NEW DELHI: The S&P BSE Sensex rallied about 1,600 points, or about 7 per cent, in last three trading sessions since the Union Budget. In the process, some stocks have gained up to 20 per cent as they are expected to benefit more from the Budget 2016. In separate notes to clients after the Budget, global brokerage firms BofA-ML, Credit Suisse, Nomura and UBS have recommended buy ratings on these five stocks: Just Dial (already up 22 per cent), PI industries (already up 1.4 per cent), Oberoi Realty (already up 5.5 per cent), Hindustan Zinc (already up 6.2 per cent), and SRF (already up 8.7 per cent). The ongoing rally in stocks has fuelled optimism that it would be a one-way ride from here on. However, some experts still remain sceptical of the rally and expect 4-7 per cent slide going ahead. But brokerages say any such dip should be used to add long positions. “I am advising clients to start buying, assuming that they are not holding. From a trading perspective, we have seen a decent rally, which has already taken place,” Amisha Vora, Joint MD, Prabhudas Lilladher, said in an interview with ET Now. “I am not asking them to add now, but from investments perspective keeping in mind a 4% to 5% or 5% to 7% kind of downside, we are advising them to accumulate. We were doing that even around 7,000 and below 7,000, and we continue to hold that view,” he said. Just Dial Ltd: BUY| Target price Rs 970 Nomura maintains a ‘buy’ rating on Just Dial but has slashed its 12-month target price to Rs 970 from Rs 1415. The global investment bank is of the view that the stock correction is exaggerated and Search issues are execution-led and are resolvable. It believes new product launches such as JD Omni, Search Plus are promising long-term value drivers. Nomura sees growth in coming months and expects recovery to happen in the next three-quarters. Till then, margins in FY17 are likely to remain depressed. PI Industries: BUY| Target price Rs 800 BofA-ML maintains a buy rating on PI Industries and has also increased its 12-months target price to Rs 800 from Rs 740 earlier. They expect PI Industries to outperform previous FY17E/18E earnings per share (EPS). It looks like structural changes leading to increased CRAMS opportunity in India, said the BofA-ML report. They expect EBITDA margin improvement to continue from improved product mix and cost. The global investment bank believes that revenue will continue to grow around 20% till FY20E from crop price recovery. Oberoi Realty: BUY| Target price Rs 365 UBS maintains a buy rating on Oberoi Realty with a 12-month target price of Rs 365. Net sales growth is likely to sustain at record levels in FY17 with the launch of Worli, Mulund, Borivali projects, it said. UBS said earnings are likely to be at 50% CAGR over 2 years, and they also see unrecognized revenue of Rs 41.2bn. The Mumbai residential market recovery is likely to help monetize ready inventory of Rs 5.2bn. The stocks still remain their top pick amongst developers on the back of superior execution and strong brand. Hindustan Zinc: Outperform| Target price Rs 195 Credit Suisse maintains an outperform rating on Hindustan Zinc and has raised its 12-month target price to Rs 195 from Rs 185 earlier. The optimism is on the back of strong balance sheet, access to high-quality Zinc mines, and reasonable valuations of the stock. The Zinc’s demand-supply dynamics is likely to remain most supportive of prices, they say. The downside risks remain limited given cash accounts for 50% of market cap. SRF: BUY| Target price Rs 1547 BofA-ML maintains buy rating on SRF and has also increased its 12-month target price to Rs 1642 from Rs 1547 earlier. The new wave of agrochemical manufacturing shift to India will benefit the company, it said. The long-term growth story for the company is seen in specialty chemicals business. They may see further growth in specialty chemical business beyond FY16-18E with a CAGR of 30%. BofA-ML expects industrial textiles business to provide steady cash flow. (Views and recommendations given in this section are the analysts’ own and do not represent those of EconomicTimes.com. Please consult your financial adviser before taking any position in the stock/s mentioned.)