Nifty Target 25,500: Is The Next Rally The Last Before A Sharp Market Downturn?

Nifty could target the 25,200–25,500 zone over the next two to three months, but the upside beyond this level may be limited. Amit Goel, Co-Founder & Chief Global Strategist, Pace 360, expects global equities to potentially rally before a larger market downturn emerges. He believes the probability of Nifty reaching 26,000–26,500 is declining as the index makes fresh multi-week lows. The global rally could peak around mid-November, following the US midterm elections, before markets turn sideways and eventually face sharper downside. His base case sees the broader bear phase potentially beginning between November and February, with risks extending into early 2027.