Jason Todd, Religare said that, "India has 15-20% upside from here, on continued favourable global liquidity conditions. Our positive stance is built on our growing belief in a US recovery and lower possibility of a shock from Europe. Multiples may return to long-term average even if we don't see an earnings turnaround till Q3FY13. Our top picks are SBI, L&T, Axis Bank, Tata Motor & PFC."
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