Muhurat Trading 2026: Banks, chemicals or AI infrastructure — where are brokerages placing their bets?

As Indian stock markets prepare for Muhurat Trading 2026 and the beginning of Samvat 2083, brokerages are recommending stocks across banking, chemicals, technology, infrastructure and manufacturing. While the market has recovered sharply in recent sessions, analysts believe the next phase of gains will depend on corporate earnings, valuations and economic conditions.

ICICI Securities has identified 10 stocks with potential upside of 17–34%, while Samco has recommended 12 investment opportunities, including Indian equities and US-listed exchange-traded funds (ETFs).

But which sectors are attracting attention, and what should investors consider before investing?

Banking and financial services

Banking remains an important theme in brokerage recommendations.

ICICI Securities has picked Kotak Mahindra Bank with a target price of ₹540, implying 17% upside. The brokerage expects net interest margins to recover from around 4.31%, supported by surplus liquidity, loan growth and higher-yielding retail products.

Samco, meanwhile, has recommended BSE with a target price of ₹5,441, reflecting expectations of renewed upward momentum following a correction.

However, banking stocks remain sensitive to interest rates, credit growth and asset quality, while exchange-related businesses face trading-volume and regulatory risks.

Chemicals

Specialty chemicals are another investment theme.

ICICI Securities has recommended Neogen Chemicals with a target price of ₹2,765, indicating 32% potential upside.

The company manufactures bromine- and lithium-based chemicals used in pharmaceuticals, agrochemicals and battery materials.

Its expansion into lithium battery materials could support future growth. However, execution delays and fluctuations in chemical demand remain key risks.

AI infrastructure and manufacturing

ICICI Securities' highest-upside recommendation is Venus Pipes and Tubes, with a target price of ₹2,340, implying 34% upside.

The company manufactures stainless-steel pipes and tubes and is expanding into higher-margin applications, including data centres, semiconductors and nuclear power.

Samco has recommended Azad Engineering, with a target of ₹5,108 against its suggested buying range of ₹2,405–2,485.

The brokerage also favours Tech Mahindra, setting a target of ₹2,904.50 following a technical breakout.

These companies offer exposure to different business drivers, from industrial manufacturing to technology services. However, they should not all be treated as direct AI investments.

What about infrastructure and consumer businesses?

ICICI Securities has selected Adani Ports and SEZ, with a target price of ₹2,210, implying 19% upside.

The brokerage expects cargo growth and expansion in logistics and warehousing to support earnings.

Its other recommendations include Indian Hotels, Ethos, Apollo Micro Systems, Zydus Lifesciences, Saregama India and Info Edge.

This reflects opportunities beyond technology, including hospitality, healthcare, defence and consumer spending.

Should investors buy individual stocks or diversify?

Brokerage targets represent potential returns, not guaranteed outcomes. Different recommendations also carry varying investment horizons and risks.

Investors should examine valuations, earnings visibility and portfolio concentration before making decisions.

Rather than chasing stocks with the highest projected upside, a diversified approach across sectors may help manage company-specific risks.

For Samvat 2083, the key question is not simply which sector could deliver the biggest gains, but whether those gains are supported by sustainable earnings growth.