Nifty may hit 20,700 by Diwali 2023, says ICICI Direct; HDFC Bank, Tata Motors, Reliance among top picks

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Also Read: PM Modi says invest in PSUs; Here's how HAL to LIC have performed, experts explain Meanwhile, it expects broad-based rally to be led by sectors such as BFSI, IT and Telecom, while Metal, Infra, Power and PSU Banks are expected to generate alpha. The technical charts for Bank Nifty indicate the structural uptrend and leadership is intact.

ICICI Direct expect Nifty Bank to gradually head towards 48,600 around and suggests using ‘buy on dips’ strategy. A strong support for Bank Nifty is seen at 42,000 levels.

ICICI Direct’s top picks in the BFSI sector includes HDFC Bank, SBI, IndusInd Bank, Federal Bank, Indian Bank, L&T Finance and LIC Housing Finance. Among PSU stocks, ICICI Direct’s top picks include Hindustan Aeronautics, NTPC, Engineers India, Hindustan Copper, PFC, IRCON International and BEML.

Check out below the top picks of ICICI Direct in other sectors: Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!