Nifty Index has been outperforming the global market and as per domestic brokerage and research firm Motilal Oswal, Indian market is holding well and any major decline led by global volatility is being bought with outperformance nature.
“Last Diwali (04th November 2021) Nifty was trading near to 17,900 zones and we are slightly down as of now but good part is that in last few months Nifty corrected towards 15200 zones and that was bought smartly in spite of nervousness by the FIIs in Indian market,” the note stated, adding that the negative reaction is seen due to geo-political concern, depreciating rupee and rising dollar Index. Though, flow from SIP and DIIs continued the bullish charm to take the index back to previous Diwali levels.
Based on the technical factors for Samvat 2079, the brokerage house has recommended ten stocks as part of its technical ideas that investors can look to buy this Diwali.
Motilal Oswal's top stock picks for Diwali -
IDFC Ltd: Buying range of ₹78.5-76.5, stop loss ₹70, target price ₹100
Axis Bank: Buying range ₹818-800, stop loss ₹750, target price ₹1000
Aditya Birla Fashion: Buying range ₹333-322, stop loss ₹300, target price ₹390
Siemens: Buying range ₹2820-2780, stop loss ₹2640, target price ₹3500
Bharti Airtel: Buying range 780-760, stop loss ₹700, target price ₹900
Cochin Shipyard: Buying range ₹515-490, stop loss ₹475, target price ₹600
Deepak Nitrate: Buying range ₹2265-2230, stop loss ₹2050, target price ₹2700
Tata Chemicals: Buying range ₹1178-1150, stop loss ₹1080, target price ₹1400
Hindustan Aeronautics: Buying range ₹2465-2420, stop loss ₹2270, target pirce ₹2800
Trent: Buying range ₹1414-1385, stop loss ₹1300, target price ₹1650
Nifty index has remained wild and volatile in a broader range of 3000 points from 15,183 to 18,350 zones in the last 12 months and most of the time it has been hovering near 16500-17000 zones.
“Technically, Nifty is at the verge of breakout from a bigger Pole and Flag pattern on Monthly scale which started its structure from October 2021. On weekly basis, it is forming a Rounding formation or a Cup & Handle pattern which has implication that buying is seen slowly and gradually from lower zones and now a decisive breakout is required to commence the next major bull leg of rally in the market,” it added.
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
