PNB, Coforge, Adani Energy, Zydus Life, KDDL shares: Top 5 Diwali picks by Nuvama
Adani Energy shares: Nuvama said the Adani group stock is showing encouraging signs of a structural trend reversal after breaking out of a three-year consolidation phase in April 2026.
- Nov 4, 2026,
- Updated Nov 4, 2026 3:12 PM IST
Punjab National Bank (PNB), Coforge Ltd, Adani Energy Solutions Ltd, Zydus Lifesciences Ltd and KDDL Ltd are Nuvama Institutional Equities' top 5 technical picks this Diwali.
PNB Nuvama said PNB is approaching a crucial technical breakout, with its monthly chart testing a 15-year downward-sloping resistance trendline. The broader structure reflects a compressed symmetrical triangle, characterised by progressively lower highs and higher lows, it said.
"On the weekly chart, a clearer symmetrical triangle has developed since June 2024, supported by a strong reversal from the 50% Fibonacci retracement. Sustained higher lows indicate improving buying interest, while a decisive breakout could trigger a significant long-term trend reversal," it said.
Coforge Nuvama said Coforge continued to demonstrate exceptional relative strength, registering its highest-ever weekly and monthly closing. The IT stock has staged a strong reversal from its 200-WMA, historically a key support zone. Interestingly, while the index made fresh lows in July, Coforge held above its previous lows, highlighting underlying strength.
Coforge can lead the IT pack going forward, Nuvama said.
Adani Energy Nuvama said the Adani group stock is showing encouraging signs of a structural trend reversal after breaking out of a three-year consolidation phase in April 2026. On the monthly chart, the Adani Energy stock is currently retracing towards its 50 per cen Fibonacci level, which coincides with the previous breakout zone, it said.
"Importantly, the weekly chart also shows a positive 50-WMA crossover, strengthening the bullish setup. The ongoing retest offers an attractive risk-reward opportunity," it said.
Zydus Life Zydus Life continued to display strong technical momentum, supported by a series of higher lows over the past 15–18 months.
Following an 18-month price breakout in April, the stock registered its highest-ever quarterly closing in September, Nuvama said,
The latest five-month consolidation breakout, accompanied by its highest weekly closing in two years, suggests a fresh leg of upside, the domestic brokerage said.
"Importantly, its relative strength against Nifty Pharma is approaching 2024 highs, highlighting renewed sectoral leadership and sustained institutional interest," it added.
KDDL KDDL is displaying a strong bullish setup following a decisive breakout from a 30-month symmetrical triangle consolidation. The breakout was preceded by a strong reversal from its 200-WMA, Nuvama said.
"After a sharp rally, the stock is currently retesting its previous resistance zone, which is now acting as support, highlighting a positive change in polarity," Nuvama said.
Nuvama said the entire structure on a broader timeframe resembled a bullish pole-and-flag formation, with the recent breakout and subsequent retest suggesting potential for another leg of upside.
Punjab National Bank (PNB), Coforge Ltd, Adani Energy Solutions Ltd, Zydus Lifesciences Ltd and KDDL Ltd are Nuvama Institutional Equities' top 5 technical picks this Diwali.
PNB Nuvama said PNB is approaching a crucial technical breakout, with its monthly chart testing a 15-year downward-sloping resistance trendline. The broader structure reflects a compressed symmetrical triangle, characterised by progressively lower highs and higher lows, it said.
"On the weekly chart, a clearer symmetrical triangle has developed since June 2024, supported by a strong reversal from the 50% Fibonacci retracement. Sustained higher lows indicate improving buying interest, while a decisive breakout could trigger a significant long-term trend reversal," it said.
Coforge Nuvama said Coforge continued to demonstrate exceptional relative strength, registering its highest-ever weekly and monthly closing. The IT stock has staged a strong reversal from its 200-WMA, historically a key support zone. Interestingly, while the index made fresh lows in July, Coforge held above its previous lows, highlighting underlying strength.
Coforge can lead the IT pack going forward, Nuvama said.
Adani Energy Nuvama said the Adani group stock is showing encouraging signs of a structural trend reversal after breaking out of a three-year consolidation phase in April 2026. On the monthly chart, the Adani Energy stock is currently retracing towards its 50 per cen Fibonacci level, which coincides with the previous breakout zone, it said.
"Importantly, the weekly chart also shows a positive 50-WMA crossover, strengthening the bullish setup. The ongoing retest offers an attractive risk-reward opportunity," it said.
Zydus Life Zydus Life continued to display strong technical momentum, supported by a series of higher lows over the past 15–18 months.
Following an 18-month price breakout in April, the stock registered its highest-ever quarterly closing in September, Nuvama said,
The latest five-month consolidation breakout, accompanied by its highest weekly closing in two years, suggests a fresh leg of upside, the domestic brokerage said.
"Importantly, its relative strength against Nifty Pharma is approaching 2024 highs, highlighting renewed sectoral leadership and sustained institutional interest," it added.
KDDL KDDL is displaying a strong bullish setup following a decisive breakout from a 30-month symmetrical triangle consolidation. The breakout was preceded by a strong reversal from its 200-WMA, Nuvama said.
"After a sharp rally, the stock is currently retesting its previous resistance zone, which is now acting as support, highlighting a positive change in polarity," Nuvama said.
Nuvama said the entire structure on a broader timeframe resembled a bullish pole-and-flag formation, with the recent breakout and subsequent retest suggesting potential for another leg of upside.