Bharti Airtel, DMart, HDFC Bank, SBI among top 15 November picks by Axis Securities

Axis Securities has turned increasingly bullish on Indian equities, noting a robust 1,100-point rally in the Nifty 50 during October 2025. In its latest Top Picks report for November, the brokerage attributes the sharp upmove to better-than-expected earnings, an early sign of consumption pick-up, and improving investor sentiment.

Against this backdrop, Axis Securities continues to favour domestically focused themes, reiterating its strategy of investing in Growth at a Reasonable Price (GARP) and quality stocks. The brokerage maintains an overweight stance on BFSI, telecom, consumption, and hospitals, while recommending a cautious stance on export-oriented sector due to tariff overhang.

The brokerage has retained its March 2026 Nifty target at 25,500, valuing the index at 20 times its March 2027 earnings. While the Indian economy is well-positioned for growth, the report flags key risks. The market is expected to closely monitor developments in the India-USA negotiations on tariffs, especially amid growing pressure from the Trump administration over Indian imports and crude oil purchases from Russia.

Axis Securities has released a list of 15 preferred stocks for November 2025, spanning large-cap, mid-cap, and small-cap segments, along with their target prices.

Large-cap picks

In the large-cap basket, the brokerage remains optimistic on financials. It has recommended Bajaj Finance Ltd with a target price of Rs 1,160. State Bank of India Ltd (SBI) follows with a Rs 1,055 target, alongside HDFC Bank Ltd at Rs 1,170. The list also features Shriram Finance Ltd with a Rs 860 target.

Outside the financial sector, Axis Securities has chosen Bharti Airtel Ltd (target Rs 2,300), Avenue Supermarts Ltd (DMart) (target Rs 4,960), and Max Healthcare Institute Ltd (target Rs 1,450).

Mid-cap picks

In the mid-cap space, the brokerage highlights Hero MotoCorp Ltd (target Rs 6,245), Prestige Estates Projects Ltd (target Rs 2,000), and APL Apollo Tubes Ltd (target Rs 2,100).

Small-cap picks

Among small-caps, Axis Securities recommends Mahanagar Gas Ltd (target Rs 1,540). In a notable portfolio change, it has added Inox Wind Ltd (target Rs 190) while booking profits in Lupin Ltd. Other small-cap favourites include Kirloskar Brothers Ltd (target Rs 2,330), Sansera Engineering Ltd (target Rs 1,720), and Kalpataru Projects International Ltd (target Rs 1,475).

While the medium- to long-term outlook remains constructive, the brokerage expects short-term volatility. It advises investors to maintain good liquidity (10-15 per cent) to capitalise on market dips and gradually accumulate high-quality stocks.