Street signs: Nifty's potential soars, a mixed bag in IPO GMPs, and more

While it is almost certain that UPL will be dislodged by Shriram Finance in the National Stock Exchange Nifty50 Index, the position of Bharat Petroleum Corporation (BPCL) could also be at risk

Nifty’s potential soars: A 1,000-point rally ahead?

The benchmark National Stock Exchange Nifty hit a record intraday high of 22,127 on Friday, surpassing its previous intraday peak from January 15. According to technical analysts at ICICIdirect, an over 1,000-point rally in the index might be on the horizon. The retail brokerage said in a note, “Our composite model, with equal weights on general election year price behaviour, bull market corrections, and bottom-up Nifty projection, strongly recommends buying the current decline for a target of 23,400 by June 2024.” It added, “In a general election year, Nifty tends to bottom out