The Indian markets have been one of the best-performing markets in this calendar year as well as in the last 1 year. The Nifty50 is up 27 per cent, and over 50 per cent in the last one year.

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The Indian markets have been resilient as it climbed all wall of worries, be it the second Covid wave in the country in April-May 2021, or the third wave expectations during the August-September 2021.

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After a sharp rally seen in the last 12 months, there is a possibility of some consolidation; hence, investors should stay stock specific.

"Samvat 2077 has been a record-breaking one with the Nifty and the Sensex making a vertical movement on the back of liquidity in the market," Rahul Sharma, Co-Founder, Equity99, said.

"This SAMVAT, we don't expect any major upmove considering the volatility in the markets, as they have already made its upmove and is consolidating at the top level," he said.

Samvat 2077 started off with a robust bull run led by outperformance in the broader market. The S&P BSE Mid-cap index surged more than 70 per cent, while the S&P BSE Small-cap index gained more than 90 percent in the last 1 year.

The broader market has outperformed the large cap universe in the last one year after a muted performance seen in the calendar years 2018 and 2019.

“SAMVAT 2077 returns were broad-based primarily on account of better participation witnessed across stock categories as well as sectors, which were relatively narrow in the pre-pandemic years,” Axis Securities said in a report.

“The stocks are selected from different sectors and from fundamentally sound companies, which may help you to diversify your investments,” the report added.

We have collated a list of technical trading ideas from various brokerage firms from the large, small and midcap space that could give a 15-36% return in the next 6-12 months. Returns are calculated based on closing price as on 2 November:

Brokerage Firm: Prabhudas Lilladher

Cummins India: Buy| LTP: Rs 911| Target: Rs 1240| Stop Loss: Rs 800| Upside 36%

The stock has overall been in an ascending mode as indicated by the channel pattern in the weekly chart and recently reached the support base level near 850 levels and showing signs of a reversal from where on we anticipate further upward move with improving bias.

The RSI indicator after the slide has also flattened out and is well placed anticipating strong pullback. With the chart looking good, we suggest to buy and accumulate the stock for an upside positional target of Rs 1150-1240 keeping the stop loss of Rs 800.

Brokerage Firm: HDFC Securities Ltd

BPCL: Buy| LTP: Rs 416| Target: Rs 490-540| Stop Loss: Rs 335| Upside 30%

After a sharp decline, the stock is currently holding above the upward sloping trend line. The stock has taken at multiple supports. Traders can expect a bounce from the current blue marked level.

Currently, the stock is trading near the lower level of the Bollinger band suggesting a bounce for the stock from the current level.

The stock is also trading near 200 Days EMA suggesting bullishness in the stock. The monthly 14 periods RSI has sustained above 40-45 levels and may gradually move up.

Considering the technical evidence discussed above, we recommend buying BPCL at CMP and average at 370, for the upside targets of 490 and 540, keeping a stop-loss at 335.

Federal Bank: Buy| LTP: Rs 102| Target: Rs 115-122| Stop Loss: Rs 82.60| Upside 19%

The stock has provided a breakout on the monthly chart, which is a bullish development. The stock is continuously forming higher highs and higher lows on the weekly chart, which indicates a continuation of an uptrend.

Price is trading above all key moving averages on both daily and weekly charts, which suggests that current momentum would continue in the coming days.

The monthly 14 periods RSI has surpassed the level of 60, which indicates the sustained bullish trend. The stock price breakout is accompanied by higher volumes.

Considering the technical evidence above, we recommend buying Federal Bank Ltd at CMP and average at 89, for the upside targets of Rs 115 and Rs 122, keeping the stop-loss at Rs 82.60.

Heritage Foods: Buy| LTP: Rs 533| Target: Rs 605-670| Stop Loss: Rs 430| Upside 25%

The stock price has broken out from the symmetrical triangle on the monthly chart with higher volumes.

The primary trend of the stock is positive, where it is trading above its 5-and 20-month EMA. The monthly 14 periods RSI is placed above 60 and sloping upwards, indicating strength in the current uptrend.

Plus DI is placed above Minus DI, while ADX line is placed above 25 on the monthly chart, indicating momentum in the current uptrend.

Considering the technical evidence discussed above, we recommend buying Heritage food Ltd at CMP and average at 470, for the upside targets of Rs 605 and Rs 670, keeping the stop-loss at Rs 430.

