The annual Muhurat Trading session is set for today, November 1, 2024, running from 6:00 PM to 7:00 PM, marking the beginning of Samvat 2081, the Hindu New Year. This special one-hour trading event is steeped in tradition, as investors make symbolic purchases to honor Goddess Lakshmi, the deity of wealth.
The session includes a pre-opening phase at 5:45 PM, with all intraday positions squared off 15 minutes before close. As Trivesh D., COO of Tradejini, notes, Muhurat trading is about tradition rather than immediate profits, with many buying shares to embrace the festive sentiment over returns.
A Look Back at Samvat 2080
Last year, Indian markets performed strongly, with the Nifty index delivering 25% returns, and India emerging as a global leader in various sectors. The economic growth rate stood at 8.2% for FY 2023-24, with inflation controlled at 5.4%, underscoring India’s growing strength in areas such as aerospace, semiconductor manufacturing, and electric vehicles.
Outlook for Samvat 2081
Analysts project continued growth with targets set around 28,400 by Diwali 2025, driven by domestic demand and India’s expanding role in manufacturing. However, market corrections of 6.2% in October and foreign investor selling of Rs 113,858 crores signal the importance of well-planned investments.
Investment Strategies for Muhurat Trading
Amit Goel, Group CEO of MarketsMojo, suggests focusing on sectors with long-term relevance like technology, healthcare, renewable energy, and infrastructure for sustained growth. For shorter-term gains, consumer goods and durables may yield strong returns during the festive season.
Stocks to Watch
Key stocks identified for this Muhurat Trading session include:
- Macrotech Developers: Target of Rs 1,368 (upside of 26%) with a buy recommendation at Rs 1,082.
- TCS: Recommended at Rs 4,085-3,900 with a target of Rs 4,650.
- Trent: Suggested for Rs 7,150-6,950, targeting Rs 8,900.
- PTC India (Religare Broking): Buy at Rs 180-182 with a target of Rs 237-241.
- BHEL: Buy at Rs 232-235, aiming for Rs 295-300.
- NHPC: Buy at Rs 82 with a target of Rs 108-110.
Additional picks from HDFC Securities include Axis Bank and Karur Vysya Bank, while Stylam Industries offers an opportunity at Rs 2,195-2,230 with potential targets of Rs 2,560-2,690.
Alternative Opportunities
For those considering metals, analysts suggest GoldBees ETF (target Rs 83) with a potential 27% upside and SilverBees ETF with a target of Rs 150 (upside of 62%).
Tips for Muhurat Trading
Investors are advised to focus on quality stocks and balanced portfolios. Precious metals offer stability amid volatility, and as Dr. V.K. Vijayakumar of Geojit Financial Services recommends, investors should concentrate on stocks with strong Q2 results and clear earnings potential.
While Muhurat trading honors tradition, it also provides a meaningful chance to thoughtfully engage in long-term wealth-building for the new year.
