ICICI Direct Identifies 7 Top Stocks for 2026, Aims for Nifty 30,000

After a challenging 2025, India’s equity market may be on the brink of a significant upturn, with the Nifty index potentially climbing to 30,000 in 2026, according to ICICI Direct. The brokerage believes that recent market volatility has set the stage for the next phase of the bull cycle. It points to several technical signals, such as a 'cup and handle' breakout pattern, a rebound from long-term moving averages, and the market’s historical tendency to rally after sharp corrections, as indicators of a developing structural upswing. This outlook suggests that 2026 could be a pivotal year for Indian equities.

ICICI Direct has identified seven stocks as its top picks for the year, citing favorable technical and structural characteristics. These stocks include Bajaj Finserv, Indian Oil Corporation, LTIMindtree, Pidilite Industries, SRF Ltd, Can Fin Homes, and Jamna Auto Industries.

Bajaj Finserv

ICICI Direct noted that Bajaj Finserv has broken out of a multi-year ascending triangle after three years of underperformance. The stock is now forming a higher base above the breakout zone, signaling structural improvement. Post the breakout, the stock has consistently respected its 12-month EMA, indicating sustained buying demand at elevated levels. The brokerage expects Bajaj Finserv to reach Rs 2,400 over the next 12 months, which is the implied target of the recent consolidation and aligns with the upper band of the rising channel.

Indian Oil Corporation

Indian Oil Corporation has completed another consolidation phase and recently broken above the upper boundary of this range, repeating a historical pattern that has previously triggered strong trend expansions, according to ICICI Direct. The Oil & Gas index has reaffirmed its breakout validity with a decisive rebound from the retest zone, while IOC continues to form higher highs and higher lows within a rising channel. The brokerage expects the stock to resume its uptrend and move towards Rs 190, near its all-time high levels.

LTIMindtree

ICICI Direct highlighted LTIMindtree as its preferred IT sector pick, noting that the stock is approaching the apex of a contracting triangle formation after an orderly correction. The recent decline retraced to the 61.8% level of the prior uptrend and converged with the 24-month EMA, underscoring the formation of a strong long-term base. The brokerage expects LTIMindtree to resume its uptrend and head towards Rs 7,370, which it identified as the implied target of the previous decline.

Pidilite Industries

Pidilite Industries has formed a strong base above a rising trendline and its 100-week EMA, which ICICI Direct said has historically acted as a key support for the stock during multiple corrective phases since 2009. Buying demand has again emerged at this level, offering a favorable risk-reward setup. The brokerage expects Pidilite Industries to continue its uptrend and move towards Rs 1,720, the implemented target of the recent consolidation.

SRF Ltd

SRF has decisively broken out of a 38-month consolidation band, signaling the end of a prolonged time correction, ICICI Direct said. The stock has successfully retested the breakout zone, validating a classic change-of-polarity setup, while forming a higher base above the 52-week EMA. The brokerage expects SRF to resume its uptrend and move towards Rs 3,480, which is the implied target of the previous decline.

Can Fin Homes

Can Fin Homes has staged a strong rebound after retesting a five-year consolidation breakout, with earlier resistance now acting as support, ICICI Direct said. Price action since 2018 has remained within a well-defined rising channel, and buying demand has recently emerged from the lower band of this channel. The brokerage expects Can Fin Homes to accelerate higher and head towards Rs 1,110, which it identified as the price parity target of the CY20–21 rally.

Jamna Auto Industries

ICICI Direct said Jamna Auto Industries has posted a decisive breakout from a well-defined cup-and-handle pattern, in line with a broader structural breakout in the Nifty Auto index. The brokerage highlighted the stock’s faster pace of retracement, noting that it recovered its entire nine-week correction in just three weeks, reflecting inherent strength. It expects Jamna Auto Industries to resume its uptrend and move towards Rs 152, the measured-move target of the recent upside.

These picks by ICICI Direct are based on a combination of technical analysis and structural improvements, making them strong candidates for investors looking to capitalize on the potential market upturn in 2026.