“Bullish on Nifty 50, raising its one-year target to 27,019 from 26,449, driven by improving macroeconomic conditions, resilient domestic demand, and easing crude oil prices. The firm values the index at a 10% discount to its 15-year average P/E for FY28 earnings, noting it still trades at an 11.7% discount to its historical average despite the rally. However, it flags risks from geopolitical tensions, Super El Niño, and inflationary pressures, which could cause near-term earnings volatility and potential downgrades.”