As Indian stock markets prepare to enter Samvat 2083, with Diwali just a day ahead, several brokerages have identified investment opportunities across banking, financial services, defence, healthcare, IT, metals, capital goods and consumer sectors.
HDFC Securities, Nuvama, PL Capital and Monarch Networth Capital have shared their stock recommendations for Diwali, highlighting stocks that could deliver attractive returns over the next year.
The stock recommendations by the brokerages are based on a combination of technical indicators, improving business fundamentals, sectoral opportunities and expectations of a recovery in corporate earnings.
HDFC Securities’ Diwali stock picks 2026
Domestic brokerage HDFC Securities has recommended six stocks for investors to consider during Muhurat Trading for Samvat 2083, projecting potential upside of up to 28 percent over the period until the next Diwali. The brokerage’s technical picks include BPCL, HCL Technologies, IIFL Finance, JSW Steel, Satin Creditcare and Zensar Technologies.
1) Bharat Petroleum (BPCL): CMP Rs 304.70 | Entry Band Rs 304-315 | Targets Rs 342, Rs 366 | Stoploss (Closing Basis) Rs 274 | Potential Upside 20%
2) HCL Tech: CMP Rs 1,405 | Entry Band Rs 1405-1440 | Targets Rs 1,580, Rs 1,686 | Stoploss (Closing Basis) Rs 1,250 | Potential Upside Rs 20%
3) IIFL Finance: CMP Rs 578.20 | Entry Band Rs 578-600 | Targets Rs 670, Rs 720, Stoploss (Closing Basis) Rs 510 | Potential Upside 24%
4) JSW Steel: CMP Rs 1343 | Entry Band Rs 1340-1383 | Targets Rs 1505, Rs 1600 | Stoploss (Closing Basis) Rs 1195, and Potential Upside 19%
5) Satin Creditcare: CMP Rs 256.69 | Rs Entry Band Rs 256-265 | Targets Rs 300, Rs 330 | Stoploss (Closing Basis) Rs 220 | Potential Upside 28%
6) Zensar Tech: CMP Rs 533 | Entry Band Rs 533-548 | Targets Rs 615, Rs 666 | Stoploss (Closing Basis) Rs 469 | Potential Upside is 25%
Five Diwali stock picks 2026 by Nuvama
Nuvama's Technical Desk has given a list of five stocks for investors to track in Samvat 2083 - Adani Energy Solutions, Coforge, KDDL, Punjab National Bank (PNB) and Zydus Lifesciences. The brokerage expects a recovery in the Indian equity market in Samvat 2083, supported by relatively lower valuations, extreme foreign institutional investor (FII) short positioning and the possibility of domestic and global triggers improving investor sentiment.
Nuvama’s technical recommendations are based on breakout patterns, moving averages, Fibonacci retracement levels and relative strength indicators.
1) Adani Energy Solutions: Nuvama believes the stock has been showing encouraging signs of a structural trend reversal after breaking out of a three-year consolidation phase in April 2026. “On the monthly chart, the stock is currently retracing towards its 50% Fibonacci level, which coincides with the previous breakout zone. Importantly, the weekly chart also shows a positive 50-WMA crossover, strengthening the bullish setup. The ongoing retest offers an attractive risk reward opportunity,” it further stated.
2) Coforge: The brokerage stated the stock continues to demonstrate exceptional relative strength, registering its highest-ever weekly and monthly closing. The stock has staged a strong reversal from its 200-WMA, historically a key support zone. “Interestingly, while the index made fresh lows in July, Coforge held above its previous lows, highlighting underlying strength. This can lead the IT pack going forward,” it added.
3) KDDL: The stock is displaying a strong bullish setup following a decisive breakout from a 30-month symmetrical triangle consolidation. The breakout was preceded by a strong reversal from its 200-WMA, according to Nuvama. “After a sharp rally, the stock is currently retesting its previous resistance zone, which is now acting as support, highlighting a positive change in polarity. On a broader timeframe, the entire structure resembles a bullish pole-and-flag formation, with the recent breakout and subsequent retest suggesting potential for another leg of upside,” it said.
4) Punjab National Bank (PNB): The brokerage said the stock is approaching a crucial technical breakout, with its monthly chart testing a 15-year downward-sloping resistance trendline. The brokerage said the broader structure reflects a compressed symmetrical triangle, characterised by progressively lower highs and higher lows.
“On the weekly chart, a clearer symmetrical triangle has developed since June 2024, supported by a strong reversal from the 50% Fibonacci retracement. Sustained higher lows indicate improving buying interest, while a decisive breakout could trigger a significant long-term trend reversal,” it added.
