Diwali muhurat trading 2022: Despite volatility in global markets, the Indian stocks edged higher on strong buying in banking stocks. In fact, Dalal Street managed to finish higher on sixth straight day in a row. NSE Nifty surged 12 points and closed at 17,576 levels while BSE Sensex shot up 104 points and closed at 59,307 mark. However, Nifty Bank index outperformed Nifty and Sensex by logging 1.71 per cent gains on Friday session last week.
According to stock market experts, global markets have been extremely volatile as investors worry that hefty rate hikes will push major economies into recessions before inflation is tamed, while the resulting stronger dollar could wreak havoc in emerging markets.
Muhurat trading strategy on Diwali 2022
On technical outlook ahead of muhurat trading session, Rahul Sharma, Director, Head – Technical & Derivative Research at JM Financial Services said, “Nifty is at a crucial inflexion point of 17,600 above which we can expect an aggressive price action with targets of 18,000/18,100 for the coming week. Nifty Futures have witnessed long addition of around 12 per cent in the last two trading sessions while Bank Nifty has witnessed long addition of around 10%. Generally, whenever we witness such addition, markets tend to move in a decisive way. Position sizing guide is advised to be at Large as expect good momentum above 17,600. FII’s have turned buyers in cash in the last two sessions whereas their shorts in Index Futures have come down significantly from early October.”
Unveiling muhurat trading strategy for short term traders, Ruchit Jain, Lead Research at 5paisa.com said, “Looking at the chart structure, the short term momentum still seems to be positive, and until the index breaks any important supports traders should continue to trade with a positive bias and look for buying opportunities on declines. But one be very stock specific in selecting stocks for trading and avoid ones which are underperforming.”
Muhurat trading stocks to buy
Speaking on Diwali stock picks — share market experts — Anuj Gupta, Vice President — Research at IIFL Securities and Ravi Singhal, CEO at GCL Securities — recommended 4 muhurat trading stocks.
Anuj Gupta’s Diwali 2022 stock picks
1] Suzlon Energy: Buy at CMP, target ₹11, stop loss ₹6.50
2] Electronics Mart: Buy at CMP, target ₹102, stop loss ₹80
Ravi Singhal’s Muhurat trading stock recommendations
3] Kotak Mahindra Bank: Buy at ₹1880 to ₹1890, target ₹1940 to ₹1980, stop loss ₹1870
4] Punjab National Bank or PNB: Buy at ₹40, target ₹44 to ₹50, stop loss ₹38.50.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
Download The Mint News App to get Daily Market Updates.
More
Less
