable growth.
* Expectations from Samvat 2081
Looking ahead to Samvat 2081, we anticipate that the Indian market will continue to trend upward, aiming for the 28,400 level by Diwali 2025. This target aligns with the rising trendline on the yearly chart that connects major highs since 2014, as well as the measuring implications of previous significant rallies.
However, the upward movement is expected to be accompanied by volatility rather than a straight path. We believe healthy correction will make the market healthy for long-term uptrend.
On the downside, key support levels are identified between 23,200-22,500 which represent an important retracement area and the 200-day EMA which we expect to hold. The “buy on dips” strategy has proven effective in the Indian market over the past few years. We recommend continuing the same approach by gradually purchasing large cap and quality midcap in the current corrective decline to build a long-term portfolio.
* Suggestion for traders for 1-hour Muhurat trading
Can invest in the stocks recommended by Bajaj Broking for this Diwali.