5) Zydus Lifescience: Nuvama stated the stock continues to display strong technical momentum, supported by a series of higher lows over the past 15–18 months. Following an 18-month price breakout in April, the stock registered its highest-ever quarterly closing in September. The latest five-month consolidation breakout, accompanied by its highest weekly closing in two years, suggests a fresh leg of upside.
“Importantly, its relative strength against Nifty Pharma is approaching 2024 highs, highlighting renewed sectoral leadership and sustained institutional interest,” it said.
Pl Capital’s Diwali Stock Picks 2026
PL Capital anticipates Indian equities to witness an improvement in market conditions during Samvat 2083. However, it believes geopolitical developments, crude oil prices, inflation, interest rates and foreign investor flows will remain important factors to monitor.
According to the brokerage, Samvat 2082 is one of the most volatile years in the recent past with Nifty testing 22300 support for two times in the past 6 months. “The past 12 months have been marked by extreme geopolitical uncertainty including US Iran and Russia Ukraine wars and tariff related issues. Indian economy continues to retain its status of fastest growing large economy with rising domestic industrial base and focus on emerging segments of defense, semiconductors, data centers, renewables etc,” it said, adding that the year also had 13 percent deficient rainfall and a sharp spike in inflation and interest rates in an environment of high and volatile crude prices.
It further stated the market is currently showing signs of a revival as recent US mid- term election results will likely result in reduction in geopolitical uncertainty and relatively stable world order. Looking ahead, PL Capital expects the market to benefit from a possible reduction in geopolitical uncertainty and an improvement in global conditions. However, the brokerage cautioned that deficient monsoon rainfall, rising inflation and higher interest rates could weigh on demand.
"We would watch out for demand trends in coming quarters given deficient monsoon and rising inflation and interest rates. We expect some slippage on fiscal deficit given significant absorption of high crude and fertilizer costs by GOI. FII flows and improved geopolitical order will be key factors to watch out for in the coming year," it emphasised.
PL Capital stock recommendations for Samvat 2083 comprise four large-cap stocks and four mid- and small-cap stocks.
Large Cap Picks
1) Bharat Electronics (BEL): CMP Rs 395 | Target Price Rs 490
2) Britannia Industries: CMP Rs 4,980 | Target Price Rs 6,579
3) ICICI Bank: CMP Rs 1,500 | Target Price Rs 1,900
4) Shriram Finance: CMP Rs 964 | Target Price Rs 1,200
Mid & Small Cap Picks
1) Blue Star: CMP Rs 1,572 | Target Price Rs 1,783
2) CESC: CMP Rs 130 | Target Price Rs 204
3) Delhivery: CMP Rs 430 | Target Price Rs 541
4) Ingersoll-Rand (India): CMP Rs 3,970 | Target Price Rs 5,029
Diwali stock picks 2026 by Monarch Networth Capital
Monarch Networth Capital believes Samvat 2082 tested investors’ patience, with the Nifty 50 and Sensex seeing sharp corrections. However, it believes this could lay the foundation for the next phase of wealth creation.
For Samvat 2083, the brokerage has identified the potential implementation of the 8th Pay Commission and opportunities in the banking, financial services, and insurance (BFSI) sectors are likely to remain as key themes for investors to track.
The brokerage released the list of Diwali stock picks for Samvat 2083 which covers healthcare, defence, telecom, consumer durables, capital goods, technology, banking, metals and water recycling sectors.
Diwali Muhurat trading: Stock picks for Samvat 2083
Carborundum Universal Limited, CCL Products, and Vedanta Aluminium Limited are among the top three stocks in which Monarch Networth Capital sees more than 40 percent upside potential.
1) Aster DM: Healthcare | Target Price Rs 835 | Upside: 23%
2) Bharat Electronics: Defense | Target Price Rs 449 | Upside: 21%
3) Bharti Airtel: Telecom | Target Price Rs 2270 | Upside: 15%
4) Blue Star: Consumer Durables | Target Price Rs 1,911 | Upside: 17%
5) Carborundum Universal: Capital Goods | Target Price Rs 1,563 | Upside: 52%
6) CCL Products: Tea & Coffee | Target Price Rs 1,415 | Upside 52%
7) HDFC AMC: AMC | Target Price Rs 2,680 | Upside: 16%
8) Indegene Ltd: Technology | Target Price Rs 691 | Upside 18%
9) Pricol Ltd: Auto Ancillary | Target Price Rs 800 | Upside 24%
10) State Bank of India (SBI): Banking | Target Price Rs 1,265 | Upside 31%
11) TBO Tek Ltd: Travel Platform | Target Price Rs 2,043 | Upside 33%
12) Vedanta Aluminium Metal Ltd: Metal | Target Price Rs 525 | Upside 48%
13) VA Tech Wabag: Water Recycling | Target Price Rs 2,235 | Upside 23%
14) Infosys: Technology | Target Price Rs 1,400 – Rs 1,550 | Upside up to 30%
