• Nifty target of 24,260 by end 2024
• Expect 12% returns in 2024
• Short-term correction presents buying opportunity
• Fair value range of 18-21x
• Selective and defensive given run up in valuations
• Over-weight on finance, healthcare, consumer staples, infrastructure, cement, power, coal, oil & gas and telecom
• Underweight on consumer discretionary, capital goods, defence, metals, internet and IT
• Top large-cap picks ICICI Bank, GCPL, M&M, L&T, Reliance
• Top SMID picks Coforge, Lupin, Medplus, Dalmia Bharat, Federal Bank, Sansera Eng
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