Muhurat Trading 2024: Timings, Stock Tips, and Essential Information

The stock market is preparing for the highly anticipated annual Muhurat Trading session today, November 1, 2024, which will run from 6:00 PM to 7:00 PM. This special one-hour session celebrates the start of Samvat 2081, the Hindu New Year, and is traditionally marked by enthusiastic participation from investors eager to embrace the occasion.

The pre-opening session will commence at 5:45 PM, and all intraday positions will be automatically squared off 15 minutes before the session concludes. As a result, traders must plan their same-day trades with care and precision to avoid any disruptions.

Muhurat trading is not just a unique market session; it’s a cherished tradition where investors make token investments to invoke the blessings of Goddess Lakshmi, the goddess of wealth. As Trivesh D, COO of Tradejini, explains, “It’s more about tradition than profits. Many simply buy a few shares to mark the occasion, focusing on sentiment over immediate returns.”

MARKET PERFORMANCE IN SAMVAT 2080

The Indian stock market has had an exceptional year, with the Nifty index delivering an impressive 25% return, positioning India among the world’s top-performing markets. The economy grew robustly by 8.2% during FY 2023-24, while inflation was kept under control at a manageable 5.4%.

This strong performance reflects India’s rising influence in multiple sectors, including smartphone manufacturing, aerospace, semiconductor production, electric vehicles, and artificial intelligence. It underscores India’s growing role as a global hub for manufacturing and technological innovation.

INSIGHTS ON SAMVAT 2081

Looking ahead to Samvat 2081, market experts have an optimistic outlook, with projections suggesting that the market could hit 28,400 by Diwali 2025. This forecast is driven by strong domestic demand and India’s increasing importance as a global manufacturing powerhouse.

However, caution is advised, as recent market corrections—such as the 6.2% decline in October—along with significant foreign investor sell-offs totaling Rs 113,858 crores, have raised concerns. These factors highlight the need for careful and strategic investment planning in the months ahead.

WHERE TO INVEST?

Amit Goel, Group CEO of MarketsMojo, recommends a balanced approach to investment. For long-term investors, he advises focusing on sectors that are likely to remain relevant over the next two decades, such as technology, healthcare, renewable energy, and infrastructure. These sectors are expected to benefit from continued global growth and evolving consumer needs.

For those with a shorter investment horizon, sectors like consumer goods and consumer durables are expected to perform well, particularly during the festive season and in the post-festive period.

STOCKS TO TRACK DURING MUHURAT TRADING

Several stocks are attracting attention from market experts ahead of the Muhurat Trading session.

Centrum Broking has recommended Macrotech Developers at Rs 1,082 with a target price of Rs 1,368, indicating a potential upside of 26%. TCS is suggested for purchase within the price range of Rs 3,900-4,085, with a target of Rs 4,650 and a stop loss set at Rs 3,700.

Trent is another pick, recommended at Rs 6,950-7,150 with a target of Rs 8,900 and a stop loss of Rs 6,300. Jyoti Resins and Adhesive is recommended at Rs 1,457, with a target price of Rs 1,930, offering a 32% potential upside.

From Religare Broking, PTC India is recommended at Rs 180-182, targeting Rs 237-241, with a stop loss at Rs 165-170. BHEL is another stock to consider, with a buy recommendation at Rs 232-235, a target of Rs 295-300, and a stop loss at Rs 212. NHPC is advised for purchase at Rs 82, with a target of Rs 108-110 and a stop loss at Rs 75.

HDFC Securities has also issued several recommendations, including Axis Bank at Rs 1,189-1,210, with targets of Rs 1,332-1,403 and a stop loss at Rs 1,070. Karur Vysya Bank is suggested at Rs 214-218, targeting Rs 249-269, with a stop loss at Rs 183. Stylam Industries is recommended for purchase at Rs 2,195-2,230, with target prices ranging from Rs 2,560-2,690 and a stop loss at Rs 1,880.

For investors looking beyond equities, precious metals present appealing opportunities. Analysts are recommending GoldBees ETF, with a target price of Rs 83 (a potential 27% upside), and SilverBees ETF, targeting Rs 150 (offering a potential 62% upside).

MUHURAT TRADING TIPS

While the festive spirit of Muhurat Trading adds excitement to the market, it’s essential not to lose sight of sound investment principles. This event provides an excellent opportunity to initiate or strengthen a long-term investment portfolio, ensuring a diversified approach across various sectors and asset types. Allocating some funds to precious metals can offer a hedge against market volatility, providing a safety net in uncertain times.

Although markets may face short-term volatility, the long-term growth story of India remains intact. Dr. V K Vijayakumar of Geojit Financial Services advises investors to “focus on stock-specific investments where Q2 results have been good and earnings visibility is bright.”

Further reading: Muhurat Trading 2024: Explore Stock Recommendations, Trading Strategies, and Expert Opinions