As Diwali 2024 approaches, investors are keenly eyeing opportunities for potential gains in the stock market. Prabhudas Lilladher, a prominent brokerage firm, has released a list of recommended stocks that show promising technical indicators and are positioned for upside based on recent market trends. Here are the top picks to consider before the festive season.
Top Stock Picks Before Diwali 2024
Prabhudas Lilladher has identified several stocks that are signaling strong potential for growth. The recommended stocks include ABB India, Bharat Electronics Ltd, BHEL, Coal India, Exide Industries, Tata Motors, and KPIT Technologies. These selections are based on thorough technical analysis and market performance.
ABB India
CMP: ₹8,750
Target: ₹12,300
Stop Loss: ₹7,350ABB India is currently consolidating near the 50-EMA (Exponential Moving Average) zone at ₹7,800, showing signs of resilience with a pullback from ₹7,750. A confirmed breakout above ₹8,300 could indicate renewed upward momentum. Analysts suggest that the stock could reach a target of ₹12,300.
Bharat Electronics Ltd (BEL)
CMP: ₹284
Target: ₹426
Stop Loss: ₹240BEL has retraced from its peak of ₹340 and found support near ₹265, forming a double-bottom pattern. A decisive move past the 50-EMA at ₹290 could strengthen the uptrend, with analysts projecting a rally towards ₹426.
BHEL
CMP: ₹254
Target: ₹390
Stop Loss: ₹215BHEL has been trading in the range of ₹260-270 after falling from its peak of ₹335. The stock recently corrected from ₹290 and found support around ₹250-254, indicating a potential rebound. Analysts recommend buying with a target of ₹390.
Coal India
CMP: ₹490
Target: ₹690
Stop Loss: ₹415Coal India has been consolidating around ₹485 and is nearing a breakout above both the 50-EMA and 100-period MA at ₹501. With the RSI signaling a trend reversal, analysts expect the stock to reach ₹690.
Exide Industries
CMP: ₹497
Target: ₹740
Stop Loss: ₹425Exide has formed a bullish pattern by breaking above the 50-EMA with strong momentum. The RSI shows positive signals for further gains. Analysts project the stock to reach ₹740.
Gujarat Mineral Development Corporation (GMDC)
CMP: ₹358
Target: ₹544
Stop Loss: ₹305GMDC has recently found support at ₹308 after declining from its peak of ₹506. The RSI is recovering from oversold levels, suggesting significant upside potential. The target price for GMDC is set at ₹544.
Garden Reach Shipbuilders & Engineers (GRSE)
CMP: ₹1,750
Target: ₹2,770
Stop Loss: ₹1,420GRSE has stabilized near ₹1,700 after falling from its high of ₹2,833. Positive candle formations with volume growth suggest further recovery is likely. Analysts expect the stock to rally to ₹2,770.
Himadri Speciality Chemical Ltd (HSCL)
CMP: ₹619
Target: ₹900
Stop Loss: ₹530HSCL has maintained strength above the 50-EMA, indicating signs of a rebound. The RSI is positioned for a rally after correcting from overbought levels. Analysts expect it to hit a target price of ₹900.
KPIT Technologies
CMP: ₹1,785
Target: ₹2,500
Stop Loss: ₹1,500KPIT is consolidating near ₹1,900 levels; a breakout will confirm bullish momentum. With an expected target price of ₹2,500 and a suggested stop loss at ₹1,500, analysts remain optimistic about this stock’s potential.
National Thermal Power Corporation Ltd (NTPC)
CMP: ₹423
Target: ₹590
Stop Loss: ₹360NTPC has broken out of a descending channel pattern around ₹417 with strong upward bias. Analysts support a target of ₹590 while advising a stop loss at ₹360.
Tata Motors
CMP: ₹907
Target: ₹1,225
Stop Loss: 770Tata Motors has corrected from its peak of ₹1,142 and found support at ₹915. With an improving RSI approaching oversold territory, analysts suggest buying with a target of ₹1,225.
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms and do not reflect those of Mint. Investors should consult certified experts before making any investment decisions.
As Diwali approaches, these stocks present potential opportunities for investors looking to capitalize on market trends and technical indicators. Regular monitoring and strategic planning will be essential as market dynamics continue to evolve leading up to the festive season.
