Muhurat Trading 2024: Nifty to open flat, consolidation may continue; HDFC Bank, DLF among top picks | Stock Market News

Muhurat Trading is regarded as an auspicious occasion for investments, symbolizing prosperity and offering investors a chance to enhance their wealth and success. Last year on day of Diwali indices rose by over half a percent. Looking ahead, we remain optimistic that any market dips can be seen as opportunities for buying. Indian equities continue to showcase a strong long-term growth narrative, with on-going corporate earnings will play a crucial role in driving market returns, especially considering current valuations. However, a careful approach to stock selection, focusing on a balance of growth at a reasonable price and quality, will be vital for achieving favourable returns in the upcoming year.

Which sectors/stocks to look at

Indian equities have experienced some fluctuations over the past month, primarily due to significant selling by foreign institutional investors in response to escalating geopolitical tensions and discussions about increased investments in China due to stimulus measures. The IT sector is standing out as a key area of interest, demonstrating robust earnings performance and ranking among the top sectors to monitor. Additionally, we believe that the FMCG sector, along with select stocks in the Auto and NBFC categories, also warrants attention as potential opportunities.

Expectations of Sensex Nifty levels on Friday

Nifty is likely to open on a flattish note and is expected to witness some sideways moves amid lack of volume activity with limited trading timings. Technically, we believe that Nifty has a major hurdle at 24500 levels while major support is placed at 24200 levels. Till the time index is hovering in mentioned zone the consolidation is likely  to continue