Nifty Target: BofA Securities estimates that by the end of this year, Nifty may slip to the level of 14500.
Nifty 50 Target: There has been continuous ups and downs in the stock market for the last few trading days. Talking about today (June 23), there was huge volatility in the domestic market. Global brokerage firm BofA Securities estimates that by the end of this year i.e. December 2020, Nifty may slip to the level of 14500. Earlier this estimate was of 16 thousand. Today Nifty has closed at 15557 i.e. by the end of the year it can slip around 7 percent. Citing the challenges related to the economy, BofA Securities has made this cut in the year-end target of Nifty.
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These are the challenges for Nifty
BofA has kept its approach to the Indian market cautious and has given five reasons for this. These five reasons are tight monetary policies, slowdown in growth or the possibility of a recession in the US, cut earnings, crude oil prices and valuations. According to the brokerage firm, the impact of most of these events can be seen in the next two to three months. According to the report, due to all these factors, the market may slip to a lower level in August-September.
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Nifty may slip further
BofA Securities had earlier fixed the target for Nifty at 16 thousand till the end of this year in January 2022 but has now reduced it to 14500. The fall of Nifty is not going to stop here and according to BofA Securities, it may slip to 13500 in FY 2023 / FY 2021.
