April 23, 2025
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ICICI Securities predicts Nifty bull case target at 28100
ICICI Securities sees Nifty50 valuations now at a fair 20x forward PE after a 6% earnings downgrade and market correction. With bond yields at 6.4%, a valuation cushion is in place. Their March 2026 Nifty target is 26,000 (8% upside), with a bull case of 28,100 and bear case of 20,000.
Top stock picks at this juncture include Axis Bank, Maruti Suzuki, Ultratech, Tata Steel, L&T, Sun Pharma, GAIL India, Solar Industries, JSW Energy, Tata Communications, and Archean Chemicals, reflecting a tilt toward domestic demand themes and manufacturing beneficiaries.
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