Dhanteras 2024: As Samvat 2081 is about to begin, stock market investors are busy scanning stocks to buy for the long term. As the nation celebrates Dhanteras 2024, some investors might find it an auspicious occasion for long-term investments. The occasion becomes ideal as the Indian stock market has recently been sharply corrected, and many quality stocks are now available at discounted levels. To make things easy for Mehta Equities, it has recommended buying 21 stocks on this Dhanteras for the long term. These 21 stocks include State Bank of India (SBI), ITC, Tata Power, Suzlon Energy, Paytm, SAIL, Ola Electric, LT, SpiceJet, etc.
Here we list out full details regarding 21 stock picks by the brokerage:
1] SBI: Major support is at 700, with an accumulation zone between ₹780 and ₹800. Resistance around ₹912 may lead to some consolidation, but targets of ₹1000 and beyond remain within reach. The MACD and RSI on the daily time frame indicate bullish solid momentum, supporting a positive outlook.
2] ITC: Immediate support is at 475, with significant backing at ₹400 and an accumulation zone between ₹460 and ₹480. Resistance around ₹550 could lead to gains towards ₹650 and above. The stock shows oversold RSI conditions daily, suggesting a potential momentum buildup from lower levels for further upward movement.
3] LT: Immediate support lies at ₹3000, with an accumulation zone between ₹3400 and ₹3500. Resistance at 4000 may limit short-term gains, but the stock has potential targets of ₹5000 and above. The MACD and Stochastics on the daily time frame show strong signals for a continued bullish rally.
4] Tata Power: Major support is ₹350, with accumulation opportunities between ₹400 and ₹420. Resistance near ₹500 could cap short-term gains, but targets of ₹600 and beyond are achievable. The RSI and MACD on the daily time frame show bullish signals, with increasing volume confirming the trend.
5] Godrej Consumer Products: The stock has immediate support at ₹1100, with accumulation advised between ₹1250 and ₹1300. Resistance around ₹1600 could act as a barrier, but the stock has the potential to reach ₹2000 and beyond. A bullish MACD crossover on the daily time frame supports the possibility of further upside.
6] Suzlon Energy: Support lies at ₹66, with accumulation opportunities between ₹70 and ₹75. Resistance around 86 could be tested soon, with potential ₹133 and above targets. The MACD on the daily time frame indicates positive momentum, and with an oversold RSI, the stock looks primed for a breakout.
7] JSW Infrastructure: The stock has significant support at ₹235, with an immediate support zone between ₹260 and ₹270. Good accumulation can be done in the ₹250 to ₹275 range. Resistance around 360 may present challenges, but the stock still targets ₹500 and above. A bullish crossover in the MACD on the daily time frame and a rising RSI indicate the potential for further upward movement.
8] SAIL: Steel Authority of India Limited has significant support at ₹90, with an accumulation zone between ₹95 and ₹105. Resistance near ₹140 may offer short-term challenges, but the stock targets ₹160 and beyond. The RSI on the daily time frame shows bullish strength, and rising volumes indicate growing interest, suggesting upward momentum.
9] Paytm: PAYTM finds strong support at ₹550, with accumulation favoured between ₹650 and ₹700. Resistance at ₹800 may slow progress, but the stock is well-positioned to reach ₹1000 and beyond. The RSI on the daily time frame is moving higher, indicating increased bullish sentiment, while the MACD confirms a positive momentum shift.
10] Ola Electric Mobility: Support lies at ₹70, accumulating between ₹80 and ₹90. Resistance near ₹160 may slow progress, but the stock could target ₹200 and higher. The RSI on the daily time frame shows oversold conditions, while the MACD points to continued strength in a trend reversal from lower levels.
11] LG Balakrishnan & Brothers: Immediate support lies at ₹1100, with an accumulation zone between ₹1200 and ₹1250. Resistance at ₹1700 could limit short-term gains, but targets of ₹2000 and above remain achievable. Stochastic indicators on the daily time frame signal oversold conditions, suggesting a potential for a strong reversal soon.
12] Imagicaaworld Entertainment: The stock finds immediate support at ₹66.50, while accumulation is ideal between ₹70 and ₹75. Resistance around 105 could act as a cap in the short term, but if broken, Imagicaaworld has the potential to move towards ₹150 and above. A MACD crossover on the daily time frame indicates a bullish setup with increasing momentum.
13] Morepen Laboratories: Major support is at ₹65, with accumulation recommended between ₹75 and ₹80. Resistance around ₹101 could be challenging, but ₹150 and beyond targets remain achievable. The RSI on the daily time frame is pointing towards a potential breakout, while the MACD confirms a positive shift in momentum.
14] SpiceJet: With immediate support at ₹45, the accumulation zone between ₹57 and ₹62 provides a good entry point. Resistance near ₹80 may slow the stock's advance, but with bullish volume growth and the RSI on the daily chart indicating signs of reversal from lower levels, the stock could rally to ₹100 and above in the medium term.
15] TVS Supply Chain Solutions: Immediate support at ₹170, significant support at ₹140 and an accumulation zone between ₹180 and ₹190. Resistance near ₹260 may create short-term hurdles, but ₹300 and above targets are within reach. The MACD on the daily time frame indicates a strengthening trend, and the RSI uptick confirms a bullish reversal.
16] Suntech Realty: Major support is at ₹450, with accumulation recommended between ₹500 and ₹520. Resistance around ₹700 could lead to gains up to ₹1000 and beyond. The RSI on the daily time frame is trending in bullish territory, but caution is advised on any pullback toward support levels for better entry points.
17] Lemon Tree Hotels: Immediate support is ₹100, with accumulation opportunities between ₹108 and ₹115. The stock faces resistance near ₹160, but ₹225 and beyond targets are plausible. The MACD on the daily time frame has turned bullish, pointing to an upward trajectory, while the RSI shows growing strength.
18] Usha Martin: With support at ₹385, accumulation between ₹400 and ₹425 presents a strong buying opportunity. Resistance near ₹451 may lead to short-term consolidation, but the stock could rally towards ₹600 and above. The RSI on the daily time frame suggests building strength and positioning the stock for a breakout.
19] Granules India: With immediate support at ₹530 and an accumulation zone between ₹540 and ₹560, Granules India is positioned for a potential rally. Resistance near ₹720 may serve as a short-term hurdle, but the stock could aim for ₹1000 and above if surpassed. The rising RSI on the daily time frame suggests increasing bullish momentum and a strengthening trend.
20] Piramal Enterprises: Immediate support is established at ₹900, with accumulation advised between ₹1000 and ₹1050. Resistance near ₹1140 could be a short-term cap, but targets of ₹1650 and above remain within reach. Fluctuations in the RSI on the daily time frame signal a bullish trend, backed by increasing volume, which supports a positive outlook.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
