- Investors gear up for the symbolic Muhurat Trading session on October 21
- The analyst flagged five momentum-driven stocks with breakout potential.
- His festive picks include IIFL Capital, HPCL, Bank of Baroda, Bharti Airtel, and Lloyds Metals.
As we celebrate the festive occasion of Diwali, investors look forward to the auspicious Muhurat Trading on Tuesday, October 21. It is a one-hour symbolic trading session that marks the start of the new financial year as per the Hindu calendar.
This year, the session will be held from 1:45 pm to 2:45 pm. SEBI-registered analyst Mayank Singh Chandel drew the parallel of patience and belief between Diwali and equity markets. He advised traders to hold on to the belief that even when markets stay quiet, opportunities are quietly building up, just like Diwali diyas waiting to be lit.
For the upcoming Muhurat session on Tuesday, Chandel has identified a few stocks showing strong setups on charts. Let’s take a look at his Diwali recommendations:
IIFL Capital
Chandel noted that IIFL Capital stock has broken out from a flag and pole pattern and is showing good momentum. He recommended entering at the current market price for a target price of ₹500, and a stop loss at ₹265.
Hindustan Petroleum (HPCL)
Hind Petro stock is trading close to its all-time high and forming a cup and handle pattern. Chandel added that a daily close above ₹460 will confirm the breakout. He recommended entering at a close above ₹460, for a target price of ₹760 and a stop loss at ₹360.
Bank of Baroda
According to Chandel, Bank of Baroda stock has given a breakout from an inverted head and shoulder pattern, indicating strength. He recommended entering at the current market price for a target price of ₹360, and a stop loss at ₹225.
Bharti Airtel
Bharti Airtel stock has broken out from a flag and pole pattern, suggesting a continuation of the uptrend. Chandel recommended entering at the current market price for a target price of ₹2,400, and a stop loss at ₹1,830.
Lloyds Metals & Engineering
And Llloyds Metals stock is trading near its 200 EMA on the weekly chart, which has acted as a strong support level in the past. According to Chandel, a close above ₹1,365 could trigger a fresh rally. He recommended entering at a close above ₹1,365, for a target price of ₹1,580 and a stop loss at ₹1,192.
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