InCred Equities has released its much awaited list of high-conviction stocks for September 2024. TCS, Bajaj Finance, Lupin and Hero MotoCorp have been to its high-conviction stock list while removing Ajanta Pharma and others. The research house has projected a maintains a target of 26,736 for the Nifty 50.
BCL Industries has the highest potential upside of 72% followed by Cyient DLM at 44%. On the downside, PG Electroplast leads the list with a potential downside of 66% followed by Clean Science and Interglobe Aviation with 55% and 50% downside potential respectively.
According o a report in the Mint, InCred Equities has included large-caps Tata Consultancy Services (TCS), Bajaj Finance, Lupin and Hero MotoCorp in its most recent report on high-conviction stock ideas for September 2024. Additionally, Ajanta Pharma, Ashok Leyland, Aurobindo, and Tech Mahindra have been removed off the brokerage’s list. It said that it will maintain a positive outlook and set a goal of 26,736 for the Nifty 50 index. Comfort comes from rainfall progress and tax buoyancy. The rebound of consumer demand throughout the festive seasonand the outcomes of the assembly election will be watched.
The entire Indian subcontinent was covered by the southwest monsoon by 2 Jul 2024, as reported by the brokerage. In Jul 2024, there was a 6.1% year-on-year growth in the index of eight core industries. The strong growth was primarily driven by electricity generation, steel, and refinery production. With above-average monsoon rainfall, festive demand recovery is the centre of attention.
“We remain constructive on markets and maintain our blended Nifty 50 target of 26,736, with a bull-case probability of 30%, factoring in the favourable macroeconomic tailwinds. Our preference for large-caps stays intact,” InCred Equities said in its report.
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