Nifty can fall to 20,500 in the bear case, warns JPMorgan; cuts D-St to ‘Neutral’

JPMorgan downgraded Indian equities to neutral from Overweight, warning the Nifty could fall to 20,500 in a bear-case scenario, implying a 15% downside. While the long-term outlook remains intact, near-term risks such as elevated valuations, Iran war uncertainty and energy disruptions persist. The brokerage flagged earnings risks, with analysts cutting FY27 estimates and trimming MSCI India EPS growth forecasts.