The Indian markets ended higher for the second session in a row amid Russia-Ukraine war as the benchmarks Nifty50 and the Sensex gained 0.81% and 0.70% respectively on Monday.

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The rally was driven by metal, oil & gas, IT and consumer durable stocks as the Nifty Metal index surged 4.95%. India's volatility index (VIX) 6.84% to close at 28.57. Nifty midcap and small cap indices gained 0.97% and 0.59% respectively.  

Meanwhile, as many as 3592 stocks were traded on the BSE, of which 2053 advanced, 1410 declined and 129 remained unchanged on Monday. Besides, 103 stocks traded on a new 52-week high and 56 stocks touched fresh lows on Monday.  

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As markets continue to show knee-jerk reaction amid geopolitical tensions, rising crude prices and macro data, ICICI Direct is of the view that 16,200 would act as strong support going ahead.  

"Holding above the same would keep pullback options open. Further, a decisive close above 16800 along with cool off in VIX and crude oil prices will add fuel to the ongoing pullback rally towards 17200," it says.  

Saying that Nifty has significantly corrected for the past three weeks, ICICI Direct believes a pullback rally is only around the corner.  It believes medium to long-term thesis of Indian equities market remains intact and investors should take this correction as an opportunity to add companies with sustainable visibility.    

Based on its research, ICICI Direct research has identified 8 stocks to buy during volatility. 

These are State Bank of India, Mindtree, Ambuja Cement, Balkrishna Industries, Aditya Birla Fashion & Retail, India Energy Exchange (IEX), Grindwell Norton and Balrampur Chini. The brokerage believes that investors can expect a return of 11 to 15 per cent upside in these stocks in three months.  

SBI | Target Price: Rs 545
The State Bank of India can show an upside of 14% if bought in the range of Rs 475-485 per share.  
PSU banking Index has recently witnessed structural turnaround and the State Bank of India has been an outperformer within the PSU banking space maintaining higher peak and higher trough in long-term chart, says ICICI Direct. "We expect it to continue its outperformance," it adds.  

Mindtree | Target Price: 4148
The brokerage recommends buying this IT consulting and software services providers' stock in the range of Rs 3700-3780.  This translates into an upside of 11% for this IT stock in three months.  
"Mindtree is forming a potential double formation in the vicinity of long term 52 weeks EMA. Hence, it offers a fresh entry opportunity with favourable risk reward," underlines the research.  

Ambuja Cement | Target Price: Rs 348
The buying range for this cement stock is 295-310. It can show an upside of 15% on the upper price band. "After six quarters of strong up move, cement stocks have witnessed shallow retracement in the last two quarters and are currently seen rebounding taking support at the previous major multi-year breakout area thus offers fresh entry opportunity," it said.  

Balkrishna Industries | Target Price: Rs 2010
As per ICICI Direct, one can buy this stock in the range of Rs 1720-1790 for an upside of 14%. It sees target price of Balkrishna Industries touching Rs 2010 in 3 months.  
"The auto ancillary space witnessed profit booking in the last two months after the stupendous rally of CY21.We believe the last two month’s profit booking has helped to work off the overbought condition and is currently placed at an attractive level," says ICICI direct.
 

Aditya Birla Fashion & Retail | Target Price: Rs 305
Buy this retail share in the range of Rs 258-268 for target of Rs 305, an upside of 15%.  The brokerage is of the view that Aditya Birla Fashion & Retail price has resolved out of its six-year consolidation phase (|258-|88) signaling structural turnaround and new bull cycle ahead.  

IEX | Target Price: Rs 232
The research suggests to buy this energy sector stock in the range of Rs 196-206 for an upside of 14%.  

"The share price of IEX isseen rebounding after taking support at 80% retracement of major upmove (|152-335) and in vicinity of 52weeks EMA signalling fresh entry opportunity and favourable risk-reward at current juncture."

Grindwell Norton | Target Price: Rs 1800
Buy in the range of 1550-1620 for target price of Rs 1800 in three months. This is again a 14% upside.
Currently seen rebounding from the rising 200 days EMA (placedat|1512) and the 61.8% retracement of the previous major up move (|1161-2018), thus offering a fresh entry point, it says.  

Balrampur Chini | Target Price: Rs 445
Recommending to buy in the range of Rs 380-395, ICICI Direct sees an upside of 15% in this sugar stock. Target price for Balrampur Chini in 3 months is Rs 445 per share.  

"The sugar stocks have remained in structural uptrend forming higher peak and higher trough in the long-term chart. The stock after the last one month’s breather is seen forming higher base around last year’s highs placed around380 levels and is expected that the stock would maintain higher bias."

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)