*Earnings momentum is the key; Upgrade December NIFTY target t | Rajesh Palviya™

*Earnings momentum is the key; Upgrade December NIFTY target to 17,700:* As we consider the ‘Rolling 4 quarters’ earnings momentum’, we observe the earnings momentum to have sustained in Q1FY22. It is critical for the earnings momentum to sustain even in Q2FY22 which seems likely in light of gradual reopening of the economy as well as significantly picked up vaccination rates. Based on the earnings upgrade, we upgrade our December NIFTY 50 target to 17700. As we continue to remain optimistic on the market, focus on earnings sustenance will be a key, moving forward.

*Based on the above themes, we recommend the following stocks:* ICICI Bank, SBI, Federal Bank, Equitas Small Finance Bank, Varun Beverages, Camlin Fine Sciences, Mold-Tek Packaging, Amber Enterprises India, Minda Corporation, Steel Strips Wheels, Krishna Institute of Medical Sciences, Tech Mahindra, Bharti Airtel, HCL Technologies, Orient Cement, Ashok Leyland