Atul Suri has this target for the Nifty 50 index for the next Samvat

CEO Marathon Trends Advisory Pvt Ltd

The Nifty 50 index declined 1 percent last Samvat but managed to outperform most of its peers.

Atul Suri of Marathon PMS Trends has a target of 21,000 on the Nifty 50 index, implying a potential upside of 22 percent from current levels.

"I don't think the markets will crash from here," he told CNBC-TV18 during the Mahurat Trading session of Samvat 2079.

However, he has a caveat that the moves in the new year will not be an across the board move and even within specific sectors, stocks may move in different directions.

Suri derives this opinion as benchmark indices are within touching distance of scaling previous peaks. The market began Samvat 2079 on a positive note, gaining for the seventh day in a row to end at the highest level in a month.

He is of the opinion that stocks that fall less during a falling market are leaders of the next bull market. Over the last Samvat, the benchmark index declined 1 percent but managed to outperform most of its peers.

Suri recently turned bullish on Capital Goods stocks which he believes is signs of a bigger industrial play.

His sentiments have been echoed by a few brokerages as well. Recently, DAM Capital upgraded BHEL after 54 quarters and assigned a potential upside of 66 percent from those levels.

Among other sectors of his preference, Suri highlighted industry facing banks and Specialty Chemicals that are likely to do well. He also reiterated his overweight stance on the defence stocks.

Despite the stocks nearly doubling or even more during the last Samvat, Suri believes that there are still some stocks within the space that are cheap and will do well as countries are realizing the need to become self-sufficient in defence, especially after the Russia-Ukraine crisis.

• Commodities playing out the way they are make me bullish
• Swing will take place towards more actively managed funds from passive fund management
• Themes are turning out to be more domestic-focused compared to global Portfolios are realigning as IT & Pharma, which dominated 2020-21, are now underweight