Stock markets are closed today for Diwali, but the annual Muhurat Trading session will take place today, November 1, 2024, from 6:00 PM to 7:00 PM.
This marks the beginning of the new Hindu calendar year, Samvat 2081. The pre-opening session will be from 5:45 PM to 6:00 PM. Historically, Muhurat Trading has often resulted in gains, with the BSE Sensex closing higher in 13 of the last 17 sessions.
Samvat 2081 Market Outlook Leading into Samvat 2081, market sentiment has been mixed. Nifty fell by 5.7% in October, driven by disappointing Q2 earnings and valuation concerns. According to SBI Securities, “Samvat 2081 will be a bottoms-up stock pickers market. Investors should aim to preserve the wealth created post-COVID and moderate return expectations over the next 6-12 months.” They recommend a gradual capital deployment approach to take advantage of potential gains in the latter half of the year.
Trading Strategies and Market Levels Nilesh Jain, Assistant Vice President (AVP) at Centrum Broking, suggests that Muhurat Trading is a prime opportunity for long-term investments. "It's a chance to invest in quality stocks after market corrections, focusing on those with strong fundamentals," he explained. Jain also highlighted that the Nifty index has shown signs of weakness but remains above the 200-day EMA at 23,500, which could act as crucial support. Resistance levels are noted at 24,300-24,400, and a rally could target 25,100 if these levels are maintained.
Hrishikesh Yedve, Assistant Vice President at Asit C. Mehta Investment Intermediates, emphasized the importance of observing Nifty’s trading range. "A breakout from the 24,000-24,500 range will be key for determining the next trend," he noted. For Bank Nifty, Yedve identified short-term support at 51,000-51,150 and resistance at 52,580.
Hot Stocks to Watch for Muhurat Trading
Macrotech Developers: Buy at Rs 1,082 | Target: Rs 1,368 | Upside: 26% Recommended by: Centrum Broking
TCS: Buy at Rs 4,085-3,900 | Target: Rs 4,650 | Stop Loss: Rs 3,700 Recommended by: Centrum Broking
Trent: Buy at Rs 7,150-6,950 | Target: Rs 8,900 | Stop Loss: Rs 6,300 Recommended by: Centrum Broking
Jyoti Resins and Adhesive: Buy at Rs 1,457 | Target: Rs 1,930 | Upside: 32% Recommended by: Centrum Broking
PTC India: Buy at Rs 180-182 | Target: Rs 237-241 | Stop Loss: Rs 165-170 Recommended by: Religare Broking
BHEL: Buy at Rs 232-235 | Target: Rs 295-300 | Stop Loss: Rs 212 Recommended by: Religare Broking
NHPC: Buy at Rs 82 | Target: Rs 108-110 | Stop Loss: Rs 75 Recommended by: Religare Broking
Axis Bank: Buy at Rs 1,189-1,210 | Target: Rs 1,332-1,403 | Stop Loss: Rs 1,070 Recommended by: HDFC Securities
Karur Vysya Bank: Buy at Rs 214-218 | Target: Rs 249-269 | Stop Loss: Rs 183 Recommended by: HDFC Securities
Stylam Industries: Buy at Rs 2,195-2,230 | Target: Rs 2,560-2,690 | Stop Loss: Rs 1,880 Recommended by: HDFC Securities