By Lithin Reddy
Published: Saturday, Jan 29, 2022, 12:22 [IST]
One of the biggest brokerage firms in India ICICI Direct recommends these 10 stocks as budget top picks, based on the technical factors and given a time frame of 3 to 6 months.
1. Larsen & Tubro
ICICI Direct has given a buying range of Rs 1,840-1,915, with a target price of 2,168, which is an upside potential of 14%.
Technical outlook by ICICI Direct
ICICI Direct says, ‘The capital goods sector has been outperforming after a decade-long consolidation breakout. within the capital goods space, we remain constructive on Larsen & Toubro as elevated buying demand emerges from the lower band of rising channels, thereby confirming secular uptrend is intact and offers fresh entry opportunity.’
2. Axis Bank
ICICI Direct has given a buying range of Rs 738-785 for Axis Bank, with a target price of Rs 870, which is an upside potential of 14%.
Technical outlook by ICICI Direct
ICICI Direct says, ‘The bank nifty has been going upward momentum after forming a higher base above 5 months average. within banking space, we remain positive on Axis bank as the stock is resolving out of higher base formation above 52 weeks EMA coincided with a lower band of upward slanting channel, indicating rejuvenation of upward momentum. Thereby offering fresh entry opportunities with a favorable risk-reward setup.’
3. Tata Motors
For Tata Motors, ICICI Direct has given a buying range of Rs 475-503, with a target price of Rs 555, which is an upside potential of 14%.
Technical outlook by ICICI direct
ICICI Direct says, ‘The stock remains key outperformer within auto space post-pandemic era and remained resilient during recent correction exhibiting strength and expected to resolve out of bullish flag continuance pattern.’
4. United Spirits
For United Spirits, ICICI direct has given a buying range of Rs 805-845, with a target price of Rs 970, which is an upside potential of 16%.
Technical outlook by ICICI Direct
ICICI Direct says, ‘The liquor stocks posted a strong recovery in CY21 leading their way to new highs scripting turnaround on long term charts. United Spirits price has resolved out of its six-year consolidation phase (Rs 800 – 450) signaling structural turnaround and a new buy cycle ahead.’
5. Bank of Baroda
For Bank of Baroda, ICICI Direct has given a buying range of Rs 98-105, with a target price of Rs 116, which is an upside potential of 14%.
Technical outlook by ICICI Direct
ICICI direct says, ‘The PSU banking index is resuming uptrend after two months breather. Within the PSU banking space, we expect the Bank of Borado to outshine its peers as it has formed a higher base above the multi-year falling trend line breakout area and is now forming a higher high-low, indicating resumption of the primary uptrend. Hence, it offers a favorable risk-reward.’
6. CONCOR
For the Container Corporation of India, ICICI direct has given a buying range of Rs. 600-630, with a target price of Rs 698, which is an upside potential of 13%.
Technical oulook by ICICI Direct
ICICI Direct says. ‘The stock after five quarters of strong up move has witnessed shallow retracement in the last two quarters and is currently seen rebounding taking support at the rising 12 months EMA and the previous major breakout area joining highs since CY2015 thus offers fresh entry opportunity with a favorable risk-reward set up.’
7. KPR Mills
For KPR Milla, ICICI Direct has given a buying range of Rs 625-655, with a target price of Rs 765, which is an upside potential of 19%.
Technical outlook by ICICI Direct
ICICI direct says, ‘The textile stocks have been in focus as many companies are witnessing structural turnaround. KPR mills have been an outperformer within the textile space maintaining higher peak and higher trough in all time frame we expect it to continue with its outperformance.’
8. National Aluminium
For National Aluminium, ICICI Direct has given a buying range of Rs 102-108, with a target price of Rs 125, which is an upside potential of 19%.
Technical outlook by ICICI Direct
ICICI Direct says, ‘The share price of National Aluminium is in a steady uptrend and earlier during the year in October 2021 has generated a breakout above its four-year range signaling a structural turnaround. The stock has recently rebounded taking support at the lower band of the rising channel thus offering a fresh entry opportunity.’
9. Bharat Dynamics
For Bharat Dynamics, ICICI Direct has given a buying range of Rs 458-480, with a target price of Rs 548, which is an upside potential of 17%.
Technical outlook by ICICI Direct
ICICI Direct says, ‘Bharat Dynamic is a perfect proxy to PSU theme ahead of budget. the stock has generated a multi-year breakout on the back of the rising volume, indicating the start of a new bull phase. Thus, it offers a fresh entry opportunity to ride the next leg of secular up move.’
10. KNR Construction
For KNR Construction, ICICI Direct has given a buying range of Rs 288-302, with a target price of Rs 358, which is an upside potential of 20%.
Technical outlook by ICICI Direct
ICICI Direct says, ‘The stock has witnessed a change of polarity as a major long term supply line resistance joining highs since CY 2017 has reversed its role post-breakout in July 2021 and is acting as support signaling positive bias. It has recently rebounded taking support at the 52 weeks EMA and is expected to continue with its up move towards Rs 358 levels.
Disclaimer
The above stocks was picked from the brokerage report of ICICI Direct, investing in equity poses a financial risk, before investing please consult your financial advisor, we are not liable for any losses caused as a result of decisions based on the article.
