Top 5 Stocks to Watch for Potential Upsides This Week

Updated on: October 14, 2024 12:32 pm GMT

The stock market can be both exhilarating and daunting, especially in a climate where certain stocks show promising upside potential. Recent analysis from seasoned market analysts offers insights into five stocks that are being recommended for investors looking to capitalize on potential gains of up to 28%. With some fluctuations in the market, the focus is on stocks like Maruti Suzuki, Axis Bank, and others that are positioned for short-term success.

Market Insights and Stock Recommendations

On Thursday, two well-regarded analysts, Mitessh Thakkar from earningwaves.com and Chandan Taparia from Motilal Oswal Financial Services, outlined their top stock picks for the day. Their recommendations are based on rigorous technical and fundamental analyses, aiming to guide investors in making informed decisions in the current market climate.

• Maruti Suzuki: Target Price: ₹13,500; Stop Loss: ₹12,600
• Power Grid: Target Price: ₹385; Stop Loss: ₹352
• Axis Bank: Target Price: ₹1,295; Stop Loss: ₹1,244
• NTPC: Recommended as a sell with a target price of ₹610; Stop Loss: ₹641
• Oberoi Realty: Target Price: ₹452; Stop Loss: ₹425

Analysts emphasize the importance of careful evaluation of market conditions and inherent risks before making investment decisions. Thakkar’s and Taparia’s insights reflect a combination of technical support, market trends, and company performance.

Stocks with Notable Upside Potential

Several stocks recommended by various research houses show promising potential for investors looking for solid returns over the next year. Here are some highlights:

• Gravita India: Currently priced at ₹2,558 with a projected target of ₹3,265, indicating a remarkable upside of 27.6%. With burgeoning regulatory support for the availability of scrap, the company is poised for medium-term earnings growth.
• Hindustan Petroleum Corporation (HPCL): Offering a current price of ₹408 and a target of ₹516, HPCL shows a potential upside of 26.5%. The optimistic outlook arises from declining oil prices, which positively influence marketing margins.
• Pricol: With a current stock price of ₹483, an anticipated target of ₹600 suggests a potential gain of 24.4%. Analysts cite ongoing trends towards digital clusters and an improved client mix as driving forces behind its growth.
• Ideaforge Technology: Priced currently at ₹697, targets of ₹845 indicate a potential upside of around 21.2%. The company’s strong ties to drone technology and innovative product development positions it well for future growth opportunities.
• Star Cement: With a present price of ₹208 and a target of ₹250, Star Cement could see a gain of 20.2%. Its strategic capacity expansions and emphasis on infrastructure investments are viewed as significant growth drivers.

These recommendations signal favorable projections based on market dynamics and company fundamentals, underscoring a potentially profitable investment landscape.

The State of the Stock Market

The current domestic equity market has experienced a volatile yet compelling phase. On September 24, the Sensex and Nifty 50 indices demonstrated impressive movements, with the Sensex reaching an all-time high of over 85,000. Despite slight dips in trading sessions, confidence in the overall market remains buoyant.

• Sensex: Closed at 84,914.04，experiencing a marginal decline of 0.02%.
• Nifty 50: Settled at 25,940.40, with a slight increase of 0.01%.

Traders noted a struggle for direction amidst a record rally, particularly as share performance in the fast-moving consumer goods (FMCG) and banking sectors weighed on the indices.

Conclusion

In light of ongoing developments in both the market and individual stocks, astute investors would do well to consider the recommendations from market analysts seriously. Stocks like Maruti Suzuki, Axis Bank, and others show that there are opportunities for upside potential, reinforcing the importance of informed decision-making based on comprehensive market analysis. As always, investors are encouraged to conduct their own research or consult with certified financial experts prior to committing to any investment strategies.

For further detailed insights and more recommendations, visit CNBCTV18.com