Known as the “bear killer,” October has historically been a month that brings robust returns to investors on Dalal Street. Even in the face of challenges like higher bond yields, rising crude prices, and a stronger dollar index, Axis Securities maintains its Nifty target of 20,200 by December 2023, valuing the index at 20x Dec’24 earnings.
Experts have identified 9 Navratri stock ideas, based on either technical or fundamental analysis, which could brighten your festive season:
Metro Brands
- Upside Potential: 35%
- Holding Period: 6 months
- Analysis: The festive demand for new footwear and accessories during Navratri could fuel Metro Brands. With a strong financial track record and substantial revenue and profit growth, this stock holds promise. (Mayank Mehraa, smallcase manager and principal partner at Craving Alpha)
Amaraja Batteries
- Upside Potential: 25%
- Holding Period: 6 months
- Analysis: Positioned to capitalize on the growing demand for automotive batteries during Navratri, Amaraja Batteries presents an attractive investment opportunity with a favorable valuation. (Mayank Mehraa, smallcase manager and principal partner at Craving Alpha)
SRF
- Target Price: Rs 2,360
- Analysis: The stock exhibits a bullish Inverted Head and Shoulders pattern, with a positive daily momentum indicator crossover, making it an attractive buying opportunity. (Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas)
Paytm
- Target Price: Rs 1,500
- Analysis: Despite past fluctuations, Paytm’s prospects look positive, driven by their newly formed NBFC and digital technology. A potential must-have stock for your portfolio. (Sanjiv Bhasin, Director, IIFL Securities)
PI Industries
- Upside Potential: 30%
- Holding Period: 6 months
- Analysis: PI Industries is well-positioned to benefit from the growing demand for crop protection products. Its attractive valuation makes it a compelling choice for wealth creation. (Mayank Mehraa, smallcase manager and principal partner at Craving Alpha)
Tata Steel
- Analysis: The steel industry has witnessed broad price increases, and Tata Steel, known as one of the world’s lowest-cost steel producers, presents a compelling opportunity for favorable risk-reward dynamics. (Sanjiv Bhasin, Director, IIFL Securities)
Eclerx
- Upside Potential: 35%
- Holding Period: 6 months
- Analysis: Eclerx’s strong growth and low debt profile, alongside a favorable P/E ratio, position it as an attractive investment option for wealth generation. (Mayank Mehraa, smallcase manager and principal partner at Craving Alpha)
United Spirits
- Upside Potential: 25%
- Holding Period: 6 months
- Analysis: Expected to experience robust sales growth during the festive season, United Spirits is known for quality and affordability. Recent reorganization efforts indicate potential for wealth creation. (Mayank Mehraa, smallcase manager and principal partner at Craving Alpha)
SBI Cards
- Buy at CMP Rs 801 | Stoploss: Rs 770 | Target: Rs 845
- Analysis: After a five-wave decline, SBI Cards is poised for a retracement, with a positive daily momentum indicator crossover to bolster the upswing. (Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas)
These stock recommendations are poised to bring luster to your portfolio during the festive Navratri season.