The fireworks might be fading, but the stock market is ready to light up the new year! Brokerage experts at Religare Broking have chosen their Top 5 Stocks to watch for 2024, and they’re not just any boring old stocks.
Think of them like the coolest kids at the party, the ones with the most potential to grow and make you happy (with healthy returns, of course!). So, let’s meet the lucky five:
1. Kotak Mahindra Bank (CMP: ₹1,902)
Imagine a piggy bank that earns you money just for sitting there! That’s kind of what Kotak Mahindra Bank is like.
This banking giant is like the star athlete of the financial world. They’re always on top of their game, growing fast, and making tons of money.
They’re one of the strongest banks in India, and Religare thinks they’ll keep getting better, maybe even reaching ₹2,180 per share!
- Fundamentals: Strong loan growth, healthy net interest margins, expanding digital and wealth management services.
- Technicals: Uptrend on charts, breakout potential above Rs.1,930.
2. Asian Paints (CMP: ₹3,390)
Asian Paints is the Picasso of the paint world, and Religare thinks they’ll keep painting the town red (and blue, and green, and every other color!).
Their shares could see a rainbow of gains, reaching up to ₹3,590-3,900! That’s like getting a brand new paint set for Christmas, every single month!
- Fundamentals: Dominant market share, consistent earnings growth, focus on premium segments.
- Technicals: Consolidation phase, potential breakout above Rs.3,450.
Also Read: These 6 Penny Stocks Can Make You Rich Soon!
3. Eicher Motors (CMP: ₹3,951)
Vroom, vroom! Eicher Motors makes those awesome Royal Enfield bikes you see everyone riding. The demand for these beauties is only going up, so Religare predicts Eicher’s stock will zoom ahead, potentially reaching ₹4,550-4,800 in 2024!
It is currently hovering in a narrow range around its record high, forming a base around its previous breakout zone. this consolidation is a fresh buying opportunity for those, who missed the chance earlier, the brokerage said.
- Fundamentals: Strong demand for Royal Enfield bikes, improving truck segment, focus on electric vehicles.
- Technicals: Uptrend on charts, potential momentum above Rs.4,180.
4. United Spirits (CMP: ₹1,045)
Feeling a little bubbly about the new year? United Spirits makes your favorite drinks like McDowell’s and Captain Morgan! With parties and celebrations on the rise, Religare thinks United Spirits will raise a toast to success, possibly reaching Rs.1,325 per share!
Moreover, the company has started distributing attrative dividends to its shareholders while it also maintains healthy return ratios. Virtually, it’s a debt free company, that is another plus point for the company.
- Fundamentals: Premiumization strategy, growing market share in high-end segments, improving profitability.
- Technicals: Basing pattern around Rs.1,050, potential upside towards Rs.1,150.
Read also: Pearl Global Industries Rockets 240%, Eyes New Year Highs!
5. Mphasis (CMP: ₹2,719)
Think of Mphasis as the tech wizards behind many businesses. They help companies work smarter and faster. With technology becoming more important than ever, Religare believes Mphasis will be a tech-tastic pick, aiming for Rs.3,350!
- Fundamentals: Strong client base in North America, focus on digital transformation services, healthy dividend payouts.
- Technicals: Rising volume after consolidation, potential breakout above Rs.2,800.
Remember, these are just Religare’s picks, and the stock market is like a wild roller coaster. Do your own research, talk to a financial advisor, and never invest more than you can afford to lose.
Disclaimer:
This is not financial advice, always consult a qualified professional before making investment decisions. We are not authorized by SEBI (Securities and Exchange Board of India) and will not be responsible for any financial loss you might incur through the information on this site.
