Back
PremiumMuhurat Trading 2024 Highlights: The Indian stock market benchmark indices, Sensex and Nifty 50 ended the Muhurat Trading session for Diwali 2024 on a strong note. The BSE Sensex closed the special session on Friday 335.06 points, or 0.42%, higher at 79,724.12, while the Nifty 50 gained 99.00 points, or 0.41%, to end at 24,304.35. Bank Nifty was up 198.55 points, or 0.39%, to settle at 51,673.90. Muhurat Trading is a special and meaningful trading event held during Diwali, marking the start of the Hindu New Year. This short trading session for one hour in the evening and is thought to attract wealth, prosperity, and good luck to investors and traders.
Muhurat Trading 2024 Highlights: The Indian stock market ended the special Diwali Muhurat trading session on Friday, November 1, 2024, higher. Here are the highlights of Muhurat trading session 2024:
> Indian stock market ended higher for the seventh straight Muhurat trading session
> Sensex closed 335.06 points, or 0.42%, higher at 79,724.12
> Nifty 50 gained 99.00 points, or 0.41%, to end at 24,304.35
> Bank Nifty was up 198.55 points, or 0.39%, to settle at 51,673.90
> Nifty Midcap 100 ended 0.68% higher and the Nifty Smallcap 100 index closed up 1.03%
> MCX gold rate fell by ₹89.00, or 0.11%, to close at ₹78,778 per 10 grams; MCX Silver rate ended at ₹95,460 per kg, down by ₹23, or 0.02%
Muhurat Trading 2024 LIVE: All the BSE indices ended in green on Diwali Muhurat Trading session.
Muhurat Trading 2024 LIVE: M&M, ONGC, Adani Ports & SEZ, Bharat Electronics (BEL) and Tata Motors were the top gainers on Nifty 50 during the Diwali Muhurat Trading Session 2024, while losers Dr Reddy’s Laboratories, HCL Technologies, Britannia Industries, Tech Mahindra and Adani Enterprises were the top index losers.
Muhurat Trading 2024 LIVE: Gold and silver prices on MCX ended marginally lower on Muhurat Trading Session on Friday. MCX gold rate fell by ₹89.00, or 0.11%, to close at ₹78,778 per 10 grams. MCX Silver rate ended at ₹95,460 per kg, down by ₹23, or 0.02%.
Muhurat Trading 2024 LIVE: Indian stock market ended the Diwali Muhurat Trading Session 2024 with decent gains amid broad-based rally. The benchmark Sensex closed the special session on Friday 335.06 points, or 0.42%, higher at 79,724.12, while the Nifty 50 gained 99.00 points, or 0.41%, to end at 24,304.35. Bank Nifty was up 198.55 points, or 0.39%, to settle at 51,673.90.
Broader markets also supported the rally, outperforming the benchmarks, with the Nifty Midcap 100 ending 0.68% higher and the Nifty Smallcap 100 index closing with a solid gain of 1.03%.
Muhurat Trading 2024 LIVE: Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi has suggested a low-risk Bank Nifty options trading strategy for Muhurat trading session today. According to him, this Bank Nifty trading strategy works if the index remains above the crucial 52,000 level on a closing basis. Here’s Muhurat Trading strategy for Bank Nifty options by Ganesh Dongre:
Bull Call Spread
Trade Structure:
> Buy 1 lot of the 30th Oct expiry 52400 CE at CMP 136
> Sell 1 lot of the 30th Oct expiry 52600 CE at CMP 81
Trade Rules:
The capital required in the trade is ₹20,000, This trade can be entered if Bank Nifty spot is trading above the levels of 52,000. The maximum profit in the trade is ₹2,190 and the maximum loss will be ₹810, Dongre said.
According to him, the break even point is above 52,450, above which start booking profit near to the resistance level of 53,000. The trade is protected with a limited risk of ₹810 per lot.
It is important to note that this Bank Nifty trading strategy is effective only if Bank Nifty remains above the 52,000 level on a closing basis, he added.
Muhurat Trading 2024 LIVE: M&M share price jumped over 3% becoming the top gainer on Nifty 50 during Diwali Muhurat Trading Session 2024.
