Kotak Securities announced its Nifty target of 13,500 for the end of 2021, below the index’s present level. A Credit Suisse’s note on 17 December said that compared with global and emerging market equities, Indian stocks are no longer cheap and only a short distance from the most expensive they have ever been.Also Read | Dark underbelly of India Inc’s shop floorsIn this piece, we look at four investing trends that may play out in 2021 and how investors can position themselves for them.Subdued marketsOn a trailing basis, Nifty trades at a price-to-earnings (PE) ratio of 37.63 and a price-to-book (PB) ratio of 3.87 as of 16 December 2020 against 28.09 and 3.72, respectively, at the same time last year.