Angel One’s Diwali Special Technical Report 2025 sets an optimistic tone for traders this festive season, highlighting 5 actionable ‘Buy’ ideas backed by chart-based setups and defined risk parameters. The brokerage projected short- to medium-term upside potential of up to 26–27%, led by Bank of Baroda and Syrma SGS, while maintaining a bullish stance on the broader market indices.
Angel One on Nifty: Market outlook and technical setup
The brokerage noted that the Nifty, currently around 25,227, has built a solid base at 22,000 and reclaimed 25,500 through a sharp V-shaped rebound. Angel One identified a “Contracting Triangle” formation on the daily chart and expects an upward breakout once prices move closer to the apex.
Momentum indicators remained positive, the report said, suggesting the potential to test 26,277, the previous all-time high. Support levels are pegged at 24,500, 24,300, and 23,900. Angel One expects leadership from banking, aided by a proactive Reserve Bank, with IT, auto, FMCG, and consumer durables likely to follow.
Angel One on Bank Nifty: Inverse head and shoulders breakout
Angel One added that the Bank Nifty looks stronger than the broader market. The index is around 56,625, and the report points to a bullish “Inverse Head and Shoulders” pattern, a classic setup that often signals the start of a new uptrend.
The key support level or neckline is near 53,500, which the brokerage expects to hold firm. It also notes that the 200-day moving average continues to support the trend, showing strength in the medium term.
If the index moves past its previous high of 57,630, Angel One expects it could climb further to around 58,100–58,500.
The report adds that the Reserve Bank’s steady policy on interest rates and liquidity has helped control inflation without hurting growth, a combination that keeps the banking sector in a strong position to lead the next market rally.
Angel One on Bank of Baroda: ‘Buy’
Angel One’s top PSU banking pick, Bank of Baroda, carried the highest upside projection in the report at 26.7%, with a target of Rs 340.
The brokerage mentioned that the stock built a base near Rs 230, followed by a sharp rally to Rs 265 in just a month. “The PSU banking space has been in the spotlight since the beginning of the September series, showcasing strong relative strength,” the note said.
The recommendation was to buy in the Rs 265–268 range with a stop loss at Rs 229, citing sectoral momentum and improving fundamentals.
Angel One on L&T: ‘Buy’
Larsen & Toubro, among Angel One’s preferred capital goods names, is projected to gain 14.2%, with a target price of Rs 4,300.
The brokerage observed that the stock has consolidated between Rs 3,100 and Rs 3,900 since early 2024 and has now broken past its resistance zone of Rs 3,700–3,750. A higher-top, higher-bottom formation and support from all key weekly moving averages reinforce the bullish bias.
The advised accumulation range is Rs 3,750–3,780, with a stop loss at Rs 3,520. The report calls the move a potential breakout beyond record highs supported by sustained momentum.
Angel One on Syrma SGS: ‘Buy’
Syrma SGS Technology is Angel One’s highest-upside midcap recommendation after Bank of Baroda, with a target of Rs 1,000 and an upside of 25.8%.
The report mentioned a breakaway gap above a prior swing high, backed by strong volumes and a clean retest of the breakout zone. “All major EMAs continue to slope higher, with 20- and 50-day EMAs acting as strong support on each minor retracement,” the analysts wrote.
The buy range is Rs 835–840, with a stop loss at Rs 750. The 14-day RSI remains in bullish territory, repeatedly finding support around 50 a signal of an intact uptrend.
Angel One on TCS: ‘Buy’
Tata Consultancy Services has an expected upside of 14–17%, with a target range of Rs 3,500–3,60.
Angel One noted that TCS “has experienced a substantial decline, having fallen nearly 25 percent in the current calendar year” and is now near a historically strong support zone. A bullish divergence between price and the 14-period RSI, along with a historically low MACD histogram, suggests oversold conditions and potential for reversal.
The brokerage recommended buying around Rs 2,950–3,000, with a stop loss at Rs 2,700, describing it as a counter-trend opportunity in a fundamentally strong sector that has lagged for months.
Angel One on Vedanta: ‘Buy’
Vedanta Ltd rounds out Angel One’s Diwali picks with a target of Rs 575, translating to an 18.7% upside.
The stock has confirmed a multi-timeframe breakout and now appears to be resuming its primary uptrend after a period of consolidation. Prices are comfortably above the 20- and 50-day EMAs, both of which have acted as recent supports.
Angel One advised a buy in the Rs 475–480 range, with a stop loss at Rs 415. The report positions Vedanta as a continuation trade within the metals space, supported by strengthening commodity trends.
Macro backdrop and tactical view
The brokerage tied its bullish bias to easing geopolitical tension and possible trade developments with the US that could provide “some impetus” to Indian equities. It also noted the Reserve Bank’s proactive role in maintaining macro stability while preserving growth.
While Angel One expects the banking space to lead the next leg of the rally, it also sees room for recovery in the IT basket and selective participation from auto and consumer sectors.
The report noted that the early part of 2025 saw a significant correction, but with indices stabilising and forming bases, “the worst is behind us.”
Angel One emphasised that its Diwali report is purely technical and intended for tactical positioning. Each recommendation carries a clearly defined stop loss, signalling that entries are contingent on price confirmation.