JPMorgan is expecting the NSE Nifty 50 will likely trade between the range of 26,500 and 30,000 in the next six to nine months. The lower band is the bear case, while the upside is the best bull case for the Indian benchmark index.
The expectation of a 30,000 bull case for the Nifty 50 comes on the back of an earnings recovery expectation. In the first quarter of financial year 2026, earnings of Nifty 50 companies and other companies on the investment banker's radar will likely post 7% year-on-year growth.
The investment banker expects that the first quarter will likely serve as a transition period from underwhelming earning numbers to decent recovery going forward. The growth will be driven by a low base and a recovery in economic momentum.
JPMorgan prefers banks, consumers, hospitals, real estate defence, and power, it said in its India Strategy note.
Investors are focusing on long-term growth, ignoring short-term volatility, Motilal Oswal Financial Services said on Monday. Despite facing geopolitical uncertainty and war, the Nifty 50 has given a 6% return. The Indian benchmark has underperformed in calendar year 2025 so far in the emerging market space.
However, Motilal Oswal Financial Services has cut Nifty 50 earnings per share by 1.2% and 0.4% for financial years 2026 and 2027, the brokerage said in the note. It also expects that Nifty companies will likely post a full-year net profit growth of 14% compared to 4% in financial year 2025.
A material recovery in the second half of 2026 will ensure Nifty 50 meeting Emkay Global Research's EPS target of Rs 1,167, the brokerage said on Tuesday. A recovery in consumption, improvement in retail credit, and a steady decline in commodity prices will help recovery in India Inc.'s earnings.
Consumer discretionary is Emkay Global Research's preferred space, as the brokerage maintained an overweight rating on the stock.
Emkay Global Research sees little risk to Indian markets' long-term outlook. The brokerage maintained the Nifty 50 target of 26,000 for March 2026.
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