Saturday, November 09, 2024
Advertisement
  1. You Are At:
  2. News
  3. Business
  4. Diwali Muhurat Trading 2024: Top 5 stocks to buy for Samvat 2081

Diwali Muhurat Trading 2024: Top 5 stocks to buy for Samvat 2081

With Diwali Muhurat Trading marking the start of a new Samvat year, investors are encouraged to make selective, strategic investments. Let’s take a closer look at these recommendations, each backed by sound technical analysis and positioned to potentially yield favourable returns.

Edited By: Ajeet Kumar @Ajeet1994 Mumbai Updated on: October 31, 2024 6:00 IST
Diwali Muhurat Trading 2024
Image Source : PIXABAY Representational Image

Mumbai: As Diwali arrives, bringing with it the light of prosperity and joy, investors have a unique opportunity to harness this auspicious occasion for a fresh financial beginning. The Diwali Muhurat Trading session symbolises more than tradition; it serves as a meaningful gateway into Samvat 2081, a promising year in which strategic investments can lay the foundation for steady growth. This year, the equity market has already rewarded investors with impressive returns. The Nifty index, for example, surged to a peak of 26,277 before entering a corrective phase over the past month, driven largely by Foreign Institutional Investor (FII) outflows amounting to over Rs 90,000 crores in October alone.

This recent correction was expected, as Nifty’s peak aligned with key retracement resistance levels and the momentum indicators on both weekly and monthly charts reached overbought conditions. While this pullback represents a price-wise correction, analysts note that it’s part of a healthy, ongoing uptrend that could also see a time-wise correction in the near term.

With Diwali Muhurat Trading marking the start of a new Samvat year, investors are encouraged to make selective, strategic investments. Based on expert insights, we’ve highlighted five technically strong stocks to consider during this auspicious session: Reliance Industries, SBI, Bharat Dynamics Limited (BDL), Olectra Greentech, and Mphasis. Let’s take a closer look at these recommendations, each backed by sound technical analysis and positioned to potentially yield favourable returns.

Samvat 2081 Stock Picks for Muhurat Trading

1. Reliance Industries

  • ? Buy Range: Rs 2710-Rs 2740
  • ? Support Levels: Rs 2530/Rs 2450
  • ? Potential Targets: Rs 3030/Rs 3250

Reliance Industries, a leader in multiple sectors, is currently trading close to its weekly 89-EMA support level. The stock has retraced 50% from its prior uptrend, with the daily Relative Strength Index (RSI) signalling oversold conditions, suggesting a potential rebound in the near term. However, it’s important to note that Reliance Industries will undergo corporate action on October 28, 2024, with a 1:1 bonus issue; as such, price levels will adjust accordingly. This stock remains a strong candidate for accumulation on dips, and technical indicators suggest further growth potential.

2. State Bank of India (SBI)

? Buy Range: Rs 800-Rs 820

? Support Levels: Rs 765/Rs 730

? Potential Targets: Rs 915/Rs 970

SBI, India’s largest public sector bank, has recently formed a strong support base at its 200-day EMA. Furthermore, the stock has broken past a trendline resistance level, signalling renewed momentum in its price movement. The RSI oscillator on SBI points towards an upward trend, making this stock a favourable choice for Diwali Muhurat Trading. SBI’s technical setup supports a buy-on-dip strategy, and its fundamentals reinforce its position as a valuable stock for both long-term and short-term investoRs

3. Bharat Dynamics Limited (BDL)

  • ? Buy Range: Rs 1000-Rs 1030
  • ? Support Levels: Rs 950/Rs 870
  • ? Potential Targets: Rs 1190/Rs 1300

Bharat Dynamics Limited, a key player in India’s defence sector, stands out with its solid technical structure. Previous breakout levels have transformed into strong support areas, and the stock is currently trading around the weekly 50 EMA. A notable factor here is the low trading volume during recent corrections, indicating limited selling pressure and a stable price base. This setup suggests that BDL may be well-positioned for an upward move, making it a compelling option for investors looking for strategic accumulation during the Muhurat Trading session.

