Top picks: ICICI Securities recommends these 8 stocks to buy, sees upside in 3 months
Premium- The brokerage continues to see this stock market correction as an opportunity for investors to add companies with sustainable growth visibility
Domestic brokerage and research firm ICICI Securities has shared its techno funda stok picks under which it has suggested eight quality stocks that investors can look to buy amid the recent stock market volatility. The brokerage continues to see this market correction as an opportunity for investors to add companies with sustainable growth visibility.
ICICI Securities' top stock picks include State Bank of India (SBI) with target price of ₹545, Mindtree (target price: ₹4,148), Ambuja Cement (TP: ₹348), Balkrishna Industries (TP: ₹2,010), Aditya Birla Fashion & Retail (TP: ₹305).
Indian Energy Exchange (IEX) with target price of ₹232, Grindwell Norton (TP: ₹1,800) Balrampur Chini (TP: ₹445) are also part of the brokerage's top recommendations with three months time frame.
On the technical front, going ahead, the brokerage believes 16200 would act as a strong support for Nifty, and holding above the same would keep pullback options open. Further, a decisive close above 16800 along with cool off in VIX (volatility index) and crude oil prices will add fuel to the ongoing pullback rally towards 17,200, as per ICICI Securities.
“Time wise index has maintained the rhythm of not correcting for more than three consecutive weeks, since April 2020. In the current scenario, as the index has already corrected over past three weeks, we believe Nifty is poised for a technical pullback rally in the coming weeks," the note added.
The escalated geopolitical issues have led to a spike in crude oil prices and VIX which triggered volatility in the equity markets. Fundamentally, medium to long term constructive thesis on Indian equities remains intact amid economic recovery as reflected by key macroeconomic indicators, strong capex spends and robust corporate earnings, it added.
MINT PREMIUM See All
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
Never miss a story! Stay connected and informed with Mint. Download our App Now!!