The Nifty 50 opened flat at 25,073.6 and closed up 169.9 points (+0.68%) at 25,239.1, reclaiming the 25,200 mark for the first time since 23 August. The BSE Sensex followed suit, rising 594.95 points (+0.73%) to settle at 82,380.69. The rally was broad-based, as reflected in a healthy advance-decline ratio, with sectoral gains led by autos, energy, realty, and telecom, while FMCG lagged behind. Technically, the Nifty stayed above all key moving averages, indicating sustained momentum.
Two stock recommendations from Trade Brains Portal for 17 September
Ethos Ltd (Current price: ₹2,424)
Target price: ₹2,895 in 12 months
Stop loss: ₹2,185
Why it’s recommended: Founded in 2003, Ethos Limited is India’s leading luxury watch retailer, offering a curated collection of over 5,000 timepieces from nearly 70 premium brands, including Rolex, Omega, Rado, and Bvlgari. As of Q1FY26, the company operates 80 stores across 26 cities. Ethos holds a first-mover advantage in the expanding pre-owned luxury watch segment, which is gaining traction due to its affordability and immediate availability. The company segments its watch offerings across four pricing tiers: premium ( ₹25,000-1 lakh), bridge to luxury ( ₹1-2.5 lakh), luxury ( ₹2.5-10 lakh), and high luxury ( ₹10 lakh and above).
During Q1 FY26, Ethos added three exclusive watch brands, Fabergé, D1 Milano, and UNIMATIC, and one lifestyle brand, FPM Milano. It also launched eight new boutiques, including India’s first exclusive Messika Paris boutique in Delhi, marking the French jewellery house’s official entry into the Indian market and further strengthening Ethos’ global luxury brand portfolio.
The average selling price of a watch in Q1FY26 was approximately ₹2.13 lakh, reflecting a 17% CAGR growth since FY21. Revenue contribution from exclusive brand boutiques stood at 28.7% in Q1FY26, slightly up from 28.4% in Q1FY25. Same-store sales growth (SSG) improved to 17.6% in Q1FY26, compared to 12.3% in the same quarter last year. Management anticipates the number of boutiques to surpass 100 by the end of FY26. The luxury watch market continues to be driven by rising numbers of HNIs in high-growth economies, increased demand in the pre-owned segment, and growing consumer fashion awareness.
In Q1FY26, Ethos Limited reported operating revenue of ₹346.3 crore, registering a 26.7% YoY increase from ₹273.2 crore in Q1FY25. Since FY21, the company has delivered a strong revenue CAGR of 34%. However, PAT for Q1FY26 declined 16.2% YoY to ₹19.1 crore, primarily due to volatility in the CHF/INR exchange rate. Adjusted for currency fluctuations, PAT would have been ₹23.3 crore. Despite this temporary impact, PAT has grown at a remarkable CAGR of 113% since FY21. Total billings for the quarter stood at ₹401.2 crore, up 26.12% YoY, maintaining the company’s consistent CAGR of 34% since FY21.
Risk Factor: Ethos operates with inherently high working capital requirements, as it must maintain a diverse and substantial inventory across various watch categories to meet global display standards and ensure a premium customer experience. As a net importer, the company sources approximately 40% of its watches from international markets, making it vulnerable to foreign currency fluctuations. Additionally, Ethos is dependent on consumer discretionary spending, and any regulatory changes, particularly those related to taxation or import duties, could adversely impact its operations and overall performance.
P N Gadgil Jewellers Ltd (Current price: ₹634)
Target price: ₹755 in 12 months
Stop loss: ₹570
Why it’s recommended: P N Gadgil Jewellers, originally established in 1832 in Sangli as Shri Ganesh Narayan Gadgil, is today the second-largest organised jewellery brand in Maharashtra by number of stores. Incorporated in 2013 as P N Gadgil Jewellers Private Limited, the company appointed Bollywood actress Madhuri Dixit as its brand ambassador. In 2024, the company achieved a significant milestone by getting listed on both the BSE and NSE. As of Q1 FY26, it operates 55 stores across 27 cities globally, covering a total retail area of 169,174 sq. ft. Of these, 42 stores follow the Company Owned Company Operated (COCO) model, while 13 operate under the Franchise Owned Company Operated (FOCO) model. The brand offers a wide and diverse product portfolio comprising 15 collections and 39,663 Stock Keeping Units (SKUs).
