Indian equity markets closed the week with strong gains, and the benchmark reclaimed 24,000 decisively. The Nifty 50 and Sensex surged 3.2% and 1.5%, respectively, for the week.
During the week, several top research houses, including Nomura, Jefferies, HSBC, BofA, Nuvama Institutional Equities, Motilal Oswal, and JM Financial, shared their latest recommendations for key stocks amid a falling market, and we shortlisted 10 stocks across sectors.
Nomura on Wipro
Nomura has maintained a ‘Buy’ rating on Wipro with a target price of Rs 250. This translates to an upside of 19% from the current price.
According to the brokerage report, the buyback is a key positive, as it reduces the share count and supports earnings per share (EPS). The brokerage noted, “While we marginally lower our FY27 revenue growth assumption, we raise our FY27-28 EPS by 1-2% due to the buyback.”
Nomura also highlighted that Wipro’s deal pipeline remains healthy, with continued traction in areas such as vendor consolidation and cost optimisation.
Motilal Oswal on Dixon Tech
Motilal Oswal has reiterated a Buy rating on Dixon Technologies with a target price of Rs 14,700, implying an upside of around 30% from the current market price of Rs 11,287, even as the brokerage points to continued near-term pressure on volumes and margins, in its April 16, 2026, company update.
The brokerage house stated that Dixon Technologies said rising memory costs and weaker smartphone demand are weighing on performance at present, though it expects recovery to be driven by backward integration, scale benefits and new approvals over the next few years.
JM Financial on JSW Energy
JM Financial has a ‘Buy’ rating on JSW Energy with a target price of Rs 614, indicating an upside of 21% from Rs 509. The brokerage highlights the company’s exposure to merchant markets and ongoing capacity additions as key drivers.
The firm expects merchant tariffs to remain firm during peak demand periods, particularly in the evening when supply tightens. JSW Energy, with its diversified generation portfolio, is positioned to capture these pricing opportunities.
Nuvama on HDFC Asset Management Company
Nuvama has a ‘Buy’ rating on HDFC Asset Management Company. The brokerage house has set a target price of Rs 3,170, implying an upside of about 19% from current levels.
HDFC AMC’s latest result update points to steady earnings despite weak equity markets in the March quarter, where strong systematic investment plan inflows of Rs 92,900 crore in the quarter supported assets under management growth even as mark-to-market losses weighed on profitability. Nuvama trimmed estimates for FY27 and FY28 but maintained its positive stance, citing resilient flows, stable yields and tight cost control as key drivers of earnings visibility.
HSBC on Hyundai Motor India
HSBC has a ‘Buy’ rating on Hyundai Motor India with a target price of Rs 2,200, suggesting an upside of 22.5% from Rs 1,796. The brokerage says recent weakness has been driven by a combination of factors including a softer product launch cycle, pressure on market share and elevated exposure to export markets such as the Middle East. It also flags that demand for recently launched models has been weaker than expected, adding to the near-term challenges.
Even so, HSBC believes Hyundai Motor India has levers to stabilise margins and improve growth over time. A planned price hike of 1% from May 2026 is expected to provide some support to profitability, while upcoming launches, including new models and hybrid offerings, could act as triggers for recovery.
Nuvama on Prestige Estates
Nuvama Institutional Equities continues to rate Prestige Estates Projects as ‘Buy’ with a target price of Rs 1,830, indicating an upside of about 40% from the current price of Rs 1,305. The brokerage’s stance is driven by strong pre-sales momentum and improving execution.
Prestige Estates reported pre-sales of about Rs 7,700 crore in the fourth quarter of the financial year 2026, up 10% year on year, supported by project launches across Bengaluru. For the full year, pre-sales reached about Rs 30,020 crore, rising 76% year on year, marking the highest annual performance for the company.
Jefferies on Adani Enterprises
Jefferies maintained its Buy rating on Adani Enterprises, while trimming the price target to Rs 2,600 from Rs 2,750, implying an upside of about 22%.
Even so, Jefferies maintains that a broad-based scale-up across airports, new energy, roads and copper from FY27 should drive a sharp recovery in Adani Ports’ earnings, supporting its positive stance.
The brokerage attributes the downgrade in target to weaker near-term airport traffic and a slower-than-expected ramp-up in the copper business, which together led to a 3% to 7% reduction in its earnings before interest, tax, depreciation and amortisation estimates for FY26 to FY28.
BofA on Groww
Bank of America Securities initiated coverage on Billionbrains Garage Ventures with a ‘Buy’ rating and set a price target of Rs 235, leaving room for 13% upside from current levels.
Bank of America Securities builds its case around Groww being a direct play on India’s underpenetrated retail investing opportunity, with revenue expected to grow at about 30% compound annual growth rate between FY26 and FY28, alongside margin expansion driven by a fixed-cost technology-led model.
Nomura on Nuvoco Vistas Corporation
Nomura has a ‘Buy’ rating on Nuvoco Vistas Corporation. According to the brokerage report, the stock could see as much as 53% upside from the current levels, with a target price of Rs 470.
One of the key triggers, according to Nomura, is Nuvoco Vistas’ stronger-than-expected March quarter performance. “Q4FY26 EBITDA of Rs 590 crore beat our /Bloomberg consensus estimates by 13%/ 5%,” added the brokerage house report.
Motilal Oswal on Hero MotoCorp
Motilal Oswal has a ‘Buy’ call on Hero MotoCorp, with a target price of Rs 6,205. This indicates an upside potential of around 18% from current levels. “We expect HMCL to deliver a volume CAGR of around 7% over FY25-28, driven by rural recovery and a ramp-up in scooters and exports,” the brokerage said.
This is expected to translate into an 11% CAGR in revenue, earnings before interest, tax, depreciation and amortisation (EBITDA), and net profit over the same period. According to the brokerage report, growth will be driven by a recovery in rural demand, expansion in scooters, and improving exports.
Conclusion
From the 53% upside potential projected for Nuvoco Vistas to a recovery in the rural economy to help automobile stocks, these recommendations highlight a diverse landscape of value.
Disclaimer: The investment ratings and target prices mentioned are based on reports by third-party brokerages and do not constitute personal investment advice or a solicitation to buy or sell any securities. Equity investments are subject to significant market risks; please consult a SEBI-registered investment advisor before making any financial decisions.
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