Goldman Sachs sees Nifty rallying to 26,500, signals nearly 9.5% upside

Goldman Sachs projects Nifty to rally to 26,500, implying nearly 9.5 percent upside, citing ultra-light foreign investor positioning that leaves ample room for flows to return. The brokerage sees foreign selling as largely over and recommends going long on banks, tourism, and energy refiners, while favoring large-caps over mid-caps and expecting a rotation from Growth to Value. Its top 15 large-cap bets include Reliance Industries, HDFC Bank, Kotak Mahindra Bank, NTPC, Adani Power, Adani Enterprises, Hindustan Aeronautics, Eternal, Power Grid, Adani Green Energy, InterGlobe Aviation, HDFC Life Insurance, Indian Hotels, and Mazagon Dock Shipbuilders.