10 Stocks To Buy For 2023 As Recommended By Top Brokers In The Country

It has been a roller coaster ride for the markets in 2022. As we usher in 2023, brokerages remain optimistic that stocks would close the year higher.

Here are a 10 stocks that brokerages recommend to buy in 2023

Company name	Target price	Current market price	Brokerage
HUL	3000	2564	Axis Securities
CIPLA	1260	1077	Axis Securities
Infosys		1508.7	Motilal Oswal
State Bank of India		613.2	Motilal Oswal
Bharat Forge		879.55	HDFC Securities
ACC		2441.4	HDFC Securities
India Oil		76.5	HDFC Securities
Federal Bank	160	138.95	Axis Securities
Cholamandalam Investment	845	723	Axis Securities
Trent	1650	1350.65	Axis Securities

Factor for 2023: Budget, covid, recession fears, interest rates...

According to Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services Ltd, Indian equities missed its Santa rally in the month of December'22 despite Nifty making new high of 18888 at the start of the month. For Dec the index was down by ~3% while ending CY23 with gains of 4%. Broader market saw a mixed trend with Nifty midcap 100 closing the year with gains of +3% while Nifty Smallcap 100 saw a sharp decline of -14%.

"As we start the new year 2023, we expect markets to remain sideways in a range in the near term. While fears of recession and spread of covid outside China is capping the upside, we are witnessing strong buying at lower levels which are supporting the markets on the downside. Q3 results and the upcoming Union Budget could provide much needed fresh positive triggers to Indian Equities. Auto sector is likely to be in focus next week on back monthly auto sales data. Metals too will be in focus after China announced to raise export duty on metals," he stated.

Markets may trade with a downward bias

According to Dr Joseph Thomas, Head of Research, Emkay Wealth Management, the equity markets remained volatile throughout the trading session on Friday, the last trading day of the calendar year. "While metals, real estate and PSU Bank indexes were marginally higher, the power , banking and FMCG indexes traded lower. The Fed policy, the consequences that it may have for global growth and the reports emanating from China have been factors that are of consequence to the markets. The markets may continue to remain volatile and may trade with a downside bias, in the immediate term," he states.

Disclaimer

The stocks have been taken from a host of brokerage reports. Greynium Information Technologies, the Author, and the respective Brokerage house are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to consult with certified experts before making any