Maharashtra: With Diwali nearing, investors can take advantage of a special chance to start a new financial journey during the auspicious Diwali Muhurat Trading session. This occasion marks the start of a fresh chapter for Samvat 2081, presenting an opportunity for well-planned financial commitments to support stable expansion. This year, the stock market saw strong returns, reaching a peak of 26,277 on the Nifty index before undergoing a correction due to over Rs 90,000 crore in Foreign Institutional Investor (FII) outflows in October.
Analysts are expecting further stabilization in the healthy upward trend of the current market correction, which was already anticipated. Investors are advised to consider making selective investments in five technically strong stocks which are Reliance Industries, State Bank of India (SBI), Bharat Dynamics Limited (BDL), Olectra Greentech, and Mphasis, as recommended by experts, according to a PTI report.
1. Reliance Industries
⇒ Buy Range: Rs 2710-Rs 2740
⇒ Support Levels: Rs 2530/Rs 2450
⇒ Potential Targets: Rs 3030/Rs 3250
Reliance is trading near its 89-EMA support level, showing potential for a rebound. A 1:1 bonus issue on October 28 will adjust prices, making it a good accumulation candidate.
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 has formed a solid support base and broken past trendline resistance, indicating renewed momentum. Its fundamentals support a buy-on-dip strategy.
3. Bharat Dynamics Limited (BDL)
⇒ Buy Range: Rs 1000-Rs 1030
⇒ Support Levels: Rs 950/Rs 870
⇒ Potential Targets: Rs 1190/Rs 1300
BDL is well-positioned for upward movement, with previous breakout levels now serving as strong support.
4. Olectra Greentech Ltd
⇒ Buy Range: Rs 1600-Rs 1620
⇒ upport Levels: Rs 1500/Rs 1380
⇒ Potential Targets: Rs 1860/Rs 2040
Olectra Greentech’s recent correction shows minimal selling pressure, and its positive RSI crossover suggests favorable momentum.
5. Mphasis
⇒ Buy Range: Rs 3080-Rs 3100
⇒ Support Levels: Rs 2840/Rs 2648
⇒ Potential Targets: Rs 3560/Rs 3880
Mphasis is displaying a "Higher Top Higher Bottom" pattern, with robust technical indicators and positive momentum, making it a suitable option for both Diwali Muhurat Trading and long-term investment prospects.
Tips for successful trading during Muhurat, from a strategic standpoint.
Stock up on pullbacks: Investors can enhance their positions by buying more of these chosen stocks as they dip towards Support 1 levels, leading to greater profits when prices bounce back as the market steadies.
To reduce risks, it is recommended to place stop-loss orders slightly below Support 2 levels, especially in times of high volatility. This guarantees that unforeseen downturns do not affect the overall health of the portfolio.
Reasonable Outlook: With the expected consolidation period ahead in the market, it is advisable for traders and investors to have practical expectations for moderate profits in the upcoming year. Ideal for portfolio resilience are high-quality stocks that are in line with the market's durable upward trend.
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