BackBudget top picks: ICICI Securities recommends these 10 stocks to buy with 3-6 months time frame
As part of its Budget 2022 top stock picks, the brokerage firm has recommended stocks that investors can look to buy
PremiumAs part of its Budget 2022 top stock picks, domestic brokerage and research firm ICICI Securities has recommended ten stocks that investors can look to buy with time frame of 3-6 months, based on the technical factors.
Its top picks include Larsen & Toubro (target price: ₹2,168), Axis Bank (TP: ₹870), Tata Motors (TP: ₹555), United Spirits (TP: ₹970), Bank of Baroda (TP: ₹116).
Container Corporation of India (CONCOR) with target price of ₹698, KPR Mills (TP: ₹765) National Aluminium (TP: ₹125), Bharat Dynamics (TP: ₹548), KNR Construction (TP: ₹358) are also part of the brokerage's recommendations.
“The capital goods sector has been outperforming after a decade long consolidation breakout. Within the capital goods space, we remain constructive on Larsen & Toubro as elevated buying demand emerged from lower band of rising channel, thereby confirming secular uptrend is intact and offers fresh entry opportunity," the note stated.
Concor stock, after five quarter of strong up move, has witnessed shallow retracement in the last two quarters and is currently seen rebounding thus offers fresh entry opportunity with a favourable riskreward set up, as per ICICI Securities.
“Bharat Dynamic is a perfect proxy to PSU theme ahead of Budget. The stock has generated multi year breakout on the back of rising volume, indicating start of a new bull phase," it added.
The textile stocks have been in focus as many companies are witnessing structural turnaround. KPR Mills has been an outperformer within the textile space maintaining higher peak and higher trough in all time frame and the brokerage expects it to continue with its outperformance.
ICICI Securities highlighted that United Spirits stock price has resolved out of its six year consolidation phase signalling structural turn around and new bull cycle ahead.
"The PSU banking index is resuming up trend after two months breather. Within PSU banking space we expect Bank of Baroda to outshine its peers as it has formed a higher base above multi year falling trend line breakout area and is now forming a higher high-low, indicating resumption of primary up trend. Hence, it offers favourable risk reward."
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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