Kotak Securities projects 32K Bull case for Nifty by Dec 2026. 9 key factors driving this optimism explained - India’s market resilience and Nifty outlook

The Indian equity market demonstrated strong resilience, recovering from a sharp 17% drawdown in September 2024 to reach a new all-time high by the end of CY25. Despite global uncertainties and underperformance relative to developed and emerging markets during CY25 YTD, the Nifty 50 index bounced back sharply.Kotak Securities projects a base case Nifty target of 29,120 by December 2026, valuing it at 20x FY28E EPS of Rs 1,456. In a bull case, applying a 22x PE, Nifty could touch 32,032. The rally is expected to be driven by strong earnings growth and stable macroeconomic factors. Here are top 9 actors according to Kotak Securities: India’s market resilience and Nifty outlook