The stock market is closed today on Diwali, but Muhurat operations will be carried out from 6 pm to 7 pm. The session prior to the inauguration will be from 5:45 p.m. to 6:00 p.m. Historically, Muhurta trades have often generated profits, with the BSE Sensex closing higher in 13 of the last 17 sessions. Nifty fell 5.7% in October due to disappointing second quarter earnings and valuation concerns.
The brokerage has advised buying some shares in Diwali Muhurat transactions. Nilesh Jain, Assistant Vice President (AVP) at Centrum Broking, suggests that Muhurta trading is a good option for long-term investment. He said that after the market crash, this is an opportunity to invest in good quality stocks, where the focus can be on stocks with strong fundamentals.
Jain also said that there are signs of weakness in the Nifty index but it remains above the 200-day EMA of 23,500, which can act as an important support. Resistance levels are seen between 24,300 and 24,400 and if these levels hold, the rally may reach 25,100. Hrishikesh Yedve, Assistant Vice President at Asit C Mehta Investment Intermediates, has identified a breakout of the 24,000-24,500 range for Nifty and support at 51,000-51,150 for Bank Nifty.
You can buy these 10 stocks during Muhurta trading
- According to Centrum Broking, shares of Macrotech Developers can be bought at Rs 1,082, the target price is Rs 1,368 and the upside is 26%.
- Centrum Broking-TCS can be bought at Rs 4,085-3,900, whose target price has been kept at Rs 4,650 and stop loss at Rs 3,700.
- Centrum Broking-Trent shares can be bought at between Rs 7,150 and Rs 6,950, with a target of Rs 8,900 and a stop loss of Rs 6,300 per share.
- Centrum Broking: Shares of Jyoti Resins and Adhesives can be bought at Rs 1,457, the target price for which has been maintained at Rs 1,457. This stock shows an increase of 32% compared to its current price.
- Religare Broking: PTC India stock can be bought at Rs 180-182, with a target price of Rs 237-241 and a stop loss of Rs 165-170.
- Religare Broking: BHEL stock can be bought at Rs 232-235, target price is Rs 295-300 and stop loss is Rs 212.
- Religare Broking: You can buy NHPC stock at Rs 82 and the target is Rs 108 to Rs 110 while the stop loss is Rs 75.
- HDFC Securities recommends buying Axis Bank at Rs 1,189-1,210, with a target price of Rs 1,332-1,403 and stop loss: Rs 1,070.
- Karur Vysya Bank shares can be bought at Rs 214-218, Target: Rs 249-269 and Stop Loss: Rs 183.
- HDFC Securities: Stylum Industries shares can be bought at Rs 2,195-2,230, with a target price of Rs 2,560-2,690 and a stop loss of Rs 1,880.
(Note: Before investing in any stock, definitely seek the help of a financial advisor.)
