BofA sees Nifty in the 17,000-19,500 range in 2022. Here are its top thematic plays
It prefers domestic cyclicals such as financials, industrials and autos, as the foreign brokerage felt India’s economy is relatively well placed within EMs. It finds defensives such as utilities and healthcare as a hedge towards volatile markets. The brokerage remains underweight on external-facing sectors such as IT, materials and energy.
