Axis Direct has identified nine stocks across banking, healthcare, hospitality, automobiles, metals, engineering and technology as its top investment picks for Samvat 2083, as investors prepare for the Diwali Muhurat trading session. The brokerage's recommendations come after a volatile Samvat 2082, during which Indian equities faced pressure from geopolitical tensions, elevated crude oil prices, rising global bond yields, a stronger US dollar and sustained foreign institutional investor outflows.
As of October 23, 2026, the Nifty 50 had declined 10.3% over the year. The Nifty 500 fell 7.8%, while the Nifty Midcap 100 and Nifty Smallcap 250 declined 4.5% and 3.7%, respectively.
Axis Direct expects corporate earnings growth to be a key driver of equity returns over the next 12 months. It said investors should focus on earnings visibility, valuations, pricing power, balance-sheet strength and the ability to manage input-cost pressures.
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Axis Direct's Top Diwali Stock Picks For Samvat 2083
DCB Bank
The brokerage has set a target price of Rs 240 against a current market price of Rs 200, implying an upside potential of 20%. Axis Direct expects the lender to sustain a return on assets of 1%-1.05%, supported by business growth, improving asset quality, better net interest margin visibility and operating leverage. It estimates credit, deposit, net interest income and earnings compound annual growth rates of 19%, 18%, 19% and 24%, respectively, over FY26-29.
Nephrocare Health Services
With a target price of Rs 710 against a current price of Rs 596, the stock offers an indicative upside of 19%. The brokerage sees opportunities from rising dialysis demand, hospital partnerships and the expansion of organised healthcare. Recurring treatment demand, international expansion and improving operating leverage support its outlook, although working-capital requirements and execution risks remain key monitorables.
APL Apollo Tubes
Axis Direct has a target price of Rs 2,340 against a current market price of Rs 2,034, indicating a potential upside of 15%. The company's leadership in structural steel tubes and capacity expansion underpin the brokerage's positive view. Despite sectoral disruptions and a moderation in volume-growth guidance, management has retained its Ebitda-per-tonne guidance of Rs 5,000-5,500. Axis Direct expects FY27 Ebitda growth of 20%-25%.
Eternal
The brokerage has set a target price of Rs 365 against a current price of Rs 317, implying an upside of 15%. Axis Direct sees quick-commerce expansion, particularly Blinkit's store additions, as a key growth driver. Higher discounting may support customer acquisition and order frequency, although Ebitda margins could remain broadly flat over the next one to two years as the company prioritises expansion.
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Elecon Engineering
With a target price of Rs 500 against a current price of Rs 416, the stock offers an indicative upside of 20%. A record open order book of Rs 1,635 crore, up 33.4% year-on-year, offers execution visibility. The company is positioned to benefit from investments in steel, power and cement, alongside overseas expansion.
Indian Hotels Company
Axis Direct has a target price of Rs 900 against a current price of Rs 782, implying an upside of 15%. The brokerage expects growth from strong occupancy in major cities, contributions from newly opened hotels and expansion in select-service properties. It estimates revenue growth of 17% in FY27 and 14% in FY28, with Ebitda margins of 34.4% and 35%, respectively.
Coforge
The target price of Rs 2,245, compared with a current price of Rs 1,901, implies an upside of 18%. Axis Direct points to deal wins, client additions, artificial intelligence-led productivity and a strong executable order book. Coforge has raised its FY27 Ebit margin guidance to 16% from 15.5%, supporting the case for improved operating leverage.
Ashok Leyland
The brokerage has set a target price of Rs 170 against a current price of Rs 145, indicating a potential upside of 17%. Replacement demand for medium and heavy commercial vehicles, infrastructure spending, exports and growth in electric vehicles and defence are among the key drivers. Axis Direct estimates volume growth of around 7% CAGR and revenue, Ebitda and profit growth CAGRs of 9%, 14% and 17%, respectively, over FY26-28.
Hindalco Industries
Axis Direct has a target price of Rs 1,000 against a current price of Rs 870, implying an upside of 15%. The brokerage expects the company to benefit from the ramp-up of Novelis' 600-kilotonne Bay Minette facility and improving downstream aluminium operations. Long-term demand for aluminium and copper from electric vehicles and renewable energy also supports its outlook.
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