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.