“Bullish on Nifty, turning constructive after two years, with a 12% upside potential to 26,200 by December 2026. This outlook is based on five of eight earlier risks having played out, including crude price reversals, rupee appreciation, and lower-than-expected RBI rate hikes. However, primary market issuances, Fed rate hikes, and AI disruption remain concerns, posing a potential 7% downside risk in a bear case.”