Expert View: Mid-year - recalibrating India equity story with a positive bias, says Vinod Nair

Vinod Nair of Geojit has revised the Nifty 50 December 2026 base target to 26,700, down 8.4% from the earlier 29,150, implying broadly flat returns for CY26 but a projected 12% upside in H2CY26. A fresh December 2027 target of 29,000 points to 21% returns over the longer horizon. The recalibration reflects headwinds from the West Asian crisis, INR volatility, FII selling, rising operating costs and elevated global bond yields, even as positive calls are placed on Banking, Telecom, Consumption and Realty, with IT flagged as a contrarian bet after its 30.3% H1CY26 decline. The Nifty 500-to-Gold ratio at around 1.92x, well below the long-term median of 2.61x, is seen as an accumulation zone for equities.