Indian Stock Market Continues to Surge: Top Stocks to Consider Buying
The Indian stock market has been on a remarkable upward trajectory, defying concerns over valuation and election-related uncertainties. Both the Nifty 50 and Sensex benchmarks reached new highs in morning trade on Monday, May 27, with Nifty 50 hitting 23,043.20 and Sensex reaching 75,679.67.
Despite the looming Lok Sabha election results, experts remain optimistic about the market’s ability to sustain these gains. Ajit Mishra, SVP of research at Religare Broking, believes that the Nifty is poised to move towards the 23,150-23,400 range in the near future.
While all sectors are contributing to the market rally, banking and IT stocks are seen as having significant upside potential. Mishra recommends a stock-specific trading approach, favoring large and mid-cap stocks for short-term trades.
Several analysts have identified specific stocks that they believe have the potential to deliver double-digit returns in the short term. Here are some of the top picks:
1. Tata Motors: Analyst Riyank Arora from Mehta Equities recommends Tata Motors, with a target price of ₹1,200 and an upside potential of 25%.
2. Tata Consumer Products: Arora also suggests Tata Consumer Products, with a target price of ₹1,300 and an upside potential of 18%.
3. Larsen & Toubro: Equity Research Analyst Mandar Bhojane from Choice Broking recommends Larsen & Toubro, with a target price of ₹4,000 and an upside potential of 10%.
4. PNB Housing Finance: SEBI registered independent research analyst Vijay Laxmi A Ambala recommends PNB Housing Finance, with a target price of ₹900 and an upside potential of 13%.
5. Atul: Ambala also suggests Atul, with a target price of ₹6,650 and an upside potential of 13%.
6. Samvardhana Motherson International: Ambala recommends Samvardhana Motherson International, with a target price of ₹160 and an upside potential of 14%.
7. Ramco Industries: Ambala suggests Ramco Industries, with a target price of ₹320 and an upside potential of 35%.
8. Saurashtra Cement: Ambala also recommends Saurashtra Cement, with a target price of ₹150 and an upside potential of 21%.
9. Latent View Analytics: Ambala suggests Latent View Analytics, with a target price of ₹600 and an upside potential of 23%.
These stocks are seen as attractive options for investors looking to capitalize on the current market momentum. However, it is important to note that these recommendations are based on individual analysts’ views and investors are advised to consult certified experts before making any investment decisions.
