Nifty beyond 23k by next Samvat

New Delhi: The market is likely to witness a major rally before the next Samvat, says VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. Once there is some clarity on the outcome of the next general elections due before May 2024, markets will rally, he said. The resilient Indian economy and good corporate earnings will attract big investment into the market. If the US bond yields continue to decline FIIs will also become buyers in the market.

The bull case scenario is a flood of institutional money -- both domestic and foreign -- and a stable government triggering a big rally in the market taking the Nifty beyond 23,000 by next Samvat, he said.