Diwali 2024: Stocks To Pick During Samvat 2801

The Indian stocks are all set to kick-off Samvat 2801 on Friday, November 1. The stocks will be traded during the one-hour Muhurat trading session between 6-7 pm. Samvat 2080 delivered returns of 25% to the investors.

For this Diwali, investors can try their hands in these stocks based on the existing trends on technical charts.

ICICI Bank

Current Price: Rs 1,314

Upside Potential: 35%

Support: Rs 1,215; Rs 1,150

Shares of ICICI Bank zoomed past 45% in Samvat 2080 and is set to deliver healthy returns. The stock was up by 158% post-breakout on the monthly chart in February 2021.

Amid recent decline in stocks, ICICI Bank is seen trading firmly alongside the higher-end of the Bollinger Bands on the monthly scale.

As per data, the stock can surge to ₹1,773 in Samvat 2081, while its interim resistance is likely to be between ₹1,427 - ₹1,600 levels. If the stock declines , the stock is expected to find support around ₹1,215 and ₹1,150 levels.

ITC

Current Price: Rs 484

Upside Potential: 30.8%

Support: Rs 481; Rs 469; Rs 448

Resistance: Rs 545; Rs 579

The stock seems to be finding support around its 100-DMA (Daily Moving Average), which is at ₹481. Notably, near support for the stock exists at ₹469 followed by the 200-DMA at ₹448.

ITC is likely to trade with a positive bias as long as the support zone of ₹460 - ₹445 is respected. ITC can increase to ₹633 with interim resistance seen at ₹545 and ₹579 levels.

Macrotech Developers (Lodha)

Current Price: Rs 1,120

Upside Potential: 42.9%

Support: Rs 974

Resistance: Rs 1,310; Rs 1,380

Macrotech Developers can be a good bet for investors as the stock is trading on a negative month for the fourth straight month. While the stock can witness a potential upside towards ₹1,600, interim resistance is set to be between ₹1,310 and ₹1,380 levels.

Varun Beverages

Current Price: Rs 599

Upside Potential: 54%

Support: Rs 527

Resistance: Rs 675; Rs 727; Rs 800

Interestingly, the stock has zoomed past 1,700% since April 2018 to reach ₹681 in 2024. The mid-term chart reports that Varun Beverages is consistently finding support around the super trend line on the weekly chart at ₹527. If an investor is expecting the upward momentum to resume, the stock will need to trade above ₹675 on the upside. Following this the stock can potentially zoom to ₹922; with interim resistance likely to be pegged between ₹727 and ₹800 levels.

Thyrocare Technologies

Current Price: Rs 949

Upside Potential: 47.2%

Support: Rs 905; Rs 850; Rs 790

Resistance: Rs 1,125; Rs 1,230

Giving a breakout on a monthly scale in July 2024, the stock has rallied by 53% in just 4 months. As per the data, near-term bias is likely to remain upbeat as long as the stock trades above ₹905 levels.

During Samvat 2081, the stock can surge to ₹1,400 levels with expected interim resistance at ₹1,125 and ₹1,230 levels.