In Q1 FY26, the company reported revenue from operations of ₹1,714.5 crore, registering a 2.8% YoY increase. EBITDA rose sharply by 85.4% YoY to ₹122.8 crore, with an improved EBITDA margin of 7.2%, up by 320 basis points. Consolidated PAT stood at ₹69 crore, marking robust 96.3% YoY growth, while PAT margin improved by 190 basis points to 4%. Total debt as of the quarter stood at ₹854 crore. The retail segment remained the company’s main growth driver, contributing 70.3% of total sales and delivering 19% YoY growth. The e-commerce segment surged 126% YoY to ₹66 crore, and franchise revenue grew 109% YoY to ₹269 crore. Studded jewellery also saw strong momentum, with a 41.6% YoY increase, now contributing 10% to total retail sales.
Operational metrics continued to demonstrate strong performance. Revenue per store stood at ₹31 crore, while net profit per store reached approximately ₹1.3 crore, highlighting efficiency and profitability across locations. Customer engagement strengthened, with transaction volumes increasing by 23% and average transaction value ranging between ₹95,000 and ₹1,00,000. Footfall grew by 25%, supported by a high conversion rate of nearly 92%.
Looking ahead, the company plans to add 23-25 new stores over the next three quarters, with 9 stores expected in Q2 FY26. It aims to scale its network to 100 stores over the next five years by adding 10-15 liteStyle stores annually. For FY26, management has guided revenue in the range of ₹9,000-9,500 crore, with expected PAT margins between 3.5% and 4%.
Risk Factor: P N Gadgil Jewellers operates in a highly competitive landscape, contending with both large organised players such as Titan, Kalyan Jewellers, PC Jeweller, and Thangamayil, as well as a vast network of unorganised local jewellers. The company’s profit margins are particularly sensitive to fluctuations in gold prices, which can impact both consumer demand and inventory valuation. Moreover, the jewellery industry is governed by stringent regulatory norms, including mandatory hallmarking, restrictions on bullion purchases, and caps on gold savings schemes, all of which can lead to increased compliance costs. The company’s performance is also influenced by seasonality and consumer discretionary spending, which tend to fluctuate with broader economic conditions.
Two stock recommendations by MarketSmith India:
Buy: Global Health Ltd (current price: ₹1,360)
Why it’s recommended: Strong demand for healthcare services, brand, promoter and reputation, asset and infrastructure expansion, and improving financial risk metrics.
Key metrics: P/E: 64.26 | 52-week high: ₹1,456.50 | Volume: ₹54.88 crore
Technical analysis: Reclaimed its 50-DMA on above-average volume
Risk factors: High capital intensity and fixed costs, occcupancy/utilisation risk, regulatory risk and pricing pressures, risk of underutilized capacity.
Buy: ₹ 1,350-1,370
Target price: ₹ 1,560 in two to three months
Stop loss: ₹1,260
Buy: Aadhar Housing Finance Ltd (current price: ₹538)
Why it’s recommended: Strong AUM expansion, capital strength, affordable housing and ticket-size mix favorability
Key metrics: P/E: 23.66 | 52-week high: ₹545 | Volume: ₹178.33 crore
Technical analysis: Horizontal trendline breakout
Risk factors: Competition and margin pressure, exposure to borrowers with lower income
Buy at: ₹525-540
Target price: ₹620 in two to three months
Stop loss: ₹499
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
Cyient Ltd (Cmp ₹1,272.20)
Why it’s recommended: Cyient is an Indian multinational technology company, specializing in digital engineering and technology solutions, founded in 1991. The company provides a range of services across various industries, including aerospace, defence, communications, and healthcare. This counter, after a sharp fall since May 2025, has formed a double bottom, following the strong decline it has gone through. A strong push in prices was seen on Tuesday. After a push above the clouds, we can see that the stock is set for a turnaround. Go long.
Key metrics:
P/E: 12.15,
52-week high: ₹2148.25,
Volume: 773.88K.
Technical analysis: Support at ₹1165, resistance at ₹1450.
Risk factors: Concentration in specific industries and clients, reliance on key personnel, the competitive environment, and macroeconomic fluctuations.
Buy: Above ₹1,275 and dips to ₹1,250.
Target price: ₹1,385-1,420 in 1 month.
Stop loss: ₹1,235.
