While the 50-share Nifty has scaled successive new highs, the latest being 11,700-mark earlier yesterday, Manish Sonthalia of Motilal Oswal says that the headline index could still move up 25% in the next one year even from these levels. \u201cMarkets still have a long way to go from these levels. We will not be surprised if you get 20-25% returns on the broad headline Nifty from next one year\u2019s perspective,\u201d Manish Sonthalia, Chief Investment Officer and the Director of the India Zen Fund, Motilal Oswal AM-PMS, told in a recent interview with ET Now.\u00a0 Also read:\u00a0Share Market Live: Sensex, Nifty turn flat; RCom plunges 6%, rupee 5 paise away from all-time low Yesterday, Sensex hit a record high of 38,938, while Nifty touched a record high of 11,760 amid a strong rally in global markets. Sonthalia says that there is enough money waiting on the sidelines to be finally invested into the stock markets. \u201cMarkets are trying to tell you two things. One is that there is enough money waiting to be put in the markets. Give me a correction in valuation and if the story looks good from a two to three years\u2019 perspective, I am willing to take that call. Or you give me stories where the growth is still there and the visibility of growth may be on a longer period and slightly on the higher side. I am willing to pay you a higher valuation,\u201d \u00a0he explained. Watch video:\u00a05 products you can start investing with just Rs 500 a month According to the expert, investors must now move away from contrarian bets, and look at growth at a reasonable price. \u201cNobody is interested in buying cheap or the undervalued, so-called contrarian stocks where there is risk on the capital. Give me growth stocks at a reasonable price and we are willing to buy them,\u201d he noted. \u00a0 Following the recent midcap stock carnage, Sonthalia said that the robust earnings growth in Q1 in the mid and small cap universe provides comfort. \u201cThe 20% PAT growth that we have seen in the mid and smallcap universe, gives some degree of comfort as far as prices go. The fact that they have corrected so much means there is not too much room on the downside,\u201d he said. Sonthalia said that there will be some worries ailing the markets at all times, such as oil prices or trade wars, and they help keep investors on toes. \u201cBut if earnings have started to pick up and valuations have corrected, that gives us a margin of safety,\u201d he said.