Axis Securities Top Picks for August: Bharti Airtel, Kotak Bank lead 15 stock list with up to 28% upside

There is one important detail. The brokerage has made no changes to its August 2026 Top Picks list. Its preferred stocks span banking, financial services, consumer, telecom, industrials, healthcare and hospitality.

The upside potential ranges from 11% to 28%, with two stocks leading the list.

Which stocks have the highest upside?

Kotak Mahindra Bank and Bharti Airtel have the highest upside potential among Axis Securities’ August picks.

The brokerage has set a target price of Rs 500 for Kotak Mahindra Bank, implying an upside of 28%. Bharti Airtel also carries a target price of Rs 2,530, translating into a 28% potential upside.

Dalmia Bharat follows with a target price of Rs 2,260 and an upside potential of 26%. ICICI Bank is next, with a target of Rs 1,800 and 25% upside.

Avenue Supermarts and APL Apollo Tubes both have a 24% upside potential, with target prices of Rs 4,845 and Rs 2,250, respectively.

Axis Securities is constructive on equities

Axis Securities said Indian equities continued their recovery in July, with the Nifty 50 gaining 2.2%. The Nifty 500 rose 2%, while the Nifty Midcap 250 and Nifty Smallcap 250 gained 1.8% and 1.1%, respectively.

The brokerage noted that leadership has gradually shifted towards large-cap stocks, with Information Technology, financials and selected industrial companies contributing to the Nifty 50’s performance.

So, what could drive the market from here?

According to Axis Securities, sustained domestic liquidity, government capital expenditure, Goods and Services Tax (GST) 2.0 reforms and an improving corporate earnings cycle could support equities.

The brokerage expects Nifty earnings to grow at a 13% compound annual growth rate (CAGR) over FY23-FY28, led by financial companies.

Axis sees Nifty target at 27,220

Axis Securities has retained its December 2026 Nifty 50 target at 27,220. It values the index at 19.5 times December 2027 estimated earnings.

However, the brokerage is also flagging near-term risks.

It expects volatility to remain possible due to crude oil prices, currency movements, geopolitical developments and foreign fund flows. The India Volatility Index (VIX) is currently around 11, indicating relatively lower market volatility.

Axis Securities therefore recommends maintaining 10-15% liquidity so investors can use market dips gradually.

Axis on markets: What are the bull and bear cases?

In its bull case, Axis Securities values the Nifty 50 at 20.5 times, giving a December 2026 target of 28,615.

However, its bear case assumes a valuation of 16.5 times, resulting in a target of 23,030.

For investors, the key point is that the brokerage has retained the same 15 stocks for August. Kotak Mahindra Bank and Bharti Airtel lead the list with 28% upside potential, while Healthcare Global Enterprises has the lowest projected upside at 11%.

Disclaimer: The stock recommendations, target prices, and market projections mentioned in this article represent the views of brokerage house Axis Securities and are intended solely for informational purposes. This content does not constitute an offer, solicitation, or personal financial advice to buy, sell, or hold any security. Equity investments are subject to market risks, and projected upside returns are not guaranteed. Readers should assess their individual risk tolerance and consult a SEBI-registered financial advisor before making any investment decisions. This disclaimer has been generated using AI to support user well-being and responsible content consumption.