Indian equity markets have decisively broken out of their recent consolidation range, and at least one market watcher believes the rally has real legs. CA Rudramurthy BV, MD at Vachana Investments, says the Nifty's move past the 24,200 mark signals that "every dip is a buying opportunity," with 25,000 potentially within reach in the near term.

Rudramurthy points to a combination of supportive macro factors behind his bullish call. Brent crude prices remain in check, the dollar-rupee exchange rate is stable, and, perhaps most importantly, foreign institutional investor (FII) selling has slowed to a trickle. After weeks of heavy outflows running into thousands of crores, recent FII selling has dropped to roughly ₹350 crore, a sign he believes FIIs could soon flip to buyers.

That combination, in his view, sets up the Nifty for a run toward 25,000, even as Bank Nifty has lagged in recent sessions. He attributes Bank Nifty's relative underperformance simply to its strong run over the preceding weeks, not to any underlying weakness, and still expects the index to eventually reach 60,000.

Within the financial space, Rudramurthy is drawing a clear line: he favors private banks and non-banking financial companies (NBFCs) over public sector banks, which he says he would avoid altogether right now. On the private banking side, he flags ICICI Bank, Kotak Bank, Axis Bank, and HDFC Bank as stronger picks. Among NBFCs, he highlights Bajaj Finance, L&T Finance, and Chola Finance as names showing particular strength.

His broader expectation is that the Nifty will outperform Bank Nifty over the coming month, with both potentially hitting their respective targets, 25,000 and 60,000, within the current futures series, even as the Nifty leads the move.

Beyond banking, Rudramurthy is bullish on pharma as a sector and sees IT staging a comeback, though he cautions that stock selection within IT needs to be selective rather than broad-based. His strongest conviction, however, lies in platform-based businesses, which he calls his top theme right now.

He named two specific platform stocks he's watching: Eternal, which he says has broken out clearly above the 265 level following a period of consolidation between 240 and 260. He suggested buying at current levels or on dips toward 270, with initial upside targets of 310 and 350-360, while flagging 275 as a stop-loss level for traders using futures.

His second pick, Delhivery, has broken out above the 500 level, which he described as offering a favorable risk-reward setup at current prices. He suggested buying at current levels or on dips to 500, targeting 550 and eventually 580-600, with a stop-loss around 490.

Taken together, Rudramurthy's outlook reflects a broadly risk-on stance: buy dips in the index, favor private financials and NBFCs over PSU banks, and lean into platform stocks and pharma for stock-specific opportunities. Whether the rally extends as smoothly as he expects will likely hinge on the same factors he cites as tailwinds, continued stability in crude prices, the rupee, and a genuine turn in FII flows from selling to buying.