Aakash K Hindocha, Deputy Vice President - WM Research at Nuvama Professional Clients Group, has identified Godrej Properties, V-Mart Retail, and Dr Reddy's Laboratories as top stock recommendations for May 7, 2026. The analyst also shared his outlook for Nifty and Bank Nifty.
Index View: Nifty
The Nifty index has broken out of its consolidation band of 23,750–24,300, as global news flow provided a tailwind in the latter half of yesterday's session. The level of 24,000 is now likely to act as a base for an upward move towards 24,770 or 25,000. A two-week range has been breached, and initial upside potential could unfold for a target of 500 points higher.
Bank Nifty
Bank Nifty has also broken out from its sideways one-week range. The index had been underperforming relative to Nifty over the past week, but that underperformance appears to be ending. The current leg could open up for another 1,000-point upside, targeting around 57,100.
Stock Recommendations
Godrej Properties (BUY)
LCP: 1,867 | Stop Loss: 1,750 | Target: 2,080
Godrej Properties is on the verge of an 18-month sloping trendline breakout, which could mark the end of its six-quarter correction that eroded over 50% of market value from all-time highs. The stock is likely to gain further traction given its weightage on the Nifty Realty index and strength across the board on that index. Nifty Realty is the best-performing sectoral index in percentage terms from its trough to current highs during the broader market recovery that started in fiscal 2027.
V-Mart Retail (BUY)
LCP: 650 | Stop Loss: 610 | Target: 714
An inverted head and shoulder pattern has broken out on the daily charts of V-Mart Retail. This is a textbook formation, as both shoulders in the pattern spent an equal amount of time in their formation before the breakout. The stock closed at a 12-week high yesterday, with results due today. Expectations have built up on the counter, and price action suggests a northward continuation.
Dr Reddy's Laboratories (BUY)
LCP: 1,311 | Stop Loss: 1,265 | Target: 1,420
The stock has broken out from an 18-month consolidation on weekly charts and has completed its retest of the breakout. With the Nifty Pharma index making a fresh all-time high, a strong tailwind is present for all its components. Dr Reddy's has approximately 10% weightage on the index, and its rising 200-day moving average is likely to act as a smoothened support going forward. Strong traction is likely to unfold once the stock starts trading above the 1,325–1,330 zone.
Disclaimer: Recommendations and views on the stock market, other asset classes, or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India.
