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Amid the ongoing market volatility, the brokerage house ICICI Securities has recommended State Bank of India, Mindtree, Ambuja Cement, Balkrishna Industries, Aditya Birla Fashion & Retail, Indian Energy Exchange, Grindwell Norton, and Balrampur Chini shares as its 'top picks'.

The brokerage sees 11-15 per cent upside in share price for these stocks.

"Fundamentally, the medium to long term constructive thesis on Indian equities remains intact amid economic recovery as reflected by key macroeconomic indicators, strong capex spends and robust corporate earnings," the brokerage said in a report.

The brokerage sees the current correction in the equity segment as an opportunity for investors to add companies with sustainable growth visibility.

"PSU banking indices have recently witnessed a structural turnaround. State Bank of India has been an outperformer within the PSU banking space maintaining higher peak and higher trough in long term chart. We expect it to continue its outperformance," it said.

For SBI, the target price is kept at Rs 545, as against the current price of Rs 481.

For global technology consulting and services company Mindtree, the target price is kept at Rs 4,148, as against the current price of Rs 3,810.