Diwali 2024 Stock Picks: BEL, HDFC Life, Hindalco, DLF among 10 stock picks for Samvat 2081 by Phillip Capital

The Indian stock market is currently experiencing a significant correction, driven by ongoing outflows of foreign institutional funds as investors seek more attractive valuations in markets such as China. This decline is further exacerbated by weak investor sentiment stemming from concerns over conflicts in the Middle East, uncertainty surrounding the US Presidential Elections 2024, and subdued corporate earnings reports.

As Diwali 2024 is approaching, analysts recommend their top stock picks for the next Samvat year. Phillip Capital has a list of ten stock recommendations for Samvat 2081. The Diwali stock picks by the brokerage firm include ABB India, Angel One, Bharat Electronics, Computer Age Management Services (CAMS), DLF, Hindalco Industries, HDFC Life Insurance Companies, Hemisphere Properties India, Mankind Pharma and MPhasis.

Here are top 10 stocks to buy for Diwali 2024:

ABB India

ABB India stock is on the verge of ongoing consolidation breakout. The immediate support for ABB India shares is around ₹7,000, above which the bias remains ‘range to up’, said Phillip Capital.

It recommends delivery buy on dips for the stock towards supports of ₹8,000 and ₹7,000. ABB shares sustaining above ₹9,200 can attempt higher ₹11,250 levels, said the brokerage firm.

Angel One

Falling trendline breakout of Angel One shares gave a breakout of “time & price” consolidation. The mid-term bias remains “accumulate” above ₹2,250, with an interim hurdle at around ₹4,000 and breakout potential target of ₹4,900. The silver-line level is at around ₹2,750, above which hold a “range to up” outlook on all different time-frames, said Phillip Capital, recommending to accumulate Angel One stock proportionately on dips.

Bharat Electronics

Bharat Electronics stock is in consolidation mode, post which it should resume its up-move. The major mid-term support cum “delivery buy levels” are at ₹240 and ₹200 levels. Positional resistances are at ₹340 and ₹420 levels in the months to come. The brokerage firm suggests “accumulate” on dips for the next 6 to 12 months.

Computer Age Management Services (CAMS)

Technically, as per pattern and price study, CAMS shares hold a “range to up” outlook above ₹3,350. The potential mid-term targets cum hurdles are at around ₹5,400 and major ₹6,500 levels. The outlook on CAMS stock is buy-on-dip with major support levels at around ₹4,000 and ₹3,500 and resistance levels at ₹5,400 and ₹6,500 levels.

DLF

DLF share price is witnessing a consolidation phase within the ongoing major impulsive trend. Immediate support is at around ₹780 and major support at ₹660, with a “buy-on-dip” outlook. The potential positional price targets can be ₹1,080 and extended ₹1,260 levels. The outlook is ‘accumulate on dips’ and delivery buy for the next 6-12 months, Phillip Capital said.

Hindalco Industries

Structurally, Hindalco shares are in an uptrend with an “accumulate” outlook on dips. The mid-term strong supports on the lower end are at ₹620 and ₹500 levels. Technically, Hindalco stock can be considered for “proportionate” buying on dips for the positional higher-end target for the counter at ₹920+ levels in the next 6-12 months.

HDFC Life Insurance Companies

HDFC Life shares are on the verge of a major consolidation breakout. Sustaining above ₹760 can attempt ₹820 and major ₹950 levels in the months to come. Crucial support cum fresh delivery buying levels are at around ₹660 and deeper at ₹540. The outlook is proportionate delivery buying on dips.

Hemisphere Properties India

Hemisphere Properties stock is in a consolidation phase with an “accumulate” outlook. The mid-term support is at around ₹160 and lower at ₹120 levels. On the higher end, potential targets cum hurdles can be ₹240 and extended ₹320.

Mankind Pharma

Higher lows & higher highs positional structure “adds” bullish bias to the Mankind Pharma shares. The mid-term supports for the counter are at around ₹2,200 and lower major support at ₹1,900. Technical outlook is “buy-on-dip” for potential higher ₹3,200 and extended ₹3,650 levels. The outlook is delivery buying on dips cum “proportionate” accumulation on dips for a duration of next 6 to 12 months.

MPhasis

Mphasis stock holds a “buy-on-dip” outlook above ₹2,600 levels. The interim targets on the higher end are around ₹3,400, with a breakout thereafter. The positional major breakout above ₹3,400 can attempt ₹3,800 and extended ₹4,400 levels. The outlook is ‘accumulate’ on dips for delivery for higher levels, said Phillip Capital.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.