CLSA's Laurence Balanco predicts Nifty 50 will reach at least 30,000 by 2030

In terms of sectors, Balanco believes that Public Sector Units (PSUs) still have significant upside potential of over 60 percent.

Nifty 50 could end the decade between 30,000 and 37,000, representing a 28-58 percent increase from its current level of 23,320, said Laurence Balanco, Global Technical Analyst at CLSA.

Since February 2024, Nifty has been experiencing a volatile phase with each marginal new high followed by sharp sell-offs, Balanco said in an interaction with CNBC-TV18. However, compared to the 2019 elections, Nifty 50 saw its quickest recovery after falling nearly 6 percent on the election result announcement day (June 4).

Balanco maintains an optimistic long-term outlook on the Nifty. Currently, Nifty is in a consolidation phase with the upside limited to 23,700-23,800, he said.

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Sector-Specific Insights

In terms of sectors, Balanco believes that Public Sector Units (PSUs) still have significant upside potential of over 60 percent. "PSU banks and PSUs in general remain a leadership space and can still be accumulated," he said.

Balanco also expressed a preference for defensive sectors such as FMCG and pharmaceuticals.

Discussing the US stock market, which has been hitting new highs almost daily, Balanco noted that the market's gains are becoming more concentrated, a typical sign of maturity.

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