Muhurat Trading 2024: Indian stock exchanges are closed today, November 1, in observance of Diwali, the festival of lights. However, a special one-hour Muhurat Trading session will be held this evening to celebrate the start of the new Hindu calendar year, Samvat 2081.
Scheduled from 6:00 p.m. to 7:00 p.m. IST, this symbolic trading session is seen as a gesture of good fortune and prosperity. Investors, traders, and institutions participate in ceremonial trades during this period, and shares bought during this session are traditionally considered auspicious. Many believe it brings blessings for wealth and success in the coming year.
Mandar Bhojane, Equity Research Analyst, Choice Broking has released a Muhurat Trading Pick – State Bank of India (SBIN). Let's look at its technical outlook.
State Bank of India (SBIN) is showcasing a compelling setup on the daily chart as it forms a symmetrical triangle pattern supported by significant volume, suggesting a potential bullish reversal. The stock is consolidating above a rising trend line, acting as a critical support level. It is currently supported around the 200-day EMA—both technical factors that reinforce the probability of an upward movement. With immediate resistance observed at ₹840, a breakout could unlock further upside potential.
Upside Targets: ₹880 and ₹950
Immediate Resistance: ₹840
Downside Support: ₹770 and ₹760
The Relative Strength Index (RSI) is positioned at 48, indicating increasing buying momentum with a positive trajectory. This mid-level RSI suggests SBIN is gaining strength without entering overbought conditions, aligning well with the broader market sentiment.
According to Bhojane, SBIN offers a favourable Muhurat trading entry opportunity, especially on dips near ₹800, aiming for targets of ₹880 and ₹950 in the near term. Investors are advised to utilize sound risk management strategies to safeguard against volatility and capitalize on potential upside, he suggested.
The expert added that this combination of technical indicators and solid support structures positions SBIN as a promising choice for Muhurat trading.
The PSU Bank stock has jumped 45 percent in the last 1 year and around 30 per cent in 2024 YTD. It advanced over 4 per cent in October after two straight months of losses. It shed 3.4 per cent in September and 6.5 per cent in August.
The stock hit its record high of ₹912.10 in June this year but is currently 10 per cent away from peak. Meanwhile, it has surged almost 48 per cent from its 52-week low of ₹555.25, recorded in November 2023.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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