• Larsen & Toubro : The large-cap stock has gained about 1% so far this year, outperforming the benchmarks. On the technical front, ICICI Direct expects the stock to regain upward momentum, challenge all-time high and gradually head towards Rs 2168 as it is the upper band of rising channel. “Within the capital goods space, we remain constructive on Larsen & Toubro as elevated buying demand emerges from the lower band of rising channel, thereby confirming secular uptrend is intact and offers fresh entry opportunity,” they said. L&T’s strong order book of Rs 3,30,541 crore suggest good revenue visibility in coming years. Target price suggests 12% upside.
• Axis bank : Private sector lender Axis Bank is resolving out of higher base formation above 52 weeks EMA coincided with lower band of upward slanting channel, indicating rejuvenation of upward momentum, said ICICI Direct. “We expect the stock to resolve higher and head towards Rs 870, which is near all-time high recorded during Oct-21,” they added. The target price suggests 12% upside.
• Tata Motors : Auto giant Tata Motors is a play on domestic as well as global market and evolving as an electric-vehicle play as well. “The stock has undergone a shallow correction of its September-October rally ( Rs 268-535) wherein the 12 week gain has been retracted by only 38.2% over the past 11 weeks. Shallow price retracement indicates lack of selling pressure and continued demand for stock around the 50-day EMA, which has been held over the past 22 months,” ICICI Direct said. 10% upside potential seen.
Budget stock picks: Larsen & Toubro, Axis bank, Tata motors, among stocks to buy, strong upside seen
