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Diwali Muhurat Trading 2022: Top Stocks to Buy On Diwali Today — 24th October

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Diwali Muhurat Trading 2022 Top Stocks to Buy On Diwali Today — 24th October

Diwali muhurat trading 2022: The Indian stock market edged higher despite global market volatility. Dalal Street finished higher for the sixth straight day. Nifty closed at 17,576 levels, while BSE Sensex jumped 104 points to 59,307 levels.

On Friday last week, Nifty Bank outperformed Nifty and Sensex by 1.71 percent.

The stock market has been extremely volatile as investors worry that hefty rate hikes will push major economies into recessions before inflation is tamed, while a stronger dollar could wreak havoc on developing economies.

Muhurat trading strategy on Diwali 2022

Rahul Sharma, Director, Head of Technical & Derivative Research at JM Financial Services, commented on the technical outlook before the muhurat trading session “For the upcoming week, Nifty is at a critical inflexion point of 17,600, above which we can anticipate aggressive price action with targets of 18,000/18,100.

Before muhurat trading, in his technical view. “Nifty has achieved a significant inflexion point around 17,600, over which we may anticipate strong price action with goals at 18,000/18,100,” says Rahul Sharma, Director, Head of Technical and Derivative Research at JM Financial Services.

In the last two trading sessions, Nifty Futures saw a long addition of almost 12%, while Bank Nifty had a long addition of about 10%. Usually, once we see such additions, the markets react decisively.

Assuming solid momentum over 17,600, a large position size is indicated. While their short positions in index futures have dramatically decreased since early October, FIIs have switched to purchasers in cash during the last two sessions.”

Ruchit Jain, a Lead Researcher at 5paisa.com, revealed a muhurat trading strategy for short-term traders “The short-term momentum appears to still be positive based on the chart’s structure, so traders should maintain a bullish bias and watch for buying opportunities on declines until the index breaks any significant supports.

But while choosing companies for trading, one must be highly selective and stay away from underperforming ones.”

Muhurat trading stocks to buy

A few muhurat trading stocks were recommended by share market experts Anuj Gupta, Vice President – Research at IIFL Securities and Ravi Singhal, CEO at GCL Securities.

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

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