Nifty hits fresh record high. Which stocks to buy for 2024 portfolio?
Nifty on Wednesday hit a fresh all-time peak of 21,602.50 with banks, auto and metal stocks leading the charge. Notwithstanding the recent upside, Axis Securities said it foresees Nifty to hit 23,000 by December 2024.
For the new calendar year 2024, the brokerage firm has picked 9 stocks within the broader themes of manufacturing, PSU banks, NBFCs, IT services, and consumption.
The nine stocks recommended by Axis are Pitti Engineering, Sansera Engineering, Archean Chemicals, Amber Enterprises, JK Lakshmi Cement, SBI, Manappuram Finance, Cyient, and Westlife Foodworld.
«The fundamentals of Indian corporates have improved significantly and so has the profitability across the board. This can be seen in the cumulative and rolling net profit of the NSE 500 universe for the last 4 quarters (till Q2FY24), which crossed the Rs 12 lakh crore mark. Moreover, after a muted performance for several years, the ROE of the broader market is improving as well. The bolstered balance sheet strength of corporate India and the significantly enhanced health of the Indian banking system are additional positive factors,» Axis said.
It sees Nifty earnings growing to post 14% CAGR growth over FY23-26.
New year stock picks from Axis:
- Pitti Engineering — Target price Rs 915. Upside 33%
- Cyient — Target price Rs 3,000. Upside 28%
- Archean Chemical — Target price Rs 810. Upside 25%
- SBI — Target price Rs 800. Upside 25%
- Amber — Target price Rs 3,700. Upside 22%
- Westlife Food — Target price Rs 1,000. Upside 22%
- Sansera Engineering — Target price Rs 1,210. Upside 22%
- Manappuram Finance — Target price Rs 205. Upside 19%
- JK Lakshmi Cement — Target price Rs 1,000. Upside 14%
«We continue to believe in the long-term growth story of the Indian equity
Read more on economictimes.indiatimes.com