Muhurat Trading 2024 LIVE: Hyundai Motor India total sales in October 2024 rose 2% to 70,078 units from 68,728 units, in October 2023. The company’s domestic sales increased 0.8% to 55,568 units from 55,128 units, YoY. The company recorded the highest-ever monthly SUV sales at 37,902 units. It also registered the highest ever monthly CNG sales of 8,261 units. Exports rose 6.7% to 14,510 units from 13,600 units, YoY.
Muhurat Trading 2024 LIVE: AO Smith Corporation announced that it has completed the acquisition of Pureit, a water purifier brand of Hindustan Unilever. In July, both companies signed an agreement for the sale of the Pureit business in India to AO Smith at an enterprise value of $72 million ( ₹601 crore). HUL shares were trading half a percent higher during the Diwali Muhurat Trading Session 2024.
Muhurat Trading 2024 LIVE: Bank Nifty index traded over half a percent higher on Diwali Muhurat Trading Session 2024 led by gains in Punjab National Bank (PNB), Canara Bank, IDFC First Bank and IndusInd Bank. Bank Nifty made a high of 51,825.50, gaining 0.68% from previous close.
Muhurat Trading 2024 LIVE: For the auspicious occasion of Diwali Muhurat Trading 2024, Rahul Ghose, CEO of Hedged.in, suggested a low-risk Muhurat trading strategy for Nifty options. With the view bi-di, he suggests a low-risk Nifty options strategy from hedged.in which makes money if the Nifty 50 index falls below 24,000 or goes above 24,600 by the end of November 14 weekly expiry.
Nifty Bi-di Spread
Trade Structure:
> Buy 1 lot of the 28th Nov expiry 24500 PE at CMP
> Sell 1 lot of the 14th Nov expiry 24000 PE at CMP
> Buy 1 lot of the 14th Nov expiry 24200 CE at CMP
> Sell 1 lot of the 14th Nov expiry 24600 CE at CMP
The capital required in the trade is ₹51,000. This trade can be entered today if Nifty 50 is trading between the levels of 24,200 and 24,300. The maximum loss in the trade is ₹1,000 and one can look to exit with a profit of above ₹1,500 per set, Ghose said.
According to Ghose, if Nifty 50 goes above 24,600 levels, the sold Put can be brought higher by 100 to 200 points, to get more credit, making the trade safe.
Muhurat Trading 2024 LIVE: Maruti Suzuki share price gained over 1% during Diwali Muhurat Trading Session after the largest passenger car manufacturer in India reported its highest-ever monthly sales in October 2024, logging a 4% rise year-on-year (YoY) to 2,06,434 units, compared to 1,99,217 units sold in the corresponding month last year.
Muhurat Trading 2024 LIVE: The Indian stock market opened higher on Diwali Muhurat Trading session 2024. The benchmark BSE Sensex rose over 400 points to near 80,000 level, while the Nifty 50 gained over 0.5% to above 24,300 level. Broader indices, Nifty Midcap 100 and Nifty Smallcap 100 outperformed the fontliners.
Muhurat Trading 2024 LIVE: Sensex rose above 80,000, while Nifty 50 was above 24,300 in the pre-opening session on Diwali Muhurat trading.
Muhurat Trading 2024 LIVE: For the first time the stock exchanges have allowed bonds to trade during the Diwali Muhurat trading session. Hence, retail investors can buy bonds as safe and fixed income this Diwali to build a strong portfolio, says Suresh Darak, Founder, Bodbazaar.
“This highlights the unique opportunity this Muhurat for retail investors to trade bonds on NSE and BSE — a first in India. With recent regulatory advancements, bonds are becoming more accessible, creating a wealth-building avenue comparable to equities. On November 1st, during the Muhurat session from 6 pm to 7 pm, investors can experience bond trading alongside equities, expanding options in safe investments. The bond market, with daily trades around INR 75 crore, is set to grow rapidly with this initiative, establishing bonds as a key asset for retail investors, Darak said.
Diwali Muhurat Trading 2024 LIVE: TVS Motor Company reported a decent increase in its October sales. The two and three-wheeler manufacturer recorded monthly sales of 489,015 units in October 2024 with a growth of 13% as against 434,714 units in the month of October 2023.
