BSE, Paytm, NBCC, MTAR Tech, SBI among Axis Securities' Diwali picks for up to 56% upside
Axis Securities has suggested 12 stocks including State Bank of India, BSE, MTAR Technologies, NBCC (India), Paytm as its Diwali picks for up to 56% upside.
- Oct 13, 2025,
- Updated Oct 13, 2025 3:24 PM IST
Axis Securities has noted that Samvat 2081 was marked by volatility and relative underperformance, with Indian equities trailing global and emerging markets for the first time since the Covid era. During this period, the Nifty 50 corrected by 16 per cent as of February 2025, while the Mid and Smallcap indices saw steeper declines of 21 per cent and 25 per cent, respectively. These corrections were attributed to increased US policy uncertainty, rising bond yields, and slower domestic growth.
By the conclusion of Samvat 2081, both the Nifty and Sensex had recovered from their lows of 21,743 and 71,425, respectively, having previously achieved record highs of 26,277 and 85,978. The phase was largely one of consolidation, presenting attractive entry points for long-term investors. With the onset of Samvat 2082, the technical outlook appears favourable: the Nifty is seen with upside potential towards 26,300–27,000, supported by key levels between 24,500 and 24,000. Midcap and Smallcap indices are also poised for recovery, suggesting a stock-specific accumulation strategy.
Seasonality analysis of the past decade indicates that major Indian indices have delivered returns between 11 per cent and 17 per cent in Mahurat-to-Mahurat trade over 12 months. The BSE Sensex posted its strongest performance in 2020–21, rising 39 per cent, with only one marginally negative year in 2019–20. Here are are 12 stocks picks from Axis Securities for up to 56% upside:
Aditya Birla Capital | Buy | Target Price: Rs 340-375 | Support: Rs 240-222 | Upside Potential: 31-44% On the quarterly chart, Aditya Birla Capital has registered a decisive breakout above multiple resistance zones around Rs 250, backed by a strong bullish candle. The stock continues to form higher highs and higher lows, while sustaining above its upward-sloping trendline, underscoring a positive medium-term bias. The breakout is supported by a notable surge in volumes, reflecting robust buying interest and adding conviction to the uptrend. Furthermore, the quarterly MACD remains firmly above the zero line, signalling sustained positive momentum in the medium term. The above analysis indicates an upside toward Rs 340-375 levels.
BSE | Buy | Target Price: Rs 2,650-2,885 | Support: Rs 2,000-1,900 | Upside Potential: 19-30% On the monthly chart, the stock is consistently trending higher within a well-defined rising parallel channel, which signifies a robust and sustained uptrend. The lower trendline of this channel has consistently served as a strong support zone, effectively absorbing selling pressure during corrective phases. The recent pullback from the channel's upper boundary has once again brought the stock to this crucial support level, presenting a potentially favourable entry point. The stock has formed a strong bullish candlestick on the monthly chart, signalling increased buying interest at the lower band of the channel. The above analysis indicates an upside toward Rs 2,650-2,885 levels.
Hero MotoCorp | Buy | Target Price: Rs 6,300-7,265 | Support: Rs 4,690-4,480 | Upside Potential: 24-43% On the monthly chart, Hero MotoCorp broke out above a medium-term downward sloping trendline at Rs 3,300 in November 2023 and rallied up to Rs 6,246, followed by a healthy throwback to the breakout level. The subsequent sharp rebound from this trendline confirmed the validity of the breakout and signalled the continuation of the post-breakout uptrend. The stock is trading within a rising channel and, after finding support at the lower band, is set to move toward the upper band. Additionally, the monthly MACD’s crossover above the zero line reinforces the bullish momentum. The above analysis indicates an upside of Rs 6,300-7,265 levels.
India Nippon Electricals | Buy | Target Price: Rs 1,255-1,455 | Support: Rs 840-750 | Upside Potential: 35-56% On the yearly chart, INDNIPPON has been trending within a medium-term rising channel since 2008, reflecting a sustained structural uptrend. Recently, the stock took support at the lower band of the channel and bounced back sharply, now heading towards the upper band. The stock is well-positioned to sustain its long-term uptrend, following a decisive breakout after eight years of extensive consolidation, signalling strong potential for future growth. Moreover, the recent uptick in volume activity highlights renewed market participation and adds conviction to the breakout move. The above analysis indicates an upside toward Rs 1,255-1,455 levels.
Inox Green Energy Services | Buy | Target Price: Rs 260-285 | Support: Rs 183-173 | Upside Potential: 28-41% Inox Green Energy Services, on the monthly chart, has broken out of a broad consolidation zone between Rs 215 and Rs 110, signalling a resumption of the medium-term uptrend. The stock found support near the 61.8% Fibonacci retracement of the rally from 38 to 225, around 110, and bounced back strongly, forming a solid medium-term support base. A recent bullish crossover on the MACD above the zero line supports the bullish view, indicating strengthening medium-term momentum in alignment with the long-term trend, thereby reinforcing the breakout. The above analysis indicates an upside toward Rs 260-285 levels.
