Diwali Muhurat trading: HDFC Securities recommends 4 stocks with up to 26% upside
1/5
Stock Picks
The National Stock Exchange (NSE) will hold its yearly Diwali Muhurat trading session on Friday, November 1, 2024, from 6 pm to 7 pm, celebrating the start of the Hindu calendar year Samvat 2081.
This tradition of trading during the auspicious one-hour session is rooted in favorable planetary alignments, symbolizing a positive start to new ventures in the warm glow of diyas and vibrant rangoli designs.
With this, domestic brokerage firm HDFC Securities has listed its top 4 Muhurat trading technical picks for Samvat 2081, with a holding period till next Diwali and potential returns up to 26%:
This tradition of trading during the auspicious one-hour session is rooted in favorable planetary alignments, symbolizing a positive start to new ventures in the warm glow of diyas and vibrant rangoli designs.
With this, domestic brokerage firm HDFC Securities has listed its top 4 Muhurat trading technical picks for Samvat 2081, with a holding period till next Diwali and potential returns up to 26%:
2/5
Axis Bank
Buying range: Rs 1,189-1,210| Target price: Rs 1,332-1,403| SL: Rs 1,070| Upside: 18%
The stock has been finding support near its 40-week EMA and formed a bullish hammer candlestick pattern on the weekly chart. A bullish candle is formed at double bottom support of Rs 1,124, which increases the reliability of the bullish reversal. The weekly stochastics oscillator has turned bullish. Price rise was accompanied by a rise in volumes. The stock price has been forming higher tops and higher bottoms on the monthly charts.
The stock has been finding support near its 40-week EMA and formed a bullish hammer candlestick pattern on the weekly chart. A bullish candle is formed at double bottom support of Rs 1,124, which increases the reliability of the bullish reversal. The weekly stochastics oscillator has turned bullish. Price rise was accompanied by a rise in volumes. The stock price has been forming higher tops and higher bottoms on the monthly charts.
3/5
Karur Vyasa Bank
Buying range: Rs 214-218| Target price: Rs 249-269| SL: Rs 183| upside: 25.5%
The stock price found support on an upward trend from lows in May 2023 and June 2024. It broke out from the downward trend line on October 18, 2024, signaling a resumption of the primary uptrend. The weekly stochastic oscillator is bullish, the breakout saw rising volumes, and the stock has been forming higher highs and lows on the weekly charts.
The stock price found support on an upward trend from lows in May 2023 and June 2024. It broke out from the downward trend line on October 18, 2024, signaling a resumption of the primary uptrend. The weekly stochastic oscillator is bullish, the breakout saw rising volumes, and the stock has been forming higher highs and lows on the weekly charts.
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4/5
Stylam Industries
Buying range: Rs 2,195-2,230| Target price: Rs 2,560-2,690| SL: Rs 1,880| Upside: 22.6%
The stock price is in a strong uptrend, forming bullish higher highs and lows on weekly charts. The primary trend remains positive, with the price above the 20- and 50-week moving averages. Indicators and oscillators show strength on weekly and monthly charts. After hitting an all-time high of Rs 2,735, the stock saw a corrective pullback within the uptrend. The MACD indicates a bullish trend on the weekly charts.
The stock price is in a strong uptrend, forming bullish higher highs and lows on weekly charts. The primary trend remains positive, with the price above the 20- and 50-week moving averages. Indicators and oscillators show strength on weekly and monthly charts. After hitting an all-time high of Rs 2,735, the stock saw a corrective pullback within the uptrend. The MACD indicates a bullish trend on the weekly charts.
5/5
Can Fin Homes
Buying range: Rs 850-860| Target price: Rs 960-1,040| SL: 765| Upside: 22.3%
The stock has consistently found support in the Rs 820-828 range over the last 7 weeks. Despite recent market corrections, it remains strong, positioned above key moving averages, signaling a bullish trend across all time frames. The RSI is forming higher lows on the daily charts, indicating accumulation at lower levels. On the Point & Figure chart, the stock is also supported by the 10 EMA.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
The stock has consistently found support in the Rs 820-828 range over the last 7 weeks. Despite recent market corrections, it remains strong, positioned above key moving averages, signaling a bullish trend across all time frames. The RSI is forming higher lows on the daily charts, indicating accumulation at lower levels. On the Point & Figure chart, the stock is also supported by the 10 EMA.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)