BofA's new target: Nifty50 to trade in 17,000-19,500 range this year

Brokerage has revised the mark upwards for the second time this month

BofA Securities has revised its Nifty50 target upwards for the second time this month, citing reduction in macro uncertainty. In its latest report, the brokerage has said that it expects the Nifty50 to trade in the 17,000-19,500 range, with base being 18,500, for the ongoing calendar year (CY22). The base target implies a 7 per cent upside from current levels. On August 11, BofA had hiked its Nifty50 target to 15,600 from 14,500.

In its latest note, its strategists -- led by Amish Shah -- said, “After the Jackson Hole symposium… most macro events of CY22 have either played out