4. Olectra Greentech Ltd

  • ? Buy Range: Rs 1600-Rs 1620
  • ? Support Levels: Rs 1500/Rs 1380
  • ? Potential Targets: Rs 1860/Rs 2040

Olectra Greentech, known for its innovations in the electric vehicle and green technology space, has experienced a slight correction, with minimal trading volume indicating reduced selling pressure. Currently trading around its weekly 50 EMA support level, Olectra Greentech’s RSI on weekly charts has shown a positive crossover, pointing to favourable momentum ahead. As an environmentally focused company, Olectra Greentech aligns with long-term sustainability trends, and its technical indicators support potential growth, making it a promising pick this festive season.

5. Mphasis

  • ? Buy Range: Rs 3080-Rs 3100
  • ? Support Levels: Rs 2840/Rs 2648
  • ? Potential Targets: Rs 3560/Rs 3880

Mphasis, a prominent player in the IT services sector, is forming a “Higher Top Higher Bottom” pattern, which is considered a strong bullish indicator. The 20 EMA on its weekly chart acts as a support level, while the RSI oscillator points towards positive momentum. This technical strength positions Mphasis as an ideal candidate for Diwali Muhurat Trading, especially as the IT sector continues to benefit from global digital transformation trends. With stable technical indicators and positive momentum, Mphasis presents an attractive entry point for investors seeking long-term gains.

Strategic Tips for Muhurat Trading

? Accumulate on Dips: For each of these selected stocks, adding on dips toward Support 1 levels can help investors strengthen their positions as the market stabilises, allowing for more significant gains as prices rebound.

? Set Stop Losses: To mitigate risks, it’s advisable to place stop-loss orders just below Support 2 levels, particularly during volatile sessions. This ensures that unexpected downturns do not impact overall portfolio health.

? Moderate Expectations: Given the anticipated consolidation phase in the market, traders and investors should set realistic expectations for moderate gains in the coming year. High-quality stocks that align with the market’s long-term upward trend are ideal for portfolio resilience.

Conclusion

The Diwali Muhurat Trading session in Samvat 2081 is more than a symbolic tradition; it represents a valuable opportunity for investors to set the tone for a financially successful year. By focusing on technically resilient stocks like Reliance Industries, SBI, Bharat Dynamics Limited, Olectra Greentech, and Mphasis, investors can create a balanced and growth-oriented portfolio. Each of these stocks is backed by strong technical indicators providing a stable foundation for those seeking both short-term gains and long-term growth.

As Samvat 2081 unfolds, the equity market is expected to undergo a period of consolidation, requiring investors to exercise patience and make calculated investment choices. This Muhurat Trading session is the perfect time to embrace opportunities for strategic accumulation, allowing for portfolio expansion and stability in the face of market corrections. Diwali, the festival of lights, is about new beginnings, and with expert recommendations, you can illuminate your financial future with prosperity and growth.

(With inputs from agency)

ALSO READ:?Diwali home loan festive offers: Major points to keep in mind before going ahead

Advertisement

Read all the Breaking News Live on indiatvnews.com and Get Latest English News & Updates from Business

