Peter Brandt, chief executive of Factor LLC, has predicted the Nifty will test 11,180 by the third quarter of 2018. In an interview with ET, Colorado-based Brandt, considered to be among the world’s top chartists, said a fall in the Indian market will be a wonderful opportunity to buy.
I have been constructive on the Nifty since December 2013. I now have a target on the Nifty of 11,180. We will probably see that in the third quarter of 2018. The S&P CNX 500 will probably go to 15,000 and I am looking for the BSE Sensex to go to 35,200. Whenever we get volatility in the western stock indexes, India just ignores the volatility to some degree. We had a break in the Nifty between March 2015 and March 2016, when we saw a one year correction, but we are definitely now back on track.
Look what he has to say about the concern that Indian markets are over-bought
We haven’t had a rip-roaring bull market in India. It has been an orderly market that has tended to be self-correcting on the way. Certainly, we could see come correction. We have had corrections in 2015 through till the end of February 2016. We had a correction that started at the end of September 2016 and ran through end of December 2016. Historically, bull markets get overbought and they remain overbought.