Axis Securities has released its Diwali Muhurat stock recommendations for Samvat 2083, highlighting 12 stocks across sectors, including pharmaceuticals, banking, defence, technology and auto components. The brokerage has provided suggested buying ranges and target prices for its picks, with some recommendations indicating potential upside of up to 50%.
The recommendations come as investors begin a new Hindu financial year following a challenging Samvat 2082. Indian equities faced geopolitical tensions, rising crude oil prices, currency pressure and substantial foreign portfolio investor outflows during the previous year.
However, domestic institutional investment and strong systematic investment plan (SIP) contributions helped support the market. Looking ahead to Samvat 2083, Axis Securities points to resilient economic growth, attractive valuations in selected stocks and the possibility of an earnings recovery as factors that could influence market performance.
Among the stocks highlighted are Hindustan Aeronautics Limited (HAL), Kotak Mahindra Bank, Tech Mahindra, Sona BLW Precision Forgings and Aurobindo Pharma. The recommendations span different industries, giving investors several options to evaluate according to their investment goals and risk tolerance.
Aurobindo Pharma: Buy Range and Target Price
Aurobindo Pharma is one of the detailed recommendations in the supplied report. Axis Securities has set a suggested buying range of ₹1,470–₹1,550, with a target price of ₹1,880–₹2,100. The brokerage has identified support levels at ₹1,380–₹1,300.
The technical analysis points to a breakout above a prolonged consolidation range, followed by a retest of the breakout zone. The subsequent recovery is interpreted as a sign that the former resistance area may be acting as support, potentially supporting the broader upward trend.
The report also notes that the relative strength index (RSI) remains above its midpoint and is moving towards overbought territory. While this suggests positive momentum, stronger trading volumes during further advances would provide additional confirmation of the breakout.
Investors should remember that brokerage targets are estimates, not guaranteed returns. Stock prices can move in either direction, and technical signals may not always translate into the expected performance. The recommendations should therefore be assessed alongside company fundamentals, valuations, financial goals and individual risk tolerance.
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