For investors positioning for 2026, Nomura recommends a bottom-up, selective approach -- avoiding narrative-driven, richly valued pockets while increasing exposure to underperforming exporters and exercising caution in areas with heavier government intervention.
In terms of the CY25 index targets, 55 percent of the respondents said they expect the Nifty50 to end between 25,000 and 27,000
While Nomura does expect a cyclical recovery, the firm warns of near-term earnings growth challenges and advices investors to be selective amid market fatigue.