Indian equity markets rallied for the second consecutive month in May, driven by foreign portfolio investors (FPIs) continuing to pump money into Indian equities. Improved market sentiments and strong macroeconomic fundamentals were also drivers. ICICI Direct expects the Nifty to test the levels of 18,900 and is confident that the midcap index could experience accelerated upward momentum as it approaches its all-time high. The brokerage chose a range of top picks, such as Kotak Mahindra Bank, Reliance Industries, and TCS, across several sectors based on various criteria.
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