Diwali picks: Adani Power, ICICI Bank, M&M CG Power among top stocks to buy; check details
Brokerage firm Bajaj Broking has suggested select stocks including ICICI Bank, Adani Power, Mahindra & Mahindra, Varun Beverages and more. Check details
- Nov 3, 2026,
- Updated Nov 3, 2026 12:00 PM IST
Indian equities face near-term volatility from geopolitical tensions, elevated crude prices and rising bond yields. However, resilient Q2FY27 earnings, reinforce the domestic growth outlook. With Nifty valuations below long-term averages, Bajaj Broking remain constructive, expecting earnings-led recovery and healthy market returns over the next 12 months. Here are its top picks for Diwali 2026:
ICICI Bank share target price The share price of ICICI Bank Ltd is in strong positive trend and is outperforming the Bank Nifty. On the ICICI Bank/Bank Nifty ratio chart it has generated a breakout above falling supply line joining last 15 months highs signaling strength and extension of the recent outperformance. On the weekly chart the stock is sustaining above its 52 weeks EMA and the rising demand line joining the current year low highlighting strength. We expect the stock to extend the outperformance and head towards Rs 1,570 in the long term being the 123.6% external retracement of the previous major decline from Rs 1,500-1,188. The weekly 14 periods RSI is in uptrend and is sustaining above its nine periods average thus validates positive bias in the stock .
Adani Power share target price The last 5 months corrective decline in the share price of Adani Power Ltd has approached maturity as the stock is seen rebounding taking support at the major support area of Rs 175 being the confluence of the 52 weeks EMA and the neckline of the previous major cup & handle breakout area of April 2026. The stock has rebounded from the support area and has started forming higher high in the weekly chart signaling positive momentum returning in the stock . We expect the stock to resume its primary up trend and head towards Rs 223 levels in the coming quarters being the 61.8 per cent retracement of the previous decline Rs 254-175. The weekly stochastic has also generated buy signal highlighting strength .
Lloyds Engineering Works share target price Lloyds Engineering Works Ltd is an outperformer in the current year and is forming higher high and higher low in the long - term chart . In the current year it has generated a breakout above the 2-year consolidation range of Rs 77-35 and has rallied higher in the current year. The stock has strong support at Rs 77-75 levels being the upper band of the recent range breakout and 52 weeks EMA. We expect the stock to extend its outperformance and head towards Rs 99-104 levels in the coming quarters being the recent all time high. On the volume front the stock has seen price rise with strong volume while at price decline the volume is relatively low, highlighting larger participation at the direction of trend.
Besides these technical picks, Bajaj Broking Ltd has shared a number of Fundamental stock ideas as well, across various segments and sectors. It sees around 15 per cent upside in these counters.
It includes picks like Mahindra & Mahindra Ltd (Target Price: Rs 3,251), Varun Beverages Ltd (Target Price: Rs 459), CG Power & Industrial Solutions Ltd (Target Price: Rs 938), GE Vernova T&D India (Target Price: Rs 4,545), Sudarshan Chemical Industries (Target Price: Rs 1,144) and Rolex Rings Ltd (Target Price: Rs 185).
Indian equities face near-term volatility from geopolitical tensions, elevated crude prices and rising bond yields. However, resilient Q2FY27 earnings, reinforce the domestic growth outlook. With Nifty valuations below long-term averages, Bajaj Broking remain constructive, expecting earnings-led recovery and healthy market returns over the next 12 months. Here are its top picks for Diwali 2026:
ICICI Bank share target price The share price of ICICI Bank Ltd is in strong positive trend and is outperforming the Bank Nifty. On the ICICI Bank/Bank Nifty ratio chart it has generated a breakout above falling supply line joining last 15 months highs signaling strength and extension of the recent outperformance. On the weekly chart the stock is sustaining above its 52 weeks EMA and the rising demand line joining the current year low highlighting strength. We expect the stock to extend the outperformance and head towards Rs 1,570 in the long term being the 123.6% external retracement of the previous major decline from Rs 1,500-1,188. The weekly 14 periods RSI is in uptrend and is sustaining above its nine periods average thus validates positive bias in the stock .
Adani Power share target price The last 5 months corrective decline in the share price of Adani Power Ltd has approached maturity as the stock is seen rebounding taking support at the major support area of Rs 175 being the confluence of the 52 weeks EMA and the neckline of the previous major cup & handle breakout area of April 2026. The stock has rebounded from the support area and has started forming higher high in the weekly chart signaling positive momentum returning in the stock . We expect the stock to resume its primary up trend and head towards Rs 223 levels in the coming quarters being the 61.8 per cent retracement of the previous decline Rs 254-175. The weekly stochastic has also generated buy signal highlighting strength .
Lloyds Engineering Works share target price Lloyds Engineering Works Ltd is an outperformer in the current year and is forming higher high and higher low in the long - term chart . In the current year it has generated a breakout above the 2-year consolidation range of Rs 77-35 and has rallied higher in the current year. The stock has strong support at Rs 77-75 levels being the upper band of the recent range breakout and 52 weeks EMA. We expect the stock to extend its outperformance and head towards Rs 99-104 levels in the coming quarters being the recent all time high. On the volume front the stock has seen price rise with strong volume while at price decline the volume is relatively low, highlighting larger participation at the direction of trend.
Besides these technical picks, Bajaj Broking Ltd has shared a number of Fundamental stock ideas as well, across various segments and sectors. It sees around 15 per cent upside in these counters.
It includes picks like Mahindra & Mahindra Ltd (Target Price: Rs 3,251), Varun Beverages Ltd (Target Price: Rs 459), CG Power & Industrial Solutions Ltd (Target Price: Rs 938), GE Vernova T&D India (Target Price: Rs 4,545), Sudarshan Chemical Industries (Target Price: Rs 1,144) and Rolex Rings Ltd (Target Price: Rs 185).