Stocks To Buy: Top 5 Diwali Picks By Prabhudas Lilladher

Prabhudas Lilladher in his latest report "Diwali Picks October 2022" has given buy call to 5 stocks. These stocks are Astral Ltd, Jubilant Foodworks Ltd, Tata Consumer Products Ltd, KPIT Technologies Ltd, and Torrent Power Ltd. The brokerage has chosen some of the promising stocks as Diwali Picks which on technical parameters have strength and potential to yield decent returns in the next one year time frame and which are also fundamentally well placed." Check key takeaways below:

1. Astral Ltd

The stock has picked up well from the bottom made near 1600 levels to touch the peak level of 2650 zone and has strengthen the bias overall.

According to Prabhudas, "Recently with a short correction and consolidation near the significant 50EMA level of 2170 zone, a higher bottom formation has been indicated on the daily chart from where we anticipate further decent rise in the coming days. The RSI indicator also has flattened out after the slide and is well placed with improved bias and has potential to rise further. With the chart looking good, we anticipate an upward move in the coming days and we suggest to buy and accumulate this stock for an upside positional target of 2650-2750 levels keeping the support near 1930 level."

2. Jubilant Foodworks Ltd

The stock after the decent correction has bottomed out near the 455 zone and thereafter has overall been in a rising trend moving up slowly and steadily maintaining above the significant 50EMA and 200DMA moving averages and with a breakout anticipated above the resistance trendline of 650 level would further strengthen the bias for fresh upside targets of 720-750 levels.

According to Prabhudas Lilladher, "The stock is gradually improving the bias and with the chart looking attractive, the RSI indicator is also well placed and getting stronger with immense upside potential visible. We suggest to buy and accumulate this stock for an upside positional target of 750-780 levels keeping the support near 530 level."

3. Tata Consumer Products Ltd

The stock has witnessed a short correction and taken support near the trendline zone of 740 levels and has indicated a pullback to improve the bias and with a move past the significant 200DMA level of 760, the trend is getting stronger to anticipate for further upward move in the coming days.

The brokerage said, "The RSI indicator also has shown a prominent trend reversal from the oversold zone to signal a buy and has further immense upside potential. With the chart looking good, we suggest to buy and accumulate this stock for an upside positional target of 940-980 levels keeping the support near 695 level."

 

4. KPIT Technologies Ltd

The stock has overall been in a rising mode maintaining a positive trend and with a breakout expected above 715 zone would further strengthen the bias and would open the gates for fresh upside targets. With the RSI indicator positioned at an attractive has indicated strength and further rise is anticipated.

Prabhudas Lilladher said, "With the chart looking good, we suggest to buy and accumulate this stock for an upside positional target of 820-850 levels keeping the support near 600 level."

 

5. Torrent Power Ltd

The stock has witnessed decent swings in the past and currently after the decent correction from 610 levels has shown signs of bottoming out near the trendline support zone of 470-475 levels where it has shown consolidation and is anticipated to give a decent rise. 

The RSI indicator has attained the highly oversold zone and has gradually started picking up to improve the bias and expect a decent rise in the next 3-4 months-time frame.

As per the brokerage viewpoint, "With the chart looking good with favorable risk-reward ratio, we suggest to buy and accumulate this stock for an upside positional target of 610-650 levels keeping the support near 440 level."

Disclaimer

The stocks have been picked from the brokerage report of Prabhudas Lilladher. 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 check with certified experts before taking any investment decision.