Laurus Labs | Buy | Target Price: Rs 1,030-1,115 | Support: Rs 690-640 | Upside Potential: 36-47% Laurus Labs had been consolidating in a rounded bottom pattern on the quarterly chart, and in September 2025, it broke out above this formation, signalling a continuation of the uptrend. The stock is well-positioned to sustain its long-term uptrend following a decisive breakout after four years of extensive consolidation, indicating strong potential for future growth. On the monthly chart, the stock is forming a higher high–higher low structure, reflecting robust medium-term momentum. Additionally, both quarterly and monthly RSIs are holding above their reference lines and the 50 mark, confirming a positive bias in the stock. The above analysis indicates an upside toward Rs 1,030-1,115 levels.
MTAR Technologies | Buy | Target Price: Rs | Support: Rs 1,610-1,400 | Upside Potential: 23-36% On the monthly chart, MTAR Technologies broke out above a falling channel that had been in place since its all-time high, with a strong bullish candle in September 2025, marking the onset of a medium-term uptrend. This breakout was preceded by the formation of a strong support base in the Rs 1,200–1,250 zone, which was successfully defended multiple times, notably in May 2022 and early 2025, establishing a robust demand zone from which the current reversal emerged. The monthly RSI is also showing a clear shift towards bullish momentum, as it continues to hold above its reference line, further reinforcing the positive outlook. The above analysis indicates an upside toward Rs 2,155-2,380 levels
NBCC (India) | Buy | Target Price: Rs 130-145 | Support: Rs 90-75 | Upside Potential: 30-45% On the yearly chart, NBCC has registered a decisive breakout from a classic 'rounding bottom' formation, pushing firmly above the neckline resistance with a bullish candle. The stock is now establishing a clear pattern of higher highs and higher lows above the breakout level, indicating a strong shift in trend and a positive short-to-medium term bias. The breakout is substantiated by a notable increase in trading volumes, which have been trending upwards. This reflects aggressive buying participation and adds strong conviction to the bullish outlook. The above analysis indicates an upside toward Rs 130-145 levels.
NMDC | Buy | Target Price: Rs 90-105 | Support: Rs 67-60 | Upside Potential: 24-45% On the monthly and quarterly charts, NMDC is trending higher, forming a series of higher tops and bottoms, which denotes a strong uptrend. Multiple resistance zone breakout around Rs 55 levels supported by a significant volume rise, which signals increased participation. Following the breakout, the stock successfully retested the prior resistance zone, which has now turned into a strong support base, further validating the bullish trend. Additionally, the monthly RSI is showing a clear shift towards bullish momentum, as it continues to hold above its reference line, further reinforcing the positive outlook. The above analysis indicates an upside toward Rs 90-105 levels.
One 97 Communications| Buy | Target Price: Rs 1,310-1,505 | Support: Rs 940-860 | Upside Potential: 19-37% On the quarterly chart, since June 2022, Paytm has been consolidating within Rs 1,020-400 levels. However, with the previous quarter’s price action, the stock has decisively surpassed the 'multiple resistance' zones at the Rs 1,030 level on a closing basis. This price action suggests the completion of a long-term base formation, with the previous resistance zone around Rs 1,030 now expected to act as a crucial support level. This bullish view is confirmed by the MACD indicator, which has registered a positive crossover above its zero line, signalling a significant shift in momentum to the upside. The above analysis indicates an upside toward Rs 1,310-1,505 levels.
State Bank of India | Buy | Target Price: Rs 940-1,035 | Support: Rs 790-775 | Upside Potential: 14-25% On the monthly chart, SBI is trending up within the 'up-sloping channel', indicating a sustained strong uptrend. On the monthly chart, the stock has broken out above a downward-sloping trendline at the Rs 833 level on a closing basis, signalling a potential resumption of the primary uptrend. This breakout was accompanied by rising volumes, which specify the increased participation. The monthly RSI is also showing a clear shift towards bullish momentum, as it continues to hold above its reference line, further reinforcing the positive outlook .The above analysis indicates an upside toward Rs 940-1,035 levels.
