Global brokerage firm Jefferies projects the Nifty to reach 28,300 by December 2026, attributing this forecast to two strong drivers — sustained equity supply and robust domestic flows. These factors are expected to keep Indian equity markets range-bound over the coming year.
The target is based on a 20x PE multiple on estimated Dec-27 earnings, which implies a modest 5% de-rating from current levels. In line with this outlook, Jefferies has highlighted its top 10 stock picks, reflecting sectors such as lending, autos, cement, hospitality, telecom, property, staples, IT, industrials, and pharmaceuticals.