Markets are currently navigating a phase of heightened volatility, with the Nifty and broader market indices witnessing a meaningful correction from their recent highs. The weakness is less a reflection of any fundamental deterioration in the domestic earnings cycle and more a consequence of a combination of external pressures. To navigate Samvat 2083, here are 12 stocks that Axis Direct says are showing strong technical indicators.

Aurobindo Pharma

The pharma company currently trades at a CMP of Rs 1,660, with a target price of Rs 2,100, representing a potential upside of 39% over a 12-month time frame. Aurobindo Pharma’s long-term chart shows a breakout above a prolonged consolidation range, followed by a retest of the breakout zone around Rs 1,000–1,100. The subsequent rebound suggests that the former resistance zone is acting as support, strengthening the case for a continuation of the broader uptrend.

Hindustan Aeronautics

State-owned defence major trades at a CMP of Rs 4,870 and has a target price of Rs 5,850, offering a potential upside of 25% over a 12-month time frame. On the monthly chart, HAL has consolidated within a contracting range following a strong uptrend, forming a symmetrical triangle. The price has recently moved above the descending trendline, suggesting a potential resumption of the broader uptrend.

IOL Chemicals and Pharmaceuticals

The company has a CMP of Rs 185 and a target price of Rs 235, which reflects a potential upside of 45% over a 12-month time frame. On the six-monthly chart, IOLCP appears to be emerging from a prolonged consolidation that followed a strong advance. The recent move above the upper boundary of this range suggests a potential resumption of the broader uptrend.

Jyoti CNC Automation

The share price currently trades at a CMP of Rs 957, with a target price set at Rs 1,255, implying a potential upside of 48% over a 12-month time frame. On the quarterly chart, Jyoti CNC Automation Limited has broken above the upper boundary of a descending channel, signalling a potential improvement in its broader price structure.

The Karnataka Bank

The private lender trades at a CMP of Rs 306 and carries a target price of Rs 395, offering a potential upside of 45% over a 12-month time frame. On the long-term chart, the stock has broken out of a prolonged sideways consolidation and subsequently tested the breakout zone over three consecutive candles.

Dr. Lal Path Labs

The healthcare stock has a CMP of Rs 1,912 and a target price of Rs 2,285, indicating a potential upside of 34% over a 12-month time frame. On the quarterly chart, Dr. Lal PathLabs has formed a broad rounding base following a sharp correction from its earlier peak. The gradual recovery, supported by higher lows along a rising trendline, suggests improving buying interest.

Mayur Uniquoters

Shares of the company trade at a CMP of Rs 722, with a target price of Rs 950, presenting a potential upside of 46% over a 12-month time frame. On the quarterly chart, the stock has broken above the upper boundary of a prolonged consolidation, supported by a sharp expansion in volume. The strong bullish breakout candle reflects increased buying participation and suggests an improvement in the broader price structure.

Kotak Mahindra Bank

The private lender currently has a CMP of Rs 459 and a target price of Rs 560, representing a potential upside of 25% over a 12-month time frame. On the six-monthly chart, the lender appears to be emerging from a prolonged consolidation that followed a strong advance. The recent move above the upper boundary of this range suggests a potential resumption of the broader uptrend.

Shivalik Bimetal Controls

The shares of the company currently trade at a CMP of Rs 1,036 and have a target price of Rs 1,285, which suggests a potential upside of 49% over a 12-month time frame. On the long-term chart, SBCL has broken above a prolonged consolidation range, forming successive strong bullish candles backed by elevated volumes.

Sona BLW Precision Forgings

The auto ancillary company has a CMP of Rs 874 with a target price of Rs 1,070, offering a potential upside of 34% over a 12-month time frame. On the long-term chart, Sona BLW Precision Forgings has broken above a prolonged consolidation range that has been developing since 2022. The stock established a strong base around 400 before staging a sustained recovery and moving above the upper boundary near Rs 750–760

Tech Mahindra

One of India’s leading IT players currently trades at a CMP of Rs 1,770, with a target price of Rs 2,350, showing a potential upside of 32% over a 12-month time frame. On the monthly chart, Tech Mahindra staged a strong rally from around Rs 480 to Rs 1,840 before undergoing a corrective phase. The latest strong bullish candle shows the stock attempting to break above the resistance trendline connecting its previous peaks.

Welspun Living

The shares of the company currently trade at a CMP of Rs 212 and have a target price of Rs 275, indicating a potential upside of 43% over a 12-month time frame. On the long-term chart, Welspun Living Limited has formed an ascending triangle, with repeated resistance around Rs 180–200 and a series of higher lows. This structure suggests that buyers have been stepping in at progressively higher levels during the consolidation.

Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here