Nifty 50 Is Still Down 4.91% in 2026, So Why Does Citi See 13% Upside?

Citi Research raised its Nifty 50 target to 28,000 by end-2027 from 26,000, implying roughly 13% upside from Monday morning levels even as the index remains down 4.91% year-to-date in 2026. The upgrade follows the benchmark's strongest week since February 2021, though investors who bought on January 1 are still underwater. The move signals renewed sell-side confidence in Indian equities after a weak start to the year. What to watch next is whether the index can hold its recent rally and close the year-to-date gap toward Citi's revised target.