Manappuram Finance: Buy| LTP: Rs 198| Target: Rs 247-268| Stop Loss: Rs 170| Upside 35%

In the month of October 2021, stock hits a fresh all-time high of 210.90 with rising volumes. The stock has been forming higher tops and higher bottoms on the weekly and monthly charts.

The stock price has been holding above all important moving averages. Stock price has broken out from the ascending triangle on the monthly chart.

In July 2021, the stock registered a multi-month breakout with a jump in volumes. However, post-breakout stock witnessed running correction towards 155 levels. In October 2021, the stock resumed the primary uptrend.

Indicators and oscillators like DMI and RSI have turned bullish on the monthly charts. Considering the Technical evidences discussed above, we recommend buying Manappuram Finance at CMP and averaging it at 180, for the upside targets of Rs 247 and Rs 268, keeping the stop-loss at Rs 170.

UPL: Buy| LTP: Rs 720| Target: Rs 851-910| Stop Loss: Rs 629| Upside 26%

UPL is in a strong uptrend on the major time frame. After making a life-high on 11th June 2021, it started correcting and halted near 686 levels, which also coincides with Fibonacci retracement support (23.6%).

The stock has also formed a piercing candlestick pattern on the weekly chart after the healthy correction, indicating resumption of the primary uptrend.

The stock is continuously forming higher tops and higher bottom on the weekly chart, which is a bullish continuation structure.

The weekly 14 periods RSI has turned up after taking support from 40 levels, which suggests the stock is gaining the bullish momentum. MACD line above zero line added further confirmation of the upside momentum.

Considering the technical evidence above, we recommend buying UPL Ltd at the current market price and average at 670, for the upside targets of Rs 851 and Rs 910, keeping a stop-loss at Rs 629.

Brokerage Firm: Axis Securities

KEC International: Buy| LTP: Rs 452| Target: Rs 535-565| Stop Loss: Rs 440-410| Upside 25%

Since 2013, the stock is in a strong uptrend forming a series of higher tops and higher bottom. With the current close, the stock has decisively broken out monthly “Multiple Resistance Zone” of the 470-480 levels, which reconfirms the resumption of a major uptrend.

On the yearly chart, the stock has surpassed its past four years consolidation range. Volumes have been rising and were above average in the initial uptrend.

The monthly and quarterly RSI has given a bullish crossover indicating that the momentum has turned positive. The above analysis indicates an upside of 535-565.

State Bank of India: Buy| LTP: Rs 521| Target: Rs 600| Stop Loss: Rs 450-425| Upside 15%

After a steep correction, the stock has found support near the 61.80% retracement levels indicating that the bulls have entered into the stock.

On the yearly chart, the stock has given a multi-year resistance breakout at the 300 levels, whereas on the monthly timeframe, stock has bounced after forming a big Doji candle formation indicating a change of trend to the upside.

Volumes were strong when the stock found support at lower levels indicating accumulation at lower levels.

The momentum is expected to turn more bullish as soon as the RSI gives a bullish crossover. The above analysis indicates an upside of 570-600.

Ashok Leyland: Buy| LTP: Rs 144| Target: Rs 165-170| Stop Loss: Rs 125-115| Upside 18%

With the current close, the stock has decisively broken out its past 10 months “Consolidation Range” (140-100) at the 140 levels indicating a strong comeback by the bulls.

On the yearly chart, the stock has confirmed the “Hammer” – trend reversal pattern, which signals increased participation at lower levels.

The stock is well placed above its 50-day, 100-day and 200-day SMAs’ which reconfirms the strong up trend. The monthly and quarterly RSI is trending higher indicating that the momentum is quite strong even after the breakout. The above analysis indicates an upside of 165-170.

SBI Cards & Payment Services: Buy| LTP: Rs 1071| Target: Rs 1275-1330| Stop Loss: Rs 1000-940| Upside 24%

Since January 2021, the stock is under strong accumulation in an “Ascending Triangle” formation and the expected breakout range is around 1160 levels. Currently, the stock is trading near its apex point and on the verge of breakout.

As on the weekly and monthly time frame, the stock is trending higher forming a series of rising bottoms, which signals rising participation on dips.

The stock is well placed above its 20, 50-, 100- and 200-day SMA, which supports the bullish sentiments ahead.

The weekly RSI and Stochastic both are in a bullish mode, which supports upside momentum. The above analysis indicates an upside of 1275-1330.

(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.)