As Diwali 2024 approaches, investors are eagerly seeking stock market opportunities that promise substantial gains. With a festive spirit in the air, it’s essential to identify resilient stocks that could provide returns during this auspicious season. Prabhudas Lilladher, a well-known brokerage, has curated a selection of stocks based on meticulous market analysis, demonstrating strong technical indicators. Below are the top stock recommendations you should consider before the festive season to potentially enhance your investment portfolio.
Top Stock Picks Before Diwali 2024
According to Prabhudas Lilladher, several stocks are showing significant potential for growth as they align with favorable market trends. The recommended list includes ABB India, Bharat Electronics Ltd, BHEL, Coal India, Exide Industries, Tata Motors, and KPIT Technologies. Each of these selections reflects extensive analysis, promising both technical strength and growth potential.
ABB India
Current Market Price (CMP): ₹8,750
Target Price: ₹12,300
Stop Loss: ₹7,350
ABB India is exhibiting resilience, currently consolidating near the 50-EMA zone at ₹7,800. A confirmed breakout above ₹8,300 could signal renewed bullish momentum, with experts suggesting it could reach a target of ₹12,300.
Bharat Electronics Ltd (BEL)
CMP: ₹284
Target: ₹426
Stop Loss: ₹240
BEL has retraced from its peak of ₹340 and is forming a double-bottom pattern with support near ₹265. Analysts believe that surpassing the 50-EMA at ₹290 could bolster the uptrend and lead to a target of ₹426.
BHEL
CMP: ₹254
Target: ₹390
Stop Loss: ₹215
After peaking at ₹335, BHEL has been testing the range of ₹260-270. It recently corrected and found support at ₹250-254, indicating it may rebound. The target for BHEL is set at ₹390.
Coal India
CMP: ₹490
Target: ₹690
Stop Loss: ₹415
Coal India is approaching a breakout level above the 50-EMA and the 100-period MA at ₹501. With an RSI that indicates a trend reversal, analysts expect it to surge towards ₹690.
Exide Industries
CMP: ₹497
Target: ₹740
Stop Loss: ₹425
Exide has recently breached above the 50-EMA with strong momentum, showing positive signals on the RSI, and analysts forecast it could reach ₹740.
Gujarat Mineral Development Corporation (GMDC)
CMP: ₹358
Target: ₹544
Stop Loss: ₹305
GMDC found support around ₹308 and is showing signs of recovery from oversold conditions. A target price of ₹544 is anticipated for this stock.
Garden Reach Shipbuilders & Engineers (GRSE)
CMP: ₹1,750
Target: ₹2,770
Stop Loss: ₹1,420
Recently stabilizing near ₹1,700 after declining from ₹2,833, GRSE shows positive candle formations and growth in trading volume, forecasting a potential rally to ₹2,770.
Himadri Speciality Chemical Ltd (HSCL)
CMP: ₹619
Target: ₹900
Stop Loss: ₹530
Continuing to demonstrate strength above the 50-EMA, HSCL is rebounding from overbought levels and aims for a target of ₹900.
KPIT Technologies
CMP: ₹1,785
Target: ₹2,500
Stop Loss: ₹1,500
KPIT is consolidating near ₹1,900, and a breakout here could confirm bullish momentum. Analysts are optimistic for a target of ₹2,500.
National Thermal Power Corporation Ltd (NTPC)
CMP: ₹423
Target: ₹590
Stop Loss: ₹360
NTPC has broken out of a descending channel at ₹417, exhibiting a strong bullish bias. A target price of ₹590 is advised with a stop loss at ₹360.
Tata Motors
CMP: ₹907
Target: ₹1,225
Stop Loss: ₹770
After correcting from ₹1,142, Tata Motors has established support at ₹915. With an improving RSI, analysts recommend buying with a target of ₹1,225.
Disclaimer: The views and recommendations presented here reflect the opinions of individual analysts or brokerage firms and may not represent those of Mint. It’s advisable for investors to consult with certified experts before making any investment decisions.
As the Diwali festival nears, these stocks present lucrative opportunities for investors aiming to seize market trends while leveraging technical indicators. Continuous monitoring and strategic planning will be crucial as market dynamics evolve ahead of the festive period.