New Delhi, The ongoing bull market in Indian equities is expected to extend for the next few years with multifold gains, brokerage house ICICI Securities said in a report.

The prediction is based on historical evidence from the past three decades.

"Our Nifty target for CY22 is 21000 based on classical chart reading and bottom up prognosis of Nifty constituents, wherein strong support exists at the 15500 zone," the report said.

"While the midcap space is expected to extend its outperformance, we expect IT to lead the rally supported by cyclicals like capital goods, BFSI, real estate and auto. Our thesis is based on the following key observations."

There have been three mega bull cycles in the past 35 years lasting for three-to-four years time, it added.

The relative outperformance of midcap stocks is in mid-cycle of multi year bull phase, and is expected to get further amplified.

Besides, the brokerage house said that some of the top picks for 2022 are HCL Technologies, United Spirits, ABB, Aditya Birla Fashion and Retail, Indian Hotel, SKF India, Jindal Stainless, Transport Corporation of India, Gabriel India.

The IT sector has been spearheading the ongoing bull run and HCL Technology has been in a steady uptrend post its multi year breakout in 2020.

HCL Technologies stocks are seen moving towards Rs 1,485. At Wednesday's close, the scrip traded at Rs 1,291.