Diwali stock picks 2026: Angel One's 8 ‘Shagun Ke Shares’ with up to 32% upside; ICICI Bank, Shanti Gold, Northern Arc and more

Against this backdrop, the brokerage sees opportunities across several sectors spanning, banks and NBFCs, auto, capital goods and defence, cement, power, consumer, healthcare, IT and telecom. It's eight festive-season picks – ‘Shagun Ke Shares’ as called by the brokerage - reflect this optimism, each positioned for fresh momentum into Samvat 2083. Diwali stock picks 2026: Eight stock recommendations by Angel One with up to 32% upside

Angel One has highlighted opportunities across eight stocks, citing earnings growth potential, improving profitability, business expansion and relatively attractive valuations. 1. ICICI Bank: Target Price Rs 1,800, upside 32% Angel One values ICICI Bank at Rs 1,800, based on 18.8x its estimated FY29 earnings per share (EPS) of Rs 95.7, assuming mid-teens earnings growth. ICICI Bank, India's second-largest private-sector bank, with a market capitalisation of about Rs 10 lakh crore and a pan-India retail, SME and corporate franchise, raised about US$18 billion of FCNR(B) deposits through the RBI swap facility in Q2 FY27.

This supported deposit growth of 27.1% and loan growth of 30%. Excluding FCNR-related deposits and loans, the respective growth rates stood at 17% and 24.1%. “This gives stable three-to-five-year funding, but it diluted NIM to 4.18% from  4.36% (about 4.28% excluding a Q1 tax refund) by adding term deposits and  lower-yielding overseas assets. Management expects the full effect in Q3 FY27 and a recovery from Q4 as the funds are deployed and costlier deposits retired,” according to the brokerage.

2. Northern Arc: Target Price Rs 330, upside 29% Angel One said it is optimistic on Northern Arc with a 'Buy' rating set a target price of Rs 330, based on approximately 6.1 times its estimated FY29 EPS of Rs 54. "We see scope for sustained earnings compounding as lending AUM grows approximately 20% a year to around Rs 28,600 crore by FY29E and direct-to-customer lending lifts NIM towards 10%. ROE should rise from 11% to ~16% as credit costs ease.

The valuation remains reasonable relative to this profile," it added. 3. Aarti Pharmalabs: Target Price Rs 1,160, upside 32% Angel One has initiated coverage on Aarti Pharmalabs, India’s largest manufacturer of xanthine derivatives (caffeine and allied products), with a 15–20 percent global market share, with a 'Buy' rating and gave a target price of rs 1,160, valuing the stock at 24 times its estimated FY29 EPS of Rs 48.

The stock trades at approximately 17.1 times earnings, according to the brokerage. "We see scope  for earnings to recover as the company moves up the value chain from xanthine and APIs into CDMO. CDMO is guided to grow 40–50% in FY27 and standalone  EBITDA margins to reach 22–25%. The valuation remains reasonable relative to  ROE recovering from 8.5% to 15%," it added. Consumer Discretionary 4. Shanti Gold: Target Price Rs 410, upside 30%

Angel One has recommended Shanti Gold with a 'Buy' rating and a target price of Rs 410, based on 10.5x its estimated FY29 EPS of Rs 39. "We see scope for sustained volume-led compounding as new capacity (Marol and Jaipur) and new retail customers support 50–60% FY27 revenue growth. The valuation remains reasonable relative to ROE of 38%, but upside is modest after the sharp re-rating since August," it added.

5. Ratnaveer Precision: Target Price Rs 400, upside 16% Angel One has initiated coverage on Ratnaveer Precision with a 'Buy' rating and a target price of Rs 400, based on 30x its estimated FY29 EPS of Rs 13.4. “We see scope for earnings to compound as the core washer business grows and the Copper Clad Laminate project, with production from November 2026, adds a higher-margin electronics stream. Execution on the CCL ramp-up is the key swing factor,” it added.

6. Engineers India: Target price Rs 320, upside 29% The brokerage has given a target price of Rs 365 for Engineers India with an upside potential of 29 percent, based on 22.3 times its estimates FY29 EPS of Rs 16. "We see scope for sustained earnings compounding as the mix shifts to higher-margin consultancy, backed by a Rs 14,424 crore order book and a Rs 5,000 crore FY28 revenue target," it said.

7. AGI Infra: Target Price 285, upside 29% Angel One initiate coverage on AGI Infra with a 'Buy' recommendation with a target price of Rs 285, based on 24.6 times its estimates FY29 EPS of Rs 12 (the stock trades at 18.5x). "We see scope for earnings to compound as the company scales Punjab and Tier-II launches while holding EBITDA margins of 35% or more," it added. 8. Apollo Micro Systems: Target Price 475, upside 15%

Brokerage Angel One has recommended Apollo Micro Systems at Rs 385 and, after the strong Q2 FY27 results, it has now recommended adding more with a target price of Rs 475. "Q2 revenue rose 72% with an EBITDA margin of 28.6% and PAT at Rs 46 crore. The order book is a record Rs 1,765 crore and H1 FY27 revenue growth was 78%, already above the 40–45% full-year guidance. We see scope for sustained earnings compounding as the company moves up the defence value chain into explosives and integrated weapon systems," it added.

Muhurat Trading 2026 date and time This year, the leading stock exchanges - BSE and NSE - will hold one-hour Diwali Muhurat Trading session on Sunday, November 8, on the occasion of Laxmi Pujan. The exchanges said continuous trading in the equity segment will begin at 2.20 pm and run until 3.30 pm. Unlike regular trading days, when the equity market operates between 9.15 am and 3.30 pm, Diwali Muhurat Trading will be conducted during a one-hour special window.

Trading members will be able to log in between 1.15 pm and 1.50 pm, followed by a block deal window from 1.50 pm to 2.05 pm. The pre-open session will begin at 2.05 pm, with order entry for both limit and market orders permitted until 2.10 pm. Only limit orders will be accepted between 2.10 pm and 2.15 pm. The order matching and confirmation period is scheduled from 2.15 pm to 2.17 pm. This will be followed by a buffer period until 2.20 pm.

The exchange has scheduled continuous trading from 2.20 pm to 3.30 pm, although closing-auction processes will begin during the latter part of this window.