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Axis Securities Report
As we transition into Samvat 2081, we recommend adopting a bottom-up approach to stock selection. With the U.S. election on the horizon, persistent geopolitical tensions, and elevated valuations in Indian equities, a stock-specific strategy is advisable.
Below are some of our top picks, which we believe are well-positioned to deliver strong performance in Samvat 2081.
Emami - (potential upside- 39-52%)
Emami Ltd. has registered an all-time high at 860 levels, indicating bullish sentiments.
Emami has broken above an "Inverse Head & Shoulders" pattern at 600, signalling bullish sentiment.
The consistent increase in volume at the breakout indicates a significant influx of market participation near the all-time high.
The quarterly and yearly strength indicator RSI is in positive territory, which signifies sustained strength on the long-term charts.
The above analysis indicates an upside of 845-930 levels.
HCLTech (potential upside- 25-37%)
HCLTech Ltd. has decisively broken out above three years of consolidation in the 1,000-1,400 zone on the yearly chart, indicating the continuation of a medium-term uptrend.
It is forming a higher high and low formation while holding above a medium-term upward-sloping trendline, indicating a positive bias.
The quarterly and yearly strength indicator RSI is in positive territory, which signifies sustained strength on the long-term charts.
The above analysis indicates an upside of 2085-2285 levels.
Shipping Corporation Of India (potential upside- 39-53%)
Shipping Corporation Of India Ltd. broke above the "Rounding Bottom" pattern at the 175 levels, indicating the onset of a medium-term uptrend.
Currently, the stock is well placed above its sixteen-year breakout of 175 levels.
The significant rising volumes over the past 5-6 years indicate increasing investor participation.
The yearly strength indicator RSI is in positive territory, signifying sustained strength on the long-term charts.
The above analysis indicate an upside of 265-290 levels.
Click on the attachment to read the full list of Diwali technical picks recommended by Axis Securities:
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