Chennai, Oct 12 (IANS): ICICI Securities Ltd on Wednesday said its one year forward Nifty target is 19,425 with sectoral bias towards banks, capital goods/infrastructure and automobiles.

It has suggested investors to avoid sectors like information technology (IT), oil and gas and metals as they have more global exposure.

The company has recommended Axis Bank, City Union Bank, Apollo Tyres, Eicher Motors, Coforge, Lemon Tree Hotels, Healthcare Global Enterprises, Laurus Labs, Container Corp, and Havells India stocks as its Muhurat 2022 picks.

In a report, ICICI Securities said the year 2022 has been marked by volatility on account of a wide variety of global new flows ranging from geopolitical issues, higher inflation (mainly food and energy), and hawkish action of central banks.

This has led to a decline in global equities, mainly in the US and Europe.

However, India has relatively outperformed global peers in terms of all economic parameters (capex spend, discretionary consumption, robust pick-up in banking activity, etc), the report notes.

The same is reflected across Indian equity markets.

"Going ahead, we believe Corporate India will likely deliver earnings growth in excess of 15 per cent over the next two years given the current economic milieu and provide a plethora of investing opportunities in Indian markets," ICICI Securities said.

However, sticky global inflation will keep central banks hawkish and India will be no exception.

Similar implications for global liquidity flows may create medium term volatility in Indian markets. However, if such a scenario materialises, then the same will be a strong opportunity to take exposure to Indian equities, the report said.