Diwali Picks: Best Stocks to Buy for Samvat 2079
Diwali Picks- Best Stocks to Buy for Samvat 2079: Indian equity markets are performing well compared with other global markets. Nifty is trading range bound quite for some time mainly due to the impact of global volatility. Markets experts have set a target of 20500 for Nifty by the next Diwali. According to Prabhudas Lilladher ( PL India), Nifty will jump at least 15-20%, if it gives a breakout above the 18600 zone.
So based on this optimistic view, here are the best stocks to buy for Samvat 2079 by Prabhudas Lilladher. The selected stocks are fundamentally strong and are technically ready to move upside for the mentioned target till next Diwali.
Best Stocks to Buy for Samvat 2079 by Prabhudas Lilladher
Astral Ltd | Target Price Rs 2750
According to PL India, the stock has picked up well from the bottom near the Rs 1600 level. Technically, the stock has the potential to touch a high of the Rs 2650-2750 zone. It has very good support at the Rs 1930 level.
The Brokerage house has recommended Astral Ltd as the best stock to buy at CMP Rs 2125 till next Diwali for the upside target of 29%
Balkrishna Inds | Target Price Rs 2500
The stock made a dip in recent times and has taken support near Rs 1830 levels and indicating a pullback to improve the bias and looking for a decent rise. According to the brokerage house, technically the chart looks attractive and the stock will regain strength and move to a new high.
The Brokerage house has recommended the stock to buy at the CMP Rs 1915 for the target of Rs 2420-2500 till next Diwali with the support of Rs 1750
Bata India | Target Price Rs 2220
According to the brokerage house, the stock is showing strength from near the oversold zone and is well placed with the potential to regain strength again in the coming days. The technical cart is also looking good and suggests the best stock to buy and accumulate at CMP Rs 1800 for the target of Rs 2180-2220 with the support of the Rs 1630 level.
Jindal Steel | Target Price Rs 580
The stock has picked up after making a bottom near Rs 300 level and the trend is getting stronger. The technical chart is looking attractive and the overall trend has maintained strong to anticipate a decent rise in the coming days. PL India has recommended the stock to buy at CMP Rs 435 for an upside potential target of Rs 550-580 levels keeping the support near the Rs 380 level
Jubilant Food | Target Price Rs 750
It has made a decent correction and has bottomed out near the Rs 455 zones and is now in a rising trend and moving up slowly in anticipation of a breakout above Rs 650 levels. This would further strengthen the bias of a fresh upside target of Rs 720-750 levels.
According to the brokerage house (PL India), one can buy the stock at CMP Rs 590 for the upside target of Rs 750-780 levels, keeping the support near the Rs 530 level.
Kotak Bank | Target Price Rs 2300
This stock has given a decent pullback from the bottom made near Rs 1630 levels. It has touched the recent peak zone of Rs 1987 levels further indicating strength. The stock has immense potential to carry on the momentum in the coming days.
The chart is looking promising, the brokerage house recommended the stock to buy at CMP Rs 1850 for the upside potential target of Rs 2240-2300 levels with support near Rs 1680
Tata Consumer | Target Price 980
The stock has witnessed a short correction and taken support near the trendline zone of Rs 740 levels. The chart has indicated a pullback and a prominent trend reversal from the oversold zone. PL India has suggested the stock to buy at CMP Rs 765, as it has further immense upside potential, for the target of Rs 940-980 levels with support near Rs 695 levels.
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Torrent Power | Target Price 650
This stock, after the decent correction from Rs 610 levels has shown signs of bottoming out near the support zone of Rs 470-475 levels. It has consolidated for some time at this level and is now anticipated to give a decent rise. After trading in a highly oversold zone the stock has gradually started picking up for a decent rise in the next 3-4 months time frame.
The chart is looking good at CMP Rs 480 with a favorable risk-reward ratio. PL India has suggested the stock to buy for the upside target of Rs 610-650 levels with support near Rs 440 levels
ITC Ltd | Target Price 450
This stock has witnessed a tremendous bull run in the last few months. It has rallied from Rs 208 levels to touch the peak level of Rs 350 zones. Recently, this stock has witnessed a short correction and consolidation. According to the analyst of PL India, the bullish trend will remain enacted in this stock, and a breakout of above the Rs 320 level is indicated.
The chart looks attractive and so the analyst of PL India has recommended it as the best stock to buy at CMP Rs 332 for the target of Rs 425-450 levels with a stop loss of Rs 298
KPIT Tech | Target Price Rs 850
This stock is in rising mode maintaining a positive trend and a breakout is expected above the Rs 715 zones. With the breakout, it would further strengthen the bias and would open the gates for a fresh up-move target. The stock is looking attractive and the brokerage house has suggested the stock to buy at CMP Rs 670 for the upside target of Rs 820-850 levels with support near Rs 600 levels.
Ultratech Cement | Target Price 7600
After a recent correction, currently, the stock has seen consolidation near the Rs 6100 level. The stock has shown a bottom-out sign near the support zone. The bias has turned positive with anticipation for further up-move in the coming days. The Brokerage house has recommended this as the best stock to buy at CMP Rs 6100 for the upside target of Rs 7450-7600 keeping support at Rs 5600.
Conclusion:
The above analysis was done by the well know research-based brokerage house Prabhudas Lilladher and was published on 17th Oct 2022. We have further done the performance check of all these stocks for the last five trading days and the result shown was quite impressive. Check out the performance in the below chart
| Recommended Stocks | Recommended Price As on 17 Oct | Closing Price as on 21 Oct | Profit / Loss |
| Astral Ltd | 2125 | 2005 | -120 |
| Balkrishna Inds | 1915 | 1926 | 11 |
| Bata India | 1800 | 1802 | 2 |
| Jindal Steel | 435 | 437 | 2 |
| Jubilant Food | 590 | 591 | 1 |
| Kotak Bank | 1850 | 1905 | 55 |
| Tata Consumer | 765 | 765 | 0 |
| Torrent Power | 480 | 481 | 1 |
| ITC | 332 | 345 | 13 |
| KPIT | 670 | 712 | 42 |
| Ultratech Cement | 6100 | 6372 | 272 |
Also read: Best Options Trading Books in India-Must Read 2022
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