Axis Securities, a leading brokerage company, recommends buying 12 high quality stocks as part of its Diwali Muhurta. The BSE and National Stock Exchange of India (NSE) will have a one-hour Muhurta trading session on Monday, 24 October 2022, on the occasion of Diwali. The new Samvat 2079, or the ancient Hindu calendar year that begins on the day of Diwali, will begin with a lucky one-hour trading session.
In a note, research analysts at broking company Axis Securities said that “Samvat 2078 has been quite volatile. While our benchmark Nifty started from the level of 18040 and touched an all-time high of 18350 on Jan 18,22, things took a turn for the worse after reaching this all-time high. Rising valuations, geo-political tensions, withdrawal of monetary stimulus from central banks across the world, rising interest rate scenario and rising oil led the Nifty to hit a low of 15183 on 17 Jun 22. On a brighter note, the market has regained lost ground with Nifty down ~20% and Sensex down 18%. Other major indices like Bank Nifty, Mid Cap and Small Cap indices have also gained ~30%, 27% and 34% respectively. Overall, in the last Samvat, after hitting an all-time high, the market has bounced back from the low and then remains in the broad range of 18300-15500.”
He further added that “Going forward, based on technical parameters, we expect Nifty to trade positively in Samvat 2079. The underlying tone of the market remains bullish with expectations at 18500-19000 levels. Major downside Support is at 16500-16000 level.”
The recommended stock portfolio for Diwali from Axis Securities has historically given good returns of 25% in 2018-19, 18% in 2019-20, 54% in 2020–21 and 18% in 2021–22. On the other hand, Nifty has returned 8.3% in 2018-19, 12% in 2019–20, 40% in 2020–21 and -3% in 2021–22. During this Diwali (Samvat 2079), the brokerage has selected 12 short-term stock picks with a target duration of up to 1 year.
Muhurta Trading Stocks To Buy Recommended By Axis Securities
| store | buy first | buy another | target first | target second |
| Ambuja Cement Limited | 470 | 450 | 560 | 610 |
| Computer Age Management Services Limited | 2550 | 2400 | 2930 | 3185 |
| Cipla Limited | 1060 | 1020 | 1200 | 1320 |
| Eicher Motors Limited | 3300 | 3180 | 3750 | 4030 |
| Federal Bank Limited | 125 | 110 | 150 | 165 |
| The Great Eastern Shipping Company Limited | 480 | 440 | 555 | 613 |
| Godfry Philips India Limited | 1350 | 1200 | 1530 | 1785 |
| L&T Technology Services Limited | 3500 | 3300 | 4000 | 4385 |
| RITES LTD | 360 | 340 | 420 | 485 |
| Tata Steel Limited | 95 | 85 | 113 | 120 |
| Titagarh Wagon Limited | 140 | 125 | 165 | 180 |
| Voltamp Transformers Ltd. | 2400 | 2200 | 2800 | 3000 |
| Source: Axis Securities Limited (ASL) |
Research analysts have said, “We have shortlisted a few stocks to buy this Diwali, which have given breakout and are showing strong accumulation pattern on the medium and long term charts. We have selected large cap as well as mid cap stocks. Covers that have performed in line with the market trends over the past year and are now trading above their breakout levels. Some of them are at their key support levels. We recommend keeping these stocks in the recommended buy range to cover downside risks and corrections in the market in the short term for a possible increase of 20-30% over the buy limit in the medium term.
He further claimed that “We believe that the government’s thrust on the infrastructure sector is likely to continue. Based on that theme, we have included stocks in the capital goods, metals, materials and infrastructure sectors. The report Selected stocks of Auto, Pharma, IT are also included in this list, which are likely to perform well in Samvat 2079.
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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