In the bull case scenario, the brokerage values Nifty at a 10-year average (20.8x) and arrives at a bull case target of 22,487 (23,015 at a 5% premium to LPA earlier). Whereas, bear case Nifty can trade at a 25% discount to LPA (20% earlier) with a target of 16,866 (17,533 earlier), it said.from Stocks-Markets-Economic Times
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