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Equity and long bond markets are currently trading at par around 15 times earnings. If one were bullish on bonds and bearish on equities now is the time to make the switch. Although it is tough to predict the precise impact of demonetisation alone, in combination with other measures like the GST, it will aid in formalising the economy over the next 4-5 years and eventually have a positive fiscal impact.
He feels corporate earnings momentum has been set back by couple of quarters due to demonetisation, stock prices have turned more attractive than they were 2 months ago. Stocks are at least 7-8 percent cheaper, he adds. 15 percent upside in the Nifty over one year. However, he cautions this will only happen if India is able to fight the general weak trend in other emerging markets.
Equity and long bond markets are currently trading at par around 15 times earnings. If one were bullish on bonds and bearish on equities now is the time to make the switch. Although it is tough to predict the precise impact of demonetisation alone, in combination with other measures like the GST, it will aid in formalising the economy over the next 4-5 years and eventually have a positive fiscal impact. 
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