Indian stock market, March 6 -- Brokerage firm InCred Equities has set a 12-month target of 27,000 for Nifty50, highlighting technical indicators that indicate a base formation in the index following a recent correction.

"The rsi is hovering around 21 and a move below 20 levels is likely to result in a sharp reversal. The index is likely to witness a time correction for the next few months and a strong upside is expected to start from June 2025. However, current prices make a compelling case for buying nifty for the next 9-12 months," InCred Equities said in its report titled "Abhi Nahi Toh Kabhi Nahi".

The brokerage has set a stop-loss at 21,000 on a closing basis and noted that Nifty 500 stocks are currently in an extremely oversold z...