ICICI Securities projects Nifty50 to reach 28,800 in 2025, highlights 8 stocks with potential returns of up to 25%

ICICI Securities, a prominent domestic brokerage firm, has forecasted that the Nifty50 index will see a robust upside of up to 20% in 2025, targeting the 28,800 level as the upper boundary of a long-term rising channel. The benchmark index of the National Stock Exchange (NSE) reached 24,800 in 2024 but faced some correction due to volatility in the second half of the year.

ICICI Securities’ analysis suggests that the Nifty50 could reach 28,800, based on historical data. The firm noted that buying near the 52-week exponential moving average (EMA) has historically provided a favorable risk-reward ratio, with a median return of 23% over the next 12 months.

According to ICICI Securities, the market is well-positioned for the next upward movement towards 28,800, with a key support level at 22,000. The brokerage also highlighted that the breadth indicator tends to find support in the 30-40 range during a bull market, suggesting a potential 20% upside over the next year.

Past data shows that when Foreign Institutional Investors (FIIs) sold equities worth over Rs 30,000 crore in a single quarter, the average forward returns over the next year have been around 28%. Additionally, historical trends indicate that the market has often seen a double-digit rally in years leading up to elections, with a success rate of 82%.

Sector-wise, ICICI Securities expects the BFSI, capital goods, and IT sectors to outperform. Meanwhile, the PSU and metal sectors are seen as offering attractive buying opportunities. On an individual stock basis, the brokerage has identified 8 stocks that are expected to deliver 15-25% returns in 2025. These include:

United Spirits (Target Price: Rs 1,820)

Indian Bank (Target Price: Rs 705)

Steel Authority of India (Target Price: Rs 153)

Timken India (Target Price: Rs 2,750)

CESC (Target Price: Rs 235)

BEML (Target Price: Rs 5,390)

JK Lakshmi Cement (Target Price: Rs 994)

Rallis India (Target Price: Rs 375)

Disclaimer: Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.