seductrice.net
universo-virtual.com
buytrendz.net
thisforall.net
benchpressgains.com
qthzb.com
mindhunter9.com
dwjqp1.com
secure-signup.net
ahaayy.com
tressesindia.com
puresybian.com
krpano-chs.com
cre8workshop.com
hdkino.org
peixun021.com
qz786.com
utahperformingartscenter.org
worldqrmconference.com
shangyuwh.com
eejssdfsdfdfjsd.com
playminecraftfreeonline.com
trekvietnamtour.com
your-business-articles.com
essaywritingservice10.com
hindusamaaj.com
joggingvideo.com
wandercoups.com
wormblaster.net
tongchengchuyange0004.com
internetknowing.com
breachurch.com
peachesnginburlesque.com
dataarchitectoo.com
clientfunnelformula.com
30pps.com
cherylroll.com
ks2252.com
prowp.net
webmanicura.com
sofietsshotel.com
facetorch.com
nylawyerreview.com
apapromotions.com
shareparelli.com
goeaglepointe.com
thegreenmanpubphuket.com
karotorossian.com
publicsensor.com
taiwandefence.com
epcsur.com
mfhoudan.com
southstills.com
tvtv98.com
thewellington-hotel.com
bccaipiao.com
colectoresindustrialesgs.com
shenanddcg.com
capriartfilmfestival.com
replicabreitlingsale.com
thaiamarinnewtoncorner.com
gkmcww.com
mbnkbj.com
andrewbrennandesign.com
cod54.com
luobinzhang.com
faithfirst.net
zjyc28.com
tongchengjinyeyouyue0004.com
nhuan6.com
kftz5k.com
oldgardensflowers.com
lightupthefloor.com
bahamamamas-stjohns.com
ly2818.com
905onthebay.com
fonemenu.com
notanothermovie.com
ukrainehighclassescort.com
meincmagazine.com
av-5858.com
yallerdawg.com
donkeythemovie.com
corporatehospitalitygroup.com
boboyy88.com
miteinander-lernen.com
dannayconsulting.com
officialtomsshoesoutletstore.com
forsale-amoxil-amoxicillin.net
generictadalafil-canada.net
guitarlessonseastlondon.com
lesliesrestaurants.com
mattyno9.com
nri-homeloans.com
rtgvisas-qatar.com
salbutamolventolinonline.net
sportsinjuries.info
wedsna.com
rgkntk.com
bkkmarketplace.com
zxqcwx.com
breakupprogram.com
boxcardc.com
unblockyoutubeindonesia.com
fabulousbookmark.com
beat-the.com
guatemala-sailfishing-vacations-charters.com
magie-marketing.com
kingstonliteracy.com
guitaraffinity.com
eurelookinggoodapparel.com
howtolosecheekfat.net
marioncma.org
oliviadavismusic.com
shantelcampbellrealestate.com
shopleborn13.com
topindiafree.com
v-visitors.net
djjky.com
053hh.com
originbluei.com
baucishotel.com
33kkn.com
intrinsiqresearch.com
mariaescort-kiev.com
mymaguk.com
sponsored4u.com
crimsonclass.com
bataillenavale.com
searchtile.com
ze-stribrnych-struh.com
zenithalhype.com
modalpkv.com
bouisset-lafforgue.com
useupload.com
37r.net
autoankauf-muenster.com
bantinbongda.net
bilgius.com
brabustermagazine.com
indigrow.org
miicrosofts.net
mysmiletravel.com
selinasims.com
spellcubesapp.com
usa-faction.com
hypoallergenicdogsnames.com
dailyupdatez.com
foodphotographyreviews.com
cricutcom-setup.com
chprowebdesign.com
katyrealty-kanepa.com
tasramar.com
bilgipinari.org
four-am.com
indiarepublicday.com
inquick-enbooks.com
iracmpi.com
kakaschoenen.com
lsm99flash.com
nana1255.com
ngen-niagara.com
technwzs.com
virtualonlinecasino1345.com
wallpapertop.net
casino-natali.com
iprofit-internet.com
denochemexicana.com
eventhalfkg.com
medcon-taiwan.com
life-himawari.com
myriamshomes.com
nightmarevue.com
