Stocks to buy: Indian stock market indices, Sensex and Nifty 50, extended its record breaking rally on Monday led by buying across the board. The Sensex scaled a new life-time high of 84,881.73, while the Nifty 50 touched 25,925.80 for the first time.
Brokerage firm StoxBox has recommended seven stocks to buy in its ‘Super 7 Picks September 2024’, as the markets continue to evolve.
This list of seven stocks to buy combines strong fundamentals and promising technical indicators, providing growth opportunities across different sectors. From cement to technology and energy, these stocks are poised to capitalize on market momentum and offer strategic entry points for investors,” StoxBox said.
These stocks to buy include ACC, BPCL, Britannia Industries, HCL Technologies, Indian Hotels Co., Indian Oil Corporation and NTPC.
StoxBox recommends buying ACC shares at ₹2,490, for a price target of ₹2,700 with a stop loss at ₹2,400.
ACC stock is rebounding from a demand zone and has regained key moving averages. With a 32% capacity expansion and new limestone reserves, ACC is well-positioned to benefit from rising demand in housing and infrastructure, said the brokerage firm.
BPCL stock is advised to buy at ₹337, targeting ₹366 with a stop loss at ₹325. As India’s second-largest Oil Marketing Company (OMC), BPCL has a strong marketing segment despite a Q1FY25 profit decline. With a planned ₹16,400 crore investment for expansion, it is well-positioned for future growth, StoxBox said.
StoxBox suggests buying Britannia Industries shares at ₹6,000, with a target of ₹6,450 and a stop loss at ₹5,857.
Britannia Industries holds over one-third of the Indian biscuit market, showing a 9% compound annual growth rate (CAGR) over the past decade. With a robust distribution network and strong Q1FY25 revenue growth, the stock exhibits positive price action and a bullish breakout pattern, making it a solid short-term buy, it said.
HCL Technologies expects 3-5% CC growth for FY25, with a recovery starting from Q2, driven by improved performance across verticals and geographies. Despite recent challenges, including the State Street JV divestiture, HCL Technologies’ strong pipeline and long-term contracts position it well for future growth. The favorable demand environment will likely reduce uncertainty over discretionary spending, enhancing its financial performance, StoxBox said.
It recommends buying HCL Technologies shares at ₹1,795, targeting ₹1,940 with a stop loss at ₹1,741.
Indian Hotels Co. Ltd. (IHCL) is advised to buy at ₹684 with a short-term target of ₹740 and a stop loss at ₹661. The stock has been experiencing accumulation at elevated levels and its RSI is well above the median, reflecting strong price momentum. IHCL shows improving relative strength compared to the Nifty 50, making it a promising short-term investment.
StoxBox suggests buying Indian Oil Corporation shares at ₹170, with a target of ₹183 and a stop loss at ₹164.
Despite weak GRMs due to refinery shutdowns, a recent drop in crude prices is expected to drive recovery. With strong capital investments and future expansions, IOC is well-positioned for growth, it said.
The StoxBox team has recommended purchasing the NTPC stock at ₹407, with a target price of ₹439 and a stop loss at ₹395.
NTPC is India’s largest power producer and holds a significant share of the country’s power capacity, positioning it well to benefit from increasing demand. The company plans to increase its capacity to over 130 GW by 2032 and has shown strong Q1 FY25 results, with an 11% year-over-year PAT growth to ₹4,511 crore. NTPC's focus on renewable energy and low-cost debt further enhances its investment appeal, StoxBox said.
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.