Diwali Muhurat Trading 2024 LIVE: From a medium to long-term perspective, we remain optimistic on Indian markets and expect indices to give returns in mid double digits over a 12 months period. However, from a short-term perspective, markets will be volatile and can see 4-5% correction. We prefer large-cap stocks over mid and small-cap and expect heavyweight to outperform over the next 12 months, said Aditya Agarwal, Head of Derivatives & Technical Analysis at Sanctum Wealth.
Rahul Sharma, Director, Head - Technical & Derivatives Research at JM Financial Services advise to create a basket of stocks primarily from the largecap space comprised of below stocks – ICICI Bank, Infosys, Tata Power, Bajaj Finserv, Lupin, Oil and Natural Gas Corporation Ltd (ONGC), HDFC Life Insurance Company Ltd, Tata Chemicals, National Aluminium Company Ltd (NALCO) and Dixon Technologies (India) Ltd.
One can look to initiate a bull spread in Nifty 50 in November monthly expiry by buying the 24,500 Calls around ₹450 and selling the 25,200 Calls of the same expiry around ₹150. Next outflow of the strategy is ₹300 while max profit potential is placed at ₹400.
"With Nifty returning 25 percent and Nifty 500 returning 30 percent in Samvat 2080, investors should be happy. But the 6.2% correction in October, the first above 5 percent correction in 54 months, has triggered anxiety over the market performance, going forward.
Given India’s elevated valuations and concerns over deceleration in earnings growth, FII selling might continue, impacting the benchmark indices. In such a scenario investors should focus on stock-specific investment where Q2 results have been good and earnings visibility is bright," said Dr. V K Vijayakumar of Geojit Financial Services.
Over the past decade, Nifty 50 has concluded positively in 8 out of 10 sessions of Muhurat trading. Additionally, for 80% of the previous 10 years, Nifty 50 experienced positive performance in the following two months.
Foreign Institutional Investors (FIIs) were net sellers in 5 of the last 10 Octobers, but they were net buyers in November for 7 of those years, which contributes to an optimistic outlook for the upcoming two months.
However, prudence remains essential, highlighting the importance of careful stock selection.
Buy ABB Ltd: Target: ₹12,300, Stoploss: ₹7,350
Buy BEL: Target: ₹426, Stoploss: ₹240
Buy BHEL: Target: ₹390, Stoploss: ₹215
Buy Coal India: Target: ₹690, Stoploss: ₹415
Buy Exide Industries: Target ₹740, Stoploss: ₹425
Buy GMDC Ltd: Target: ₹544, Stoploss: ₹305
Buy Garden Reach Shipbuilding & Engg: Target: ₹2770, Stoploss: ₹1420
Buy Himadri Specialty Chemicals Ltd: Target: ₹900, Stoploss: ₹530
Buy KPIT Tech: Target: ₹2500, Stoploss: ₹1500
Buy NTPC: Target: ₹590, Stoploss: ₹360
Buy Tata Motors: Target: ₹1225, Stoploss: ₹770
Technically, the Nifty 50 has formed a head-and-shoulders pattern breakdown, suggesting a bearish reversal for the short to medium term. The breakdown below the neckline at 24,700 triggered a sharp sell-off, as major players sided with the bears upon the breakdown of this significant pattern. Additionally, Nifty fell below the 38.2% Fibonacci retracement level (24,375), which served as an early warning of a bearish reversal.
According to Anand James, Chief Market Strategies, Geojit Financial Services, in the last 10 years, Nifty 50 ended positively on 8 out of 10 Muhurat trading sessions. Apart from that, 80% of the time in the last 10 years, Nifty 50 saw the next two months to be positive. FIIs have remained net sellers during 5 out of last 10 Octobers and they were net buyers in November during 7 out of the last 10 Novembers which would add to the positive expectation for the next two months.
That said, caution still rules, raising the virtues of astute stock picking. In 2022, the only year since 2020 with negative returns in the 30 days prior to Muhurat trading, where Nifty 50 went down 1.18%, the next 30 days saw a 4.86% rise.
According to the notice from BSE, the Muhurat Trading session is set for November 1, 2024, from 6:00 PM to 7:00 PM. It's important for participants to remember that all intraday positions will be automatically closed 15 minutes prior to the end of the session, requiring careful consideration for trades made on the same day.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
