As Muhurat Trading 2024 approaches, MasterTrust Broking reveals eight technical stocks to buy that show promising returns, with up to 30% upside for Samvat 2081. This Diwali, set for November 1, traders celebrate a new financial year, and sectors like financials, consumption, technology, and healthcare are positioned for growth. Here’s an overview of the top stocks to watch in this festive session.
Muhurat Trading 2024: Session Timing and Market Expectations
This year, the Bombay Stock Exchange (BSE) has set Muhurat Trading hours from 6:00 to 7:10 pm on November 1. All intraday trades will automatically square off 15 minutes before session close, underscoring the need for careful planning on this auspicious day. With heightened anticipation, stocks to buy this season reflect the potential for wealth creation as traders honor Goddess Lakshmi.
Vishnu Kant Upadhyay’s Muhurat Picks for 30% Upside
1. HDFC AMC: A Strategic Buy with a 25% Upside
- Buy Range: ₹4480-₹4300
- Stop Loss: ₹3815
- Target Price: ₹5600
HDFC AMC recently surpassed a major resistance level, signaling bullish potential. The stock trades well above the 34-week and 55-week EMAs, affirming its strength. The Relative Strength Index (RSI) remains above 50, reinforcing the uptrend. As a prominent stock to watch, HDFC AMC’s price action shows positive momentum.
2. CONCOR: Positioned for 28% Upside
- Buy Range: ₹830-₹810
- Stop Loss: ₹695
- Target Price: ₹1,066
Following a 30% decline, CONCOR now trades above a significant support zone, signaling a bullish reversal around the 34-month EMA. With diminished trading volume during corrections, this stock’s technical setup suggests strong recovery potential, making it a top stock to buy.
3. LIC India: Anticipated 23% Upside
- Buy Range: ₹915-₹889
- Stop Loss: ₹787
- Target Price: ₹1,128
LIC India’s technical outlook points to a possible bullish reversal, especially around key support levels, despite recent pullbacks. LIC India’s technical indicators highlight a solid foundation, making it a crucial stock to watch for potential upside.
4. Five Star Business Finance: 20% Upside Potential
- Buy Range: ₹885-₹821
- Stop Loss: ₹727
- Target Price: ₹1,027
Five Star Business Finance has broken the neckline of an inverse head and shoulder pattern, indicating upward momentum. Supported by increased trading activity, this stock remains resilient, presenting an attractive buying opportunity for investors.
5. Tata Power: Projected Upside of 26%
- Buy Range: ₹440-₹422
- Stop Loss: ₹374
- Target Price: ₹553
Tata Power is trading within a rising channel, indicating a bullish trend. The MACD indicators support the stock’s growth potential, solidifying its position among stocks to buy for Diwali 2024. The lower trading volume during corrections and the RSI remaining above 50 reflect sustained investor confidence.
6. Bajaj Finserv: Potential for 21% Upside
- Buy Range: ₹1,770-₹1,690
- Stop Loss: ₹1,485
- Target Price: ₹2,145
Bajaj Finserv shows resilience after a symmetrical triangle breakout. Its support levels align with the 34-week and 55-week EMAs, enhancing its stability and signaling an appealing long-term investment.
7. JSW Steel: Targeting a 24% Upside
- Buy Range: ₹960-₹920
- Stop Loss: ₹810
- Target Price: ₹1,193
JSW Steel is one of the notable stocks to watch as it maintains a bullish channel. A recent correction brings prices to the 0.618 Fibonacci level, signaling a potential recovery. Key technical indicators, including the RSI and MACD, support the stock’s momentum for long-term growth.
8. Tata Elxsi: Eyeing 26% Upside
- Buy Range: ₹7,220-₹6,850
- Stop Loss: ₹6,060
- Target Price: ₹9,130
Tata Elxsi trades near the lower boundary of a symmetrical triangle, presenting an appealing risk-reward ratio. The stock’s recent price action suggests a stable long-term trajectory, reinforcing it as one of the best stocks to buy for the festive trading session.
Conclusion
MasterTrust Broking’s list of technical stocks to buy for Samvat 2081 highlights high-potential investments for long-term growth. These stocks to watch offer a balanced mix of resilience and growth, making them appealing choices for the upcoming Muhurat Trading session.
Disclaimer: The views and recommendations shared are from analysts at MasterTrust Broking. Investors are encouraged to seek personalized advice, as markets can experience rapid changes.
