Muhurat Trading 2024: Religare Broking recommends 5 stocks with up to 18% growth potential

Muhurat Trading 2024: Indian stock exchanges are closed today, November 1, in observance of Diwali, the festival of lights. However, Muhurat Trading—a special one-hour trading session conducted by the exchanges on Diwali to mark the beginning of the new Hindu calendar year, Samvat 2081—will take place this evening.

Scheduled from 6:00 p.m. to 7:00 p.m. IST today, this session symbolizes good fortune and prosperity, with investors, traders, and institutions engaging in ceremonial trades. Traditionally, shares bought during this session are considered auspicious, and many believe it brings blessings for wealth and success in the coming year.

Muhurat trading sees participation from traders, retail investors, and institutions alike, reflecting optimism for the year to come. Though trading volumes during Muhurat trading are usually lower, the session reflects optimism and confidence in the markets as investors look forward to achieving financial milestones in the new year.

Over the past 16 years, indices have closed in green on 13 occasions during this special trading session, showcasing a positive historical trend. In 2023, Diwali was celebrated on November 12, with indices rising by over half a percent, marking the second-best Muhurat trading gains in five years.

The most notable Muhurat session occurred during the global financial crisis on October 28, 2008, when indices surged nearly 6 percent, setting a record for the highest gain in this ceremonial session.

As making fresh investments during Muhurat Trading sessions is considered auspicious, Religare Broking has identified five stocks to purchase today based on technical analysis. The brokerage anticipates these stocks could yield returns of up to 18% at their target levels over the next 12 months.

Muhurat Trading 2024: Technical Picks by Religare Broking

1. Bharat Electronics: Among the technical picks for Muhurat Trading 2024 recommended by the brokerage is Bharat Electronics (BEL). The brokerage suggests an accumulation zone for SBI shares between ₹282 and ₹286, with target prices set between ₹308 and ₹330. To mitigate risk, a stop loss is advised at ₹268. If the brokerage's target price is achieved, the expected return per share would be approximately 15%.

2. City Union Bank: Another technical pick is City Union Bank. The brokerage recommends an accumulation zone for City Union Bank shares between ₹173 and ₹176, with target prices set between ₹192 and ₹204. To manage risk, a stop loss is suggested at ₹164. If the brokerage's target price is met, the expected return per share would be around 16%.

3. Federal Bank: The third technical pick for Muhurat Trading 2024 is Federal Bank. The brokerage suggests an accumulation zone for Federal Bank shares between ₹202 and ₹205, with target prices ranging from ₹218 to ₹226. To mitigate potential losses, a stop loss is advised at ₹194. If the brokerage's target price is achieved, the expected return per share would be approximately 10%.

4. Fortis Healthcare: The brokerage recommends an accumulation zone for Fortis shares between ₹623 and ₹628, with target prices set between ₹665 and ₹680. To manage risk, a stop loss has been placed at ₹602. Should the brokerage's target price be reached, the expected return from each share would be around 8%.

5. GMDC (Gujarat Mineral Development Corporation): Among the recommended technical picks for Muhurat Trading 2024 is GMDC. The brokerage suggests an accumulation zone for GMDC shares between ₹368 and ₹372, with target prices set at ₹420 to ₹440. To mitigate risk, a stop loss has been advised at ₹337. If the brokerage's target price is achieved, the expected return from each share is approximately 18%.

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.