Top picks for New Year 2023: Axis Securities suggests these 9 stocks to buy

In 2022, the Indian stock market outperformed other global and emerging markets by a notable margin, which was primarily driven by the country’s robust economic outlook despite multiple headwinds it faced such as the Russia-Ukraine geopolitical crisis, policy tightening, rising inflation, and volatile FII flows. The broader market in India, too, showed remarkable resilience in the last one year vis-à-vis its global peers. The Indian economy stands in a sweet spot of growth and remains the land of stability against the backdrop of a volatile global economy. The majority of the high-frequency indicators are trending upwards and the uptick from the pre-Covid levels is visible, indicating the resilience of the Indian economy, said domestic brokerage and research firm Axis Securities. 

For the next 6-9 months, the market may continue to be influenced by the evolving macroeconomic data points. Currently, the consensus has been built for the lower quantum of rate hikes by the US FED going forward. While the index are hovering near the peak of the rising interest rate cycle, it still continues to be dependent on the evolving data points. Nonetheless, the brokerage house believes the US FED may take a pause sometime in mid-2023. 

“Historically, over a short span, the world has never seen rate hikes as fast as it witnessed this year. Hence, the chances to go wrong have increased in the last couple of months. This could be a slowdown in global growth or a recession in the developed economy. If the market sails through the next 6-9 months smoothly, then we are likely to see the next level of triggers emerging in the market,” the note stated.

Axis Securities’ New Year top stock picks –

V-Mart Ltd target price ₹3,500

Trent Ltd (TP: ₹1,650)

Rites Ltd (TP: ₹405)

Federal Bank (TP: ₹160)

MAS Financial Services Ltd (TP: ₹955)

Cholamandalam Invst and Finance (TP: ₹845)

Cipla Ltd (TP: ₹1,260)

Hindustan Unilever (HUL) (TP: ₹3,000)

Astral Ltd (TP: ₹2,280)

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

With Thanks Reference to: https://www.livemint.com/market/stock-market-news/top-stock-picks-for-new-year-2023-axis-securities-suggests-these-9-stocks-to-buy-11672305892735.html