The festival of lights Diwali holds special significance in the Indian stock market. While the market remains closed for trading on the day, we do have a special trading session called ‘Muhurat Trading’. It is said that trading in the session brings you good luck for the year ahead.

Brokerage firm Anand Rathi has picked out some stocks for Diwali. The picks are based on strong technical and derivative patterns from the NSE F&O and cash markets, offering investors and traders a chance to capitalise on the overall market momentum.

Here are some of the standout recommendations for 2024, based on solid technical indicators and market trends.

Garden Reach Shipbuilders

GRSE has seen a significant surge of over 300 points from a low of 700 between March 2024 and July 2024. However, like many stocks in the shipping sector, it has been in a corrective mode recently, losing around 45% from its peak. The analysts said that the stock is now rebounding from its 200 DEMA (Daily Exponential Moving Average) and the key 61.8% Fibonacci retracement level, signalling a potential trend reversal with a higher top and higher bottom pattern. Investors and traders are advised to accumulate this stock for the next year.

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Tata Technologies

Tata Tech had a massive IPO in 2023 with notable listing gains, reaching a peak near 1400. After a corrective phase that saw the stock dip below 1000, Tata Tech is showing signs of consolidation and has witnessed a fresh breakout confirming a trend reversal, the brokerage firm said in the report. The stock has the potential to retest its all-time high, and investors are encouraged to accumulate it within a one-year time horizon.

BEML

Defence stocks like BEML have also been in a corrective phase for several months, with BEML declining 35% from its peak of 5,466. However, the analysts said that the stock is now showing signs of recovery near its 50 WEMA (Weekly Exponential Moving Average) and 200 DEMA, and has broken out from a falling trendline on the daily chart. BEML is near its previous demand zone, making it a good accumulation opportunity for the coming year.

Jupiter Wagons

Much like other railway-related stocks, Jupiter Wagons has experienced a significant correction, losing about 40% from its peak of 746. It is now turning from its 200 DEMA and has broken out from a falling trendline on the daily chart. The stock is close to its previous demand zone, and investors/traders can accumulate it within a one-year time frame.

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