Nifty is poised to surge by another 1,000 points and reclaim its September 2024 record high by the end of July, according to Jai Bala, founder and chief market technician at Cashthechaos.
"I'm surprised markets are taking a breather today, even as US markets are at an all-time high. I'm anticipating another 1,000 points before end of July," he told NDTV Profit. Nifty will not drop below 25,000, according to him.
Indian benchmark indices witnessed an encouraging bullish trend last week. On Friday, the Nifty extended its winning streak for the fourth straight session, closing 89 points higher at 25,638โits highest level since Oct. 1, 2024.
Meanwhile, US stocks hit an all-time high last week amid signs of easing geopolitical tensions and a resilient economy.
In one month, NSE Nifty 50 had hit a low of Rs 24,542.50 on June 3, before it advanced to a high of Rs 25,549 on June 26. It has risen 6.20% in the last 12 months and 7.84% year-to-date.
On Monday, the Nifty 50 was trading 0.52% lower at 25,507 as of 2:52 p.m. Meanwhile, US equity futures climbed, with progress in trade negotiations between President Donald Trump's administration and key partners adding to the upbeat sentiment that pushed S&P 500 to a fresh record high. Contracts for the US equity benchmark rose 0.4%, while those for the Nasdaq 100 advanced 0.5%. European and Asian equities were flat.
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