Diwali Stock Picks: Prabhudas Lilladher recommended ABB India, Bharat Electronics, BHEL, Coal India, Exide Industries, Tata Motors, and KPIT Technologies as top picks for investors ahead of Diwali 2024.
2024 Diwali stocks: As Diwali 2024 approaches, investors are eyeing opportunities for short-term gains. Prabhudas Lilladher, a leading brokerage firm, has released a list of stocks that are signalling strong gains on technical charts. These stocks are positioned for potential upside based on recent market trends and technical analysis.
Prabhudas Lilladher’s top stocks to buy before Diwali 2024
ABB India
ABB India has been consolidating near the 50-EMA (Exponential Moving Average) zone at ₹7,800, showing signs of strength with a pullback from ₹7,750. A confirmed breakout above ₹8,300 suggests renewed upward momentum. The rising RSI (Relative Strength Index) supports the bullish outlook, indicating further gains toward ₹12,300, as per the brokerage firm.
CMP: ₹8,750
Target: ₹12,300
Stop Loss: ₹7,350
Bharat Electronics Ltd
BEL has retraced from its peak of ₹340 and found support near ₹265, forming a double-bottom pattern. A decisive move past the 50-EMA at ₹290 could strengthen the uptrend, with the RSI well-positioned to support a rally towards ₹426, as per Prabhudas Lilladher. The brokerage advised to maintain a stop loss at ₹240.
CMP: ₹284
Target: ₹426
Stop Loss: ₹240
BHEL
The stock, after falling from its peak of ₹335, has been trading in the ₹260-270 range, near the key 200-period moving average. Recently, it corrected from ₹290 to find support around ₹250-254, showing signs of a potential rebound. A positive trend in RSI suggests the stock is on track for a reversal. Analysts recommend buying with a target of ₹390 and a stop loss of ₹215.
CMP: ₹254
Target: ₹390
Stop Loss: ₹215
Coal India
Coal India has been consolidating around ₹485 and is nearing a breakout above the 50-EMA and 100-period MA at ₹501. With RSI signalling a trend reversal, the brokerage expects the stock to reach ₹690. Investors are advised to place a stop loss at ₹415.
CMP: ₹490
Target: ₹690
Stop Loss: ₹415
Exide Industries
Exide has formed a bullish pattern, breaking above the 50-EMA with strong momentum. The RSI shows positive signals, indicating further gains. Analysts expect the stock to reach ₹740 and suggest maintaining a stop loss at ₹425.
CMP: ₹497
Target: ₹740
Stop Loss: ₹425
Gujarat Mineral Development Corporation
The stock has steadily declined from its peak of ₹506 but recently found support at ₹308, signalling a potential rebound. The RSI is recovering from oversold levels, indicating strength and suggesting significant upside potential from the current price. The brokerage has a target price of ₹544 on GMDC with a stop loss of ₹305.
CMP: ₹358
Target: ₹544
Stop Loss: ₹305
Garden Reach Shipbuilders & Engineers (GRSE)
GRSE has stabilised near ₹1,700 after falling from ₹2,833. A positive candle formation with volume growth suggests further recovery. Analysts expect the stock to rally to ₹2,770, with a stop loss at ₹1,420.
CMP: ₹1,750
Target: ₹2,770
Stop Loss: ₹1,420
Himadri Speciality Chemical Ltd (HSCL)
HSCL has maintained strength above the 50-EMA, showing signs of a rebound. The RSI is positioned for a rally after correcting from overbought levels. The brokerage expects it to hit a target price of ₹900. It recommends a stop loss of ₹530.
CMP: ₹619
Target: ₹900
Stop Loss: ₹530
KPIT Technologies
KPIT is consolidating near ₹1,900 levels, and a breakout will confirm bullish momentum. The RSI points to a potential rally, with analysts projecting a target price of ₹2,500. A stop loss at ₹1,500 is suggested to control risks.
CMP: ₹1,785
Target: ₹2,500
Stop Loss: ₹1,500
National Thermal Power Corporation Ltd (NTPC)
NTPC has broken out of a descending channel pattern around ₹417, with a strong upward bias. The RSI indicates early signs of recovery, supporting a target of ₹590. A stop loss at ₹360 is advised by the brokerage.
CMP: ₹423
Target: ₹590
Stop Loss: ₹360
Tata Motors
Tata Motors has corrected from ₹1,142 and found support at ₹915. The RSI is approaching the oversold zone and has been gradually rising, improving the overall bias. Analysts suggest buying with a target of ₹1,225 and a stop loss of ₹770 as risk-reward remains favourable and charts look attractive.
CMP: ₹907
Target: ₹1,225
Stop Loss: ₹770
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
