Currently, markets are trading range bound and valuations are fair with Nifty trading at ~18x FY24E EPS. Thus there is room for a modest upside but only if corporate earnings do not see material downgrades ahead. Motilal Oswal Financial Services
The Nifty has fallen to the upper band of the falling channel on the daily chart. The trend for the near term is likely to remain sideways to positive as long as it remains above the falling channel. A recovery towards the higher level will likely happen if the bulls manage to hold the Nifty above 17880. On the higher end, however, 18150 is likely to act as resistance. LKP Securities
As the markets sentiments remain volatile, here are 8 stocks recommended by analysts for an upside of up to 80%:
Westlife Foodworld Limited
JM Financial has a ‘Buy’ call on the QSR company which owns the master franchise for McDonald’s in western India and South India with a target price of Rs 890 per share, representing an upside of 32 percent from the current Rs 675.
PNC Infratech Limited
HDFC Securities has a ‘Buy’ call on the Indian infrastructure with a target price of Rs 426 per share which represents an upside of 35 percent from the current levels of Rs 315.
Shyam Metalics and Energy Limited
JM Financial has a ‘Buy’ call on the automotive technology company with a target price of Rs 400 per share which represents an upside of 37 percent from the current levels of Rs 291.
Oil & Natural Gas Corporation (ONGC)
CLSA Limited has a ‘Buy’ call on the state-run oil and gas major with a target price of Rs 225 per share which represents an upside of 44 percent from the current levels of Rs 156.
Prestige Estates Projects Limited
HDFC Securities has a ‘Buy’ call on the property development company with a target price of Rs 630 per share, representing an upside of 45 percent from the current Rs 433.
Glenmark Pharmaceuticals Limited
Nomura has a ‘Buy’ call on the pharmaceutical company with a target price of Rs 633 per share which represents an upside of 46 percent from the current levels of Rs 435.
Chemplast Sanmar Limited
ICICI Securities Limited has a ‘Buy’ call on the Indian chemical company with a target price of Rs 650 per share which represents an upside of 57 percent from the current levels of Rs 415.
Fsn E-Commerce Ventures Limited
JM Financial has a ‘Buy’ call on ‘Nykaa’, a digitally native consumer technology platform with a target price of Rs 250 per share, representing an upside of 80 percent from the current Rs 139.
Written by Anoushka Roy
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