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2024 Diwali Stock: As Diwali 2024 approaches, investors are eyeing short-term profit opportunities. Leading brokerage firm Prabhudas Lilladher has released the list of stocks which are showing strong gains on technical charts. These stocks are poised 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 is consolidating near the 50-EMA (Exponential Moving Average) area at ₹7,800, showing signs of strength with a pullback from ₹7,750. A confirmed breakout above ₹8,300 indicates renewed upside momentum. According to the brokerage firm, the rising RSI (Relative Strength Index) supports the bullish outlook, indicating further gains towards ₹12,300.
CMP: ₹8,750
Target: ₹12,300
Stop Loss: ₹7,350
Bharat Electronics Limited
BEL has recovered from its peak of ₹340 and found support near ₹265, forming a double-bottom pattern. According to Prabhudas Lilladher, a decisive move from the 50-EMA at ₹290 could consolidate the uptrend, with the RSI well positioned to support the rally towards ₹426. The brokerage advised to maintain stop loss at ₹240.
CMP: ₹284
Target: ₹426
Stop Loss: ₹240
BHEL
After falling from its peak of ₹335, the stock is trading in the range of ₹260-270, close to its 200-period key moving average. Recently, it recovered from ₹290 to take support around ₹250-254, showing signs of potential upside. A positive trend in the RSI shows that the stock is ready for a reversal. Analyst recommends buying with a target of ₹390 and stop loss of ₹215.
CMP: ₹254
Target: ₹390
Stop Loss: ₹215
Coal India
Coal India is consolidating around ₹485 and is close to a breakout above 50-EMA and 100-period MA at ₹501. With RSI indicating a change in trend, the brokerage expects the stock to reach ₹690. Investors are advised to place stop loss at ₹415.
CMP: ₹490
Target: ₹690
Stop Loss: ₹415
Exide Industries
Exide has formed a bullish pattern, breaking above 50-EMA with strong momentum. The RSI shows positive signals, indicating further upside. Analysts expect the stock to reach ₹740 and suggest maintaining stop loss at ₹425.
CMP: ₹497
Target: ₹740
Stop Loss: ₹425
Gujarat Mineral Development Corporation
The stock has been falling continuously from its peak of ₹506, but recently found support at ₹308, indicating a possible bounce back. The RSI is recovering from oversold levels, which signals strength and suggests significant upside potential from the current price. The brokerage has given a target price of ₹544 and stop loss of ₹305 on GMDC.
CMP: ₹358
Target: ₹544
Stop Loss: ₹305
Garden Reach Shipbuilders and Engineers (GRSE)
GRSE has fallen from ₹2,833 to settle near ₹1,700. Positive candle formation with volume growth indicates further recovery. Analysts expect the stock to rise to ₹2,770 with a stop loss at ₹1,420.
CMP: ₹1,750
Target: ₹2,770
Stop Loss: ₹1,420
Himadri Specialty Chemical Limited (HSCL)
HSCL has maintained strength above 50-EMA, indicating a rally. RSI is ready for an uptrend after recovering from overbought levels. The brokerage expects it to reach the 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 the bullish momentum. RSI points towards a potential rally, with analysts estimating a target price of ₹2,500. Stop loss at ₹1,500 is suggested to control risks.
CMP: ₹1,785
Target: ₹2,500
Stop Loss: ₹1,500
National Thermal Power Corporation Limited (NTPC)
NTPC has broken a descending channel pattern near ₹417 with strong upside bias. RSI gives early signs of recovery, supporting the target of ₹590. Stop loss is advised by the brokerage at ₹360.
CMP: ₹423
Target: ₹590
Stop Loss: ₹360
Tata Motors
Tata Motors has recovered from ₹1,142 and found support at ₹915. The RSI is approaching the oversold zone and is slowly rising, leading to a correction in the overall bias. Analysts suggest buying with a target of ₹1,225 and stop loss of ₹770 as the risk-reward remains favorable and the charts look attractive.
CMP: ₹907
Target: ₹1,225
Stop Loss: ₹770