Syrma SGS Technology | Buy | Target Price: Rs 985-1,080 | Support: Rs 654-585 | Upside Potential: 35-48% On the quarterly chart, Syrma SGS broke out above a horizontal consolidation zone that had persisted for the past eight quarters, with a strong bullish candle in September 2025, signalling the start of a medium-term uptrend. The breakout occurred in the Rs 670–700 zone on strong volumes, turning the prior resistance into a key support level on any corrective dips. Additionally, the monthly RSI continues to hold above its reference line, confirming a clear shift towards bullish momentum, reinforcing the positive outlook. The above analysis indicates an upside, toward Rs 985-1,080 levels
Axis Securities has noted that Samvat 2081 was marked by volatility and relative underperformance, with Indian equities trailing global and emerging markets for the first time since the Covid era. During this period, the Nifty 50 corrected by 16 per cent as of February 2025, while the Mid and Smallcap indices saw steeper declines of 21 per cent and 25 per cent, respectively. These corrections were attributed to increased US policy uncertainty, rising bond yields, and slower domestic growth.
By the conclusion of Samvat 2081, both the Nifty and Sensex had recovered from their lows of 21,743 and 71,425, respectively, having previously achieved record highs of 26,277 and 85,978. The phase was largely one of consolidation, presenting attractive entry points for long-term investors. With the onset of Samvat 2082, the technical outlook appears favourable: the Nifty is seen with upside potential towards 26,300–27,000, supported by key levels between 24,500 and 24,000. Midcap and Smallcap indices are also poised for recovery, suggesting a stock-specific accumulation strategy.
Seasonality analysis of the past decade indicates that major Indian indices have delivered returns between 11 per cent and 17 per cent in Mahurat-to-Mahurat trade over 12 months. The BSE Sensex posted its strongest performance in 2020–21, rising 39 per cent, with only one marginally negative year in 2019–20. Here are are 12 stocks picks from Axis Securities for up to 56% upside:
Aditya Birla Capital | Buy | Target Price: Rs 340-375 | Support: Rs 240-222 | Upside Potential: 31-44% On the quarterly chart, Aditya Birla Capital has registered a decisive breakout above multiple resistance zones around Rs 250, backed by a strong bullish candle. The stock continues to form higher highs and higher lows, while sustaining above its upward-sloping trendline, underscoring a positive medium-term bias. The breakout is supported by a notable surge in volumes, reflecting robust buying interest and adding conviction to the uptrend. Furthermore, the quarterly MACD remains firmly above the zero line, signalling sustained positive momentum in the medium term. The above analysis indicates an upside toward Rs 340-375 levels.
BSE | Buy | Target Price: Rs 2,650-2,885 | Support: Rs 2,000-1,900 | Upside Potential: 19-30% On the monthly chart, the stock is consistently trending higher within a well-defined rising parallel channel, which signifies a robust and sustained uptrend. The lower trendline of this channel has consistently served as a strong support zone, effectively absorbing selling pressure during corrective phases. The recent pullback from the channel's upper boundary has once again brought the stock to this crucial support level, presenting a potentially favourable entry point. The stock has formed a strong bullish candlestick on the monthly chart, signalling increased buying interest at the lower band of the channel. The above analysis indicates an upside toward Rs 2,650-2,885 levels.
Hero MotoCorp | Buy | Target Price: Rs 6,300-7,265 | Support: Rs 4,690-4,480 | Upside Potential: 24-43% On the monthly chart, Hero MotoCorp broke out above a medium-term downward sloping trendline at Rs 3,300 in November 2023 and rallied up to Rs 6,246, followed by a healthy throwback to the breakout level. The subsequent sharp rebound from this trendline confirmed the validity of the breakout and signalled the continuation of the post-breakout uptrend. The stock is trading within a rising channel and, after finding support at the lower band, is set to move toward the upper band. Additionally, the monthly MACD’s crossover above the zero line reinforces the bullish momentum. The above analysis indicates an upside of Rs 6,300-7,265 levels.
India Nippon Electricals | Buy | Target Price: Rs 1,255-1,455 | Support: Rs 840-750 | Upside Potential: 35-56% On the yearly chart, INDNIPPON has been trending within a medium-term rising channel since 2008, reflecting a sustained structural uptrend. Recently, the stock took support at the lower band of the channel and bounced back sharply, now heading towards the upper band. The stock is well-positioned to sustain its long-term uptrend, following a decisive breakout after eight years of extensive consolidation, signalling strong potential for future growth. Moreover, the recent uptick in volume activity highlights renewed market participation and adds conviction to the breakout move. The above analysis indicates an upside toward Rs 1,255-1,455 levels.
Inox Green Energy Services | Buy | Target Price: Rs 260-285 | Support: Rs 183-173 | Upside Potential: 28-41% Inox Green Energy Services, on the monthly chart, has broken out of a broad consolidation zone between Rs 215 and Rs 110, signalling a resumption of the medium-term uptrend. The stock found support near the 61.8% Fibonacci retracement of the rally from 38 to 225, around 110, and bounced back strongly, forming a solid medium-term support base. A recent bullish crossover on the MACD above the zero line supports the bullish view, indicating strengthening medium-term momentum in alignment with the long-term trend, thereby reinforcing the breakout. The above analysis indicates an upside toward Rs 260-285 levels.
