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The target of 24,200 points implies an upside potential of 13% from the current levels. In trade on Friday, the 50-stock index was trading at 21,362.25 points, up 0.5% from the previous close.
The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 19,648 level as compared to the Nifty futures’ previous close of 19,688.
Prabhudas Lilladher trims Nifty target to 20,735, citing EL Nino impact on inflation and weak earnings. Expect consolidation ahead of 2024 elections.