Nifty Could Reach 28,800 Next Year, Gold To Hit $5,100, Says CLSA's Laurence Balanco

After recently scaling fresh highs for the first time in 189 trading sessions, Nifty is poised for a strong start to 2026 and could climb to 28,800 levels during the course of the year, according to CLSA's technical analyst Laurence Balanco.

Speaking to NDTV Profit, Balanco pointed out that the Indian market is set to reap the benefits of seasoned trends in the coming month of December and from thereon, the market may receive a solid headstart going into 2026.

"Next year we can see the market work its way to 28,800," Balanco said. "We expect seasoned strengths to come through in December and start off 2026 on a positive note.”

While Balanco is anticipating "a bit of volatility coming through in the second and third quarter" of 2026, he pointed to the weakening U.S. dollar as a significant tailwind for emerging markets. He further noted that the relative ratio between emerging markets and developed markets continues to improve.

"So, outside some pauses and consolidation, we do think Indian markets can trend very well in 2026," he said.

Balanco went on to talk about commodities and how it could once again become a key theme in 2026.

The Bloomberg Commodity Index has recently confirmed a breakout, supporting a near-term target of $127. According to Balanco, this global trend is expected to bolster specific Indian sectors.

"We think the Nifty metals index can continue to improve through 2026 and just reiterate its leadership that we saw in the second half of this year," he said.

On that note, Balanco expects precious metals to continue their uptrend despite the recent consolidation. He expects gold prices in particular to reach $5,100 per ounce levels.

"Precious metals are also expected to continue their upside. The current consolidation path in gold should pave the way for the yellow metal to reach the $5,100 to $5,200 mark," he said.

Balanco, in his report, had also noted the upside in copper. He stated that a close above the $11,000 region could trigger a rally toward $16,200.