Can Fin Homes Ltd (Cmp ₹777.10)
Why it’s recommended: CANFINHOME after some disappointing numbers quickly priced in the negative newsflow and has been on a steady upward drive in the last few weeks. The strong showing has now translated into a potential upward possibility in the next few weeks. Can look to go long.
Key metrics:
P/E: 11.72,
52-week high: ₹925
Volume: 406.22K.
Technical analysis: Support at ₹710, resistance at ₹880.
Risk factors: Credit risk from deteriorating asset quality and potential borrower livelihood disruptions, gearing risk from high leverage levels, and regulatory risk.
Buy at: Above ₹779 and dips to ₹760.
Target price: ₹815-830 in 1 month.
Stop loss: ₹750.
GE Vernova T&D India Ltd (Cmp ₹2,924.60)
Why it’s recommended: The counter has been under consolidation for more than five months. The prices hit a resistance zone around 460 from the start of the year despite staging a strong cloud breakout, indicating that a positive turnaround is emerging. After the recent test of the TS and KS Bands, with a strong closing on Wednesday, we can look at some positive vibes emerging.
Key metrics:
P/E: 98.24,
52-week high: ₹2960,
Volume: 714.79K.
Technical analysis: Support at ₹2700, resistance at ₹3100.
Risk factors: Supplier retention, potential customer acquisition challenges, shifts in investor participation.
Buy at: Above ₹2,930 and dips to ₹2,840.
Target price: ₹3,260-3,330 in 1 month.
Stop loss: ₹2,800.
Top 3 stock recommendations by Ankush Bajaj for 17 September
Buy: APL Apollo Tubes Ltd — Current Price: ₹1,697.60
Why it’s recommended: APL Apollo Tubes has shown strong breakout momentum in recent sessions. The daily RSI is around 61, suggesting steady bullish strength. The MACD is positive at +4.5, confirming continuation of the uptrend, while the ADX at 25 indicates that the trend is strengthening but still has scope to mature. Price action remains firmly supported by bullish moving averages, keeping the setup constructive.
Key metrics: RSI (14-day): 61 — bullish momentum
MACD (12,26): +4.5 — positive crossover, trend intact
ADX (14): 25 — trend strength building
Technical view: Sustaining above ₹1,670 strengthens the case for a move toward ₹1,750.
Risk factors: Trend strength moderate; profit-taking possible.
Sector linked to steel/metals — input cost pressures may weigh.
Buy at: ₹1,697.60
Target price: ₹1,750
Stop loss: ₹1,670
Buy: Bajaj Finserv Ltd — Current Price: ₹2,080.30
Why it’s recommended: Bajaj Finserv is displaying improving strength after range-bound movement. The daily RSI is around 60, signaling bullish momentum. The MACD is positive at +11, confirming upward momentum, while ADX at 29 indicates the trend is strengthening. The stock trades comfortably above its key short-term averages, and once resistance is cleared, further upside appears likely.
Key metrics: RSI (14-day): 60 — bullish bias
MACD (12,26): +11 — positive, supporting trend
ADX (14): 29 — healthy trend strength
Technical view: Sustaining above ₹2,025 sets up a move toward ₹2,190.
Risk factors: Trend is still developing; pullbacks possible.
Sector exposed to financial/credit cycle and regulatory risks.
Buy at: ₹2,080.30
Target price: ₹2,190
Stop loss: ₹2,025
Buy: Eicher Motors Ltd — Current Price: ₹6,927.50
Why it’s recommended: Eicher Motors is showing very strong bullish momentum. The daily RSI is over 81, firmly in the overbought zone, reflecting heavy buying pressure. The MACD is sharply positive (+298), confirming strong trend continuation, while ADX at 80 signals a very powerful underlying trend. Despite being overextended, the breakout structure supports further near-term upside.
Key metrics: RSI (14-day): 81 — overbought but strong
MACD: +298 — very strong momentum
ADX (14): 80 — extremely strong trend
Technical view: As long as the stock sustains above ₹6,896, it can push higher toward ₹6,990.
Risk factors: RSI signals overbought zone; prone to sharp profit-taking.
Premium auto sector is sensitive to demand cycles and input costs.
Buy at: ₹6,927.50
Target price: ₹6,990
Stop loss: ₹6,896
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. Trade name: William O’Neil IndiaPvt. Ltd. Sebi Registration No.: INH000015543
Trade Brains Portal is a stock analysis platform. Its trade name is Dailyraven Technologies Pvt. Ltd, and its Sebi-registered research analyst registration number is INH000015729.
Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
