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nifty target: Nifty may cross 22,500 in 12 months, says Prabhudas Lilladher; picks Hindalco, 3 more stocks as conviction buys

Nifty is trading at a 17.2% discount to the 10-year average which provides comfort to Prabhudas who believes that the headline index is not trading in a bubble zone. The 50-stock index has remained flattish in the past 6 weeks and given just 1.6% return in the quarter gone by, riding on inflows of the domestic institutional investors (DIIs) even as the foreign institutional investors (FIIs) preferred selling the domestic equities, the note said.
Prabhudas Lilladher Lok Sabha El Nino Maruti Suzuki Westlife Foodworld Axis Bank

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