It is considered auspicious to buy stocks during Laxmi Pujan on Diwali, for which stock exchanges conduct Muhurat trading. This year Muhurat trading will take place on Saturday, November 14, 2020. On the back of economic recovery and encouraging news developments on COVID-19 vaccine, stock markets have mapped an upward trajectory to make new all-time highs. Axis Securities in its Technical Diwali Muhurat Picks has picked 11 stocks and suggests investors buying and accumulating for the potential upside of 15-22 per cent. It has included large-cap/Mid cap stocks, which have performed in line with the market over the last one year and are trading above their breakout levels or near their major support levels.
UltraTech Cement: The report noted that on the quarterly chart, the stock is trending up forming a series of higher Tops and higher Bottoms formation. The quarterly RSI has given a bullish crossover indicating that the momentum has turned positive. This indicates an upside to Rs 5,150-5,480.
Amara Raja Batteries: The brokerage firm observed that on the monthly chart, the stock is trending up forming a series of higher Tops and higher Bottoms formation. “Stock is well placed above its 50-day, 100-day and 200-day SMAs’ which reconfirms the strong uptrend,” it said. It sees a potential upside to Rs 925-960.
Kajaria Ceramics: Kajaria Ceramics continues to make big green bullish candles indicating strong buying momentum. The stock is well placed above its 50-day, 100-day and 200-day SMAs’ which reconfirms the strong uptrend. The report noted that volumes have been above average indicating strong participation into the stock. Axis Securities indicated an upside to Rs 675-710.
Bharti Airtel: On the monthly time frame stock has bounced after forming a big doji candle formation indicating change of trend to the upside, says Axis Securities. Momentum is expected to turn more bullish as soon as the RSI gives a bullish crossover. This indicates a rally in the range of Rs 515-545.
MCX: Multi Commodity Exchange stock is trending up forming a series of higher Tops and higher Bottoms formation on the monthly chart. Axis Securities says that the stock is well placed above its 50-day, 100-day and 200-day SMAs’ which reconfirms the strong uptrend. The monthly RSI is trending higher indicating that the momentum is quite strong even after the breakout, indicating an upside to Rs 1,880-2,030.
Dabur India: The stock is trending in ‘Up-Sloping Channel’ representing a strong uptrend across all the time frame on the monthly chart. The monthly and quarterly strength indicator RSI and the momentum indicator Stochastic both are in bullish mode and sustaining above their reference line indicating rising strength on a larger time frame. It indicates upside to Rs 575-610.
JSW Steel: On the quarterly chart, the stock has strongly bounced from its 2016 breakout zone of 130 levels. The monthly and quarterly strength indicator RSI and the momentum indicator Stochastic both are in bullish mode and quoting above 50 mark indicating rising strength on a larger time frame. This suggests an upside to Rs 365-383.
Indraprastha Gas Ltd: After forming a hammer at support level of 360, IGL has given a strong bounce indicating good participation by the bulls. “The monthly RSI is about to give a bullish crossover which will further confirm our bullish thesis,” said Axis Securities. This analysis indicates an upside to Rs 460-485.
Blue Dart Express: Axis Securities noted that on the weekly as well as on monthly chart, stock is trending up forming a series of higher Tops and higher Bottoms formation. This breakout is accompanied with huge volumes indicating increased participation in rallies. This suggests an upside to Rs 4,300-4,590 levels.
HDFC Bank: HDFC Bank is well placed above its 50-day, 100-day and 200-day SMAs’ which reconfirms the strong up trend. RSI has given a bullish crossover on a monthly time frame indicating that this is just a start of a new trend. This indicates an upside to Rs 1,500-1585.
Alembic Pharmaceuticals Ltd: The stock is in a strong up trend forming a series of higher Tops and higher Bottoms formation indicating sustained strength. The quarterly RSI and Stochastic both are in bullish mode which supports upside momentum. The brokerage’s analysis shows an upside to Rs 1,050-1,110.
(The stock recommendations in this story are by the respective research and brokerage firm. Financial Express Online does not bear any responsibility for their investment advice. Please consult your investment advisor before investing.)
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