MEGA Bull Cycle on Anvil : Nifty 24800 in 2024

Indian equities outperformed in CY21 riding a strong recovery post Covid lockdowns. In this report, we have deciphered the history of mega bull cycles over the past three decades to construct our CY22 and beyond technical outlook. What we expect The Indian equities are in the initial phase of a multi year structural bull market post last year's resolute breakout above 2018 highs of 12400. 

Going by the history of three decades, we expect the ongoing bull market to extend for the next few years with multifold gains. Our Nifty target for CY22 is 21000 based on classical chart reading and bottom up prognosis of Nifty constituents, wherein strong support exists at the 15500 zone. While the midcap space is expected to extend its outperformance, we expect IT to lead the rally supported by cyclicals like Capital goods, BFSI, Real Estate and Auto.

Our thesis is based on the following key observations q There have been three mega bull cycles in past 35 years, each measuring at least 2x price wise from major breakout and lasting for three to four years time wise. We expect Nifty to head towards 24800 by CY24, based on empirical evidence.

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