Diwali picks: Top 5 stocks with up to 105% upside potential in Samvat 2081
1/6
Festive bets
Indian indices are currently valued highly compared to their historical averages, and many stocks across various sectors have low margins of safety at their current prices. Although currently undergoing a correction, the broader trend of the markets remains positive. To mark the beginning of a new 'samvat', domestic brokerage firm Wellworth Share & Stock Broking shares top 5 Diwali picks with up to 105% upside potential: Sujit Deodhar, Head - Technical Analyst, Wellworth Share & Stock Broking
2/6
Lyka Labs: Buy and Hold | Target price: Rs 300 | Upside: 105%
This stock had a rally from the levels of Rs 10 to Rs 267 in back to back seven quarters, followed by a sharp correction & nine quarters of consolidation. The stock in its past quarter has witnessed a consolidation breakout with strong volumes, thereby offering a great buying opportunity at current levels & on any dips closer to support levels of Rs 110. The target projected for the next leg of up move is placed at Rs 300 levels.
3/6
Emmbi Industries: Buy and Hold | Target price: Rs 260 | Upside: 104%
This stock has witnessed a multi quarter consolidation breakout with technical indicators like MACD exhibiting a fresh buy signal on its quarterly charts. Accumulate this stock on every dip closer to support levels of Rs 80, for an upside target of Rs 260.
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4/6
TajGVK Hotels and resorts: Buy and Hold | Target price: Rs 510 | Upside: 67.8%
This stock has broken out of its long term falling trend line with huge volume at Rs 263 levels. The stock had a rally, followed by a correction & then retested its breakout level, thereby making it a strong buy at current levels & on any dips closer to support levels of 260.Target projected for the pattern is placed at Rs 510 levels.
5/6
Prime Focus: Buy and Hold | Target price: Rs 310 | Upside: 93.75%
This stock has broken out of its multiyear Cup and handle pattern (bullish in nature) at Rs 130 levels, thereby offering a buying opportunity at current levels & on any dips closer to support levels of Rs 120.Target for the pattern is projected at Rs 310 levels.
6/6
Varroc Engineering: Buy and Hold | Target price: Rs 900 | Upside: 57.6%
This stock had a consolidation in the mother candle of March 2020 quarterly candle, followed by a breakout of the 14 quarters of consolidation, making it a strong case for buy at current levels & on any dips closer to support levels of Rs 520. Target projected for the next up move is placed at Rs 900 levels.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)