healthandfitnesslives.com
androidnews-jp.com
allstarsru.com
bestofthebuckeyestate.com
bestofthefirststate.com
bestwireless7.com
britsmile.com
declarationintermittent.com
findhereall.com
jingyou888.com
lsm99deal.com
lsm99galaxy.com
moozatech.com
nuagh.com
patliyo.com
philomenamagikz.net
rckouba.net
saturnunipessoallda.com
tallahasseefrolics.com
thematurehardcore.net
totalenvironment-inthatquietearth.com
velislavakaymakanova.com
vermontenergetic.com
kakakpintar.com
jerusalemdispatch.com
begorgeouslady.com
1800birks4u.com
2wheelstogo.com
6strip4you.com
bigdata-world.net
emailandco.net
gacapal.com
jharpost.com
krishnaastro.com
lsm99credit.com
mascalzonicampani.com
sitemapxml.org
thecityslums.net
topagh.com
flairnetwebdesign.com
rajasthancarservices.com
bangkaeair.com
beneventocoupon.com
noternet.org
oqtive.com
smilebrightrx.com
decollage-etiquette.com
1millionbestdownloads.com
7658.info
bidbass.com
devlopworldtech.com
digitalmarketingrajkot.com
fluginfo.net
naqlafshk.com
passion-decouverte.com
playsirius.com
spacceleratorintl.com
stikyballs.com
top10way.com
yokidsyogurt.com
zszyhl.com
16firthcrescent.com
abogadolaboralistamd.com
apk2wap.com
aromacremeria.com
banparacard.com
bosmanraws.com
businessproviderblog.com
caltonosa.com
calvaryrevivalchurch.org
chastenedsoulwithabrokenheart.com
cheminotsgardcevennes.com
cooksspot.com
cqxzpt.com
deesywig.com
deltacartoonmaps.com
despixelsetdeshommes.com
duocoracaobrasileiro.com
fareshopbd.com
goodpainspills.com
hemendekor.com
kobisitecdn.com
makaigoods.com
mgs1454.com
piccadillyresidences.com
radiolaondafresca.com
rubendorf.com
searchengineimprov.com
sellmyhrvahome.com
shugahouseessentials.com
sonihullquad.com
subtractkilos.com
valeriekelmansky.com
vipasdigitalmarketing.com
voolivrerj.com
worldhealthstory.com
zeelonggroup.com
1015southrockhill.com
10x10b.com
111-online-casinos.com
191cb.com
3665arpentunitd.com
aitesonics.com
bag-shokunin.com
brightotech.com
communication-digitale-services.com
covoakland.org
dariaprimapack.com
freefortniteaccountss.com
gatebizglobal.com
global1entertainmentnews.com
greatytene.com
hiroshiwakita.com
iktodaypk.com
jahatsakong.com
meadowbrookgolfgroup.com
newsbharati.net
platinumstudiosdesign.com
slotxogamesplay.com
strikestaruk.com
techguroh.com
trucosdefortnite.com
ufabetrune.com
weddedtowhitmore.com
12940brycecanyonunitb.com
1311dietrichoaks.com
2monarchtraceunit303.com
601legendhill.com
850elaine.com
adieusolasomade.com
andora-ke.com
bestslotxogames.com
cannagomcallen.com
endlesslyhot.com
iestpjva.com
ouqprint.com
pwmaplefest.com
qtylmr.com
rb88betting.com
buscadogues.com
1007macfm.com
born-wild.com
growthinvests.com
promocode-casino.com
proyectogalgoargentina.com
wbthompson-art.com
whitemountainwheels.com
7thavehvl.com
developmethis.com
funkydogbowties.com
travelodgegrandjunction.com
gao-town.com
globalmarketsuite.com
blogshippo.com
hdbka.com
proboards67.com
outletonline-michaelkors.com
kalkis-research.com
thuthuatit.net
buckcash.com
hollistercanada.com
docterror.com
asadart.com
vmayke.org
erwincomputers.com
dirimart.org
okkii.com
loteriasdecehegin.com
mountanalog.com
healingtaobritain.com
ttxmonitor.com
nwordpress.com
11bolabonanza.com