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Nifty projected to reach 25,200 by December, says ICICI Securities; here are top 94 stock picks across sectors

The brokerage firm added that since 1999, Nifty has typically risen by a median of 21% from post-election outcome lows to the end of the year in election years.

Nifty projected to reach 25,200 by December, says ICICI Securities; here are top 94 stock picks across sectors snt
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First Published Jun 25, 2024, 5:04 PM IST

Nifty might reach 25,200 by December 2024, with robust support at the 22,200 level, considering the historical market trends during election years, according to brokerage firm ICICI Securities.

“As envisaged in Feb-24 report, Nifty sailed through election based volatility and approached our target of 23400, Post election outcome, as anxiety settles down, while reigniting expectations on reforms agenda, budgetary allocations and earnings, markets have once again resumed upward trajectory," said the firm in a note.

The brokerage firm added that since 1999, Nifty has typically risen by a median of 21% from post-election outcome lows to the end of the year in election years. Notably, these gains often include intermediate corrections of 4-6%, which present buying opportunities. Since June 2022, each 10% correction in the Nifty has been followed by a 20% rally over the next six months. Using a similar projection from the post-election low, they suggest a target of 25,200 by the end of December.

"Nifty continues on the path of our CY30 target of 50000, as part of Decadal cycle projection and we reiterate the structural bullish stance for CY30 as well as for CY24. Our composite model projects Nifty target of 25200 by December 2024, with strong support at 22200 levels," it added.

The current global scenario supports the hypothesis of an upward trend. Over the last five election years, US markets have typically surged by an average of 9% from June to December. A structural shift in domestic inflows has mitigated the impact of FII selling by providing market depth. Additionally, the anticipated return of FII flows in the second half of 2024, along with prospects of rate cuts in the US, would be a positive factor from a liquidity perspective, the firm added.

Here are top picks by ICICI Securities across different sectors:

BFSI:

1. SBI
2. Axis Bank
3. HDFC Bank
4. Kotak Mahindra Bank
5. Bank of Baroda
6. AB Capital
7. LIC Housing Finance
8. L&T Finance
9. Canfin Homes

PSU:

10. HAL
11. BEL
12. SAIL
13. Coal India
14. NTPC
15. Engineers India
16. NMDC
17. Concor
18. Union Bank of India

Capital Goods:

19. L&T
20. ABB
21. Thermax
22. KEC International
23. Grindwell Norton
24. ELGI Equipment
25. SKF Bearing

Oil & Gas & Energy:

26. Reliance Industries
27. ONGC
28. Petronet LNG
29. Gail
30. HPCL
31. Tata Power
32. JSW Energy
33. NHPC

Auto:

34. M&M
35. Tata Motors
36. Hero Motocorp
37. Escorts
38. Sansera Eng
39. Exide Inds
40. Sona BLW
41. JK Tyres
42. Ashaia India glass

Information Technology:

43. TCS
44. Infosys
45. Tech Mahindra
46. Latent View
47. Newgen Software
48. Birla Soft
49. Firstsource Solutions

Consumption & Retail:

50. Titan
51. Trent
52. Havells
53. Amber
54. Voltas
55. Dabur India
56. V-Guard
57. Indian Hotel
58. MHRIL

Pharma & Chemicals:

59. Sun Pharma
60. Divis Lab
61. Zydus Life
62. Granules
63. Gufic Bio
64. Natco Pharma
65. Fluorochem
66. Sudarshan Chemical
67. Navin Fluorine
68. SRF Ltd
69. PI Ind

Real Estate:

70. DLF
71. Brigade
72. Godrej Properties
73. Arvind Smart
74. Kajaria Ceramics
75. Century Plywood

Infra and Metals:

76. Ambuja Cement
77. Sagar Cement
78. JK Cement
79. Adani Port
80. HG Infra
81. NCC
82. Tata Steel
83. JSPL
84. Hindalco
85. HEG

Others:

86. Taj GVK
87. PCBL
88. Astra Microwave
89. Tejas Network
90. ICIL
91. SIYSIL
92. Chambal Fertilizer
93. Texmaco Rail
94. Gulf Oil Lubricants

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