Axis Direct recommends Nuvama, BEML and Petronet LNG for November
The brokerage sees up to 27 per cent upside potential for the three selected stocks.
Axis Direct has recommended Nuvama Wealth Management, BEML and Petronet LNG in its latest report for November, according to Mint. The brokerage identified an upside potential of up to 27 per cent for these stocks.
For Nuvama Wealth Management, the brokerage advised buying in the ₹1,764–₹1,800 range. It set a target price of ₹2,166–₹2,349 with a stop-loss of ₹1,599, noting the stock has reclaimed its weekly 20-day simple moving average (20-SMA).
Regarding BEML, Axis Direct suggested a buy range of ₹1,975–₹2,015. The target price is set between ₹2,335–₹2,495 with a stop-loss of ₹1,835, as the stock shows a resumption of a medium-term uptrend.
For Petronet LNG, the brokerage recommended buying in the ₹289–₹295 range. The target price range is ₹329–₹349 with a stop-loss of ₹275, citing a rebound from rising trendline support.
On the Nifty 50 outlook, Axis Direct noted that the benchmark index closed higher in three of the four weeks in October. The brokerage said the weekly price structure has improved, though weekly highs are currently capped between 23,150 and 23,175.
The brokerage stated a breakout above 23,800 could move the index toward the 24,300–24,800 zone. However, a break below the 22,000 support level could lead the benchmark toward the 21,500–21,000 range.