Motilal Oswal Financial Services says the overall structure of the market remains positive. "At 18 times FY22 earnings, Nifty valuations are also not very expensive as they are trading closer to the long-period averages. With the economic activity recovering fast, more earnings upgrades cannot be ruled out. Further, strong global markets can keep the liquidity abundant in the system, thus providing support to the overall market," it said. However, intermittent corrections cannot be ruled out as there is a risk of the second wave of Covid-19 and thus sustenance of economic recovery holds the key, the brokerage said. From next 12 months, the brokerage is positive on IT, Healthcare, Rural-Agri, Telecom, Consumer as well as Financials.

Here are MOSFL's top picks for Samvat 2077:

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Bharti Airtel | Target Price: Rs 650 | Upside: 42%.............................ET