Laurus Labs | Buy | Target Price: Rs 1,030-1,115 | Support: Rs 690-640 | Upside Potential: 36-47% Laurus Labs had been consolidating in a rounded bottom pattern on the quarterly chart, and in September 2025, it broke out above this formation, signalling a continuation of the uptrend. The stock is well-positioned to sustain its long-term uptrend following a decisive breakout after four years of extensive consolidation, indicating strong potential for future growth. On the monthly chart, the stock is forming a higher high–higher low structure, reflecting robust medium-term momentum. Additionally, both quarterly and monthly RSIs are holding above their reference lines and the 50 mark, confirming a positive bias in the stock. The above analysis indicates an upside toward Rs 1,030-1,115 levels.
MTAR Technologies | Buy | Target Price: Rs | Support: Rs 1,610-1,400 | Upside Potential: 23-36% On the monthly chart, MTAR Technologies broke out above a falling channel that had been in place since its all-time high, with a strong bullish candle in September 2025, marking the onset of a medium-term uptrend. This breakout was preceded by the formation of a strong support base in the Rs 1,200–1,250 zone, which was successfully defended multiple times, notably in May 2022 and early 2025, establishing a robust demand zone from which the current reversal emerged. The monthly RSI is also showing a clear shift towards bullish momentum, as it continues to hold above its reference line, further reinforcing the positive outlook. The above analysis indicates an upside toward Rs 2,155-2,380 levels
NBCC (India) | Buy | Target Price: Rs 130-145 | Support: Rs 90-75 | Upside Potential: 30-45% On the yearly chart, NBCC has registered a decisive breakout from a classic 'rounding bottom' formation, pushing firmly above the neckline resistance with a bullish candle. The stock is now establishing a clear pattern of higher highs and higher lows above the breakout level, indicating a strong shift in trend and a positive short-to-medium term bias. The breakout is substantiated by a notable increase in trading volumes, which have been trending upwards. This reflects aggressive buying participation and adds strong conviction to the bullish outlook. The above analysis indicates an upside toward Rs 130-145 levels.
NMDC | Buy | Target Price: Rs 90-105 | Support: Rs 67-60 | Upside Potential: 24-45% On the monthly and quarterly charts, NMDC is trending higher, forming a series of higher tops and bottoms, which denotes a strong uptrend. Multiple resistance zone breakout around Rs 55 levels supported by a significant volume rise, which signals increased participation. Following the breakout, the stock successfully retested the prior resistance zone, which has now turned into a strong support base, further validating the bullish trend. Additionally, the monthly RSI is showing a clear shift towards bullish momentum, as it continues to hold above its reference line, further reinforcing the positive outlook. The above analysis indicates an upside toward Rs 90-105 levels.
One 97 Communications| Buy | Target Price: Rs 1,310-1,505 | Support: Rs 940-860 | Upside Potential: 19-37% On the quarterly chart, since June 2022, Paytm has been consolidating within Rs 1,020-400 levels. However, with the previous quarter’s price action, the stock has decisively surpassed the 'multiple resistance' zones at the Rs 1,030 level on a closing basis. This price action suggests the completion of a long-term base formation, with the previous resistance zone around Rs 1,030 now expected to act as a crucial support level. This bullish view is confirmed by the MACD indicator, which has registered a positive crossover above its zero line, signalling a significant shift in momentum to the upside. The above analysis indicates an upside toward Rs 1,310-1,505 levels.
State Bank of India | Buy | Target Price: Rs 940-1,035 | Support: Rs 790-775 | Upside Potential: 14-25% On the monthly chart, SBI is trending up within the 'up-sloping channel', indicating a sustained strong uptrend. On the monthly chart, the stock has broken out above a downward-sloping trendline at the Rs 833 level on a closing basis, signalling a potential resumption of the primary uptrend. This breakout was accompanied by rising volumes, which specify the increased participation. The monthly RSI is also showing a clear shift towards bullish momentum, as it continues to hold above its reference line, further reinforcing the positive outlook .The above analysis indicates an upside toward Rs 940-1,035 levels.
Syrma SGS Technology | Buy | Target Price: Rs 985-1,080 | Support: Rs 654-585 | Upside Potential: 35-48% On the quarterly chart, Syrma SGS broke out above a horizontal consolidation zone that had persisted for the past eight quarters, with a strong bullish candle in September 2025, signalling the start of a medium-term uptrend. The breakout occurred in the Rs 670–700 zone on strong volumes, turning the prior resistance into a key support level on any corrective dips. Additionally, the monthly RSI continues to hold above its reference line, confirming a clear shift towards bullish momentum, reinforcing the positive outlook. The above analysis indicates an upside, toward Rs 985-1,080 levels