Muhurat trading 2024: Key timings, what to watch and hot stock picks by brokerages

Leading into Samvat 2081, market sentiment has been mixed. Nifty fell by 5.7% in October, driven by disappointing Q2 earnings and valuation concerns. According to SBI Securities, “Samvat 2081 will be a bottoms-up stock pickers market. Investors should aim to preserve the wealth created post-COVID and moderate return expectations over the next 6-12 months.”                          Stock markets are closed today for Diwali, but the annual Muhurat Trading session will take place today, November 1, 2024, from 6:00 PM to 7:00 PM. 

This marks the beginning of the new Hindu calendar year, Samvat 2081. The pre-opening session will be from 5:45 PM to 6:00 PM. Historically, Muhurat Trading has often resulted in gains, with the BSE Sensex closing higher in 13 of the last 17 sessions.

Samvat 2081 Market Outlook
Leading into Samvat 2081, market sentiment has been mixed. Nifty fell by 5.7% in October, driven by disappointing Q2 earnings and valuation concerns. According to SBI Securities, “Samvat 2081 will be a bottoms-up stock pickers market. Investors should aim to preserve the wealth created post-COVID and moderate return expectations over the next 6-12 months.” They recommend a gradual capital deployment approach to take advantage of potential gains in the latter half of the year.

Trading Strategies and Market Levels
Nilesh Jain, Assistant Vice President (AVP) at Centrum Broking, suggests that Muhurat Trading is a prime opportunity for long-term investments. "It's a chance to invest in quality stocks after market corrections, focusing on those with strong fundamentals," he explained. Jain also highlighted that the Nifty index has shown signs of weakness but remains above the 200-day EMA at 23,500, which could act as crucial support. Resistance levels are noted at 24,300-24,400, and a rally could target 25,100 if these levels are maintained.