Diwali 2023 stock picks; Sumeet Bagadis thinks that there will be three good trends before Diwali 2024, making the Nifty 50 index go up to 24,000.
2 min read 11/10/2023, 08:00 PM IST
As Diwali Muhurat approaches in 2023, investors are actively looking for value options that offer potential long-term alpha returns. Sumeet Bagadia, CEO of Choice Broking, shares investment ideas and advice for those who want to take advantage of market trends. Bagadia predicts a significant increase in the Nifty 50 index, expecting it to reach around 24,000 by Diwali 2024, indicating a notable increase of 25% from the current level of around 19,500.
Plan for buying and selling stocks for Diwali 2023.
Sumeet Bagadia suggested that in the coming months, Nifty is expected to reach 21,000, with the medium-term expectation being to reach 22,500. Looking ahead to Diwali 2024, he estimates the Nifty 50 index will rise to 24,000. Bagadia backed up his optimistic outlook by highlighting the historical trend in India, where the post-Covid recovery has seen a prolonged bull market compared to a bear market.
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Diwali 2023 Stock Picks For investors looking ahead to Diwali 2023, Sumeet Bagadia recommends five stocks to consider when trading Muhurat;
Ramco Cement
- Buy from ₹990 to ₹960
- Target: ₹1,130
- Stop Loss: Below ₹925
Godrej Consumer Products
- Buy from ₹97 to ₹1,022
- Target: ₹1,150
- Stop Loss: Below ₹950
HCL technology
- Buy from ₹1,274 to ₹1,228
- Target: ₹1,450
- Stop loss: ₹1,200
Eicher engine
- Buy from ₹3,475 to ₹3,325
- Target: ₹3,850
- Stop loss: ₹3,250
Attributes of Godrej
- Buy from ₹1,800 to ₹1,720
- Target: ₹2010
- Stop Loss: Below ₹1,750
Reasons for choosing stocks
Ramco Cement; Bagadia highlights a cup-and-handle breakout, a successful retest and strong upside potential. The stock price is above key moving averages and a clearly defined support zone further strengthens the bullish scenario.
Godrej Consumer Products; The stock recently broke out of the bearish channel, signaling a shift towards bullish sentiment. With strong support levels, it offers a buying opportunity and technical indicators such as ADX and RSI support the optimistic outlook.
HCL Technology; Bagadia Highlights are Lower Pattern Breakout, Successful Retest and Strong Upside Movement Potential. The stock’s position above key moving averages and clearly defined support zones contribute to the positive outlook.
Eicher Motors; Symmetrical triangle pattern on daily chart, false analysis and strong reversal indicate a possible bullish reversal. Trading above key moving averages and identified support zones will further support the bullish scenario.
Godrej Attributes; Stock’s range-bound recovery, recent breakout above resistance and positive technical indicators like ADX and RSI point to favorable setup for potential uptrends power.
Considering this technical analysis, investors can consider choosing this stock for medium and long-term positions.
