Muhurat Trading 2024: What Should Be Investors Strategy On Special Live Trading Session On November 1?

Muhurat Trading 2024: The special muhurat trading session of Diwali is all set to take place in the evening of Friday, November 1, 2024. There will be enthusiasm for buying stocks or other market related instruments with hope of fruitful gains ahead. This Muhurat trading will also mark the start of new Samvat 2081, a hindu calendar year. The moment is auspicious for investment, however, it is always wise to strategize your portfolio.

On November 1, 2024, trading will be open for this 1-hour on both BSE and NSE. Investors can buy or sell in equity, equity derivatives, derivatives, currency, currency derivatives, commodities, SLB and much more in this special session.

How Should Investors Strategize Their Portfolio?

Amit Goel, Group CEO, MarketsMojo said, Muhurat Day, marking the start of the new Samvat, is seen as an auspicious time for investments, blessed by Goddess Lakshmi, the deity of wealth.

For those investing with a long-term perspective, Goel said, this day is ideal for beginning a journey towards sustainable wealth creation. We recommend focusing on sectors that promise enduring relevance over the next two decades-these include sectors like technology, healthcare, renewable energy, and infrastructure, each likely to drive significant value in a fast-evolving economy.

While for investors interested in shorter to medium term gains, MarketsMojo CEO added, consumer goods and consumer durables tend to be strong performers immediately following the festive season. With increased consumer spending, many companies in these sectors often report their highest quarterly earnings during this period, which may lead to moderate gains in the months to come.

"This approach allows investors to capitalize on immediate trends while positioning long-term investments for sustained growth," Goel said.

Technical Outlook:

For November 1, Prabhudas Lilladher has given the following technical analysis on Nifty, Bank Nifty, and Sensex.

Nifty: The index once again has turned the bias weak with another lower top formation on the daily chart and has the crucial support zone of 24000 levels which if broken can turn the trend weak and can anticipate for fresh downward movement. The index, as mentioned earlier, would have the major and important support zone at the significant 200 period MA at 23400 zone which would be the deciding factor in the coming days.

Bank Nifty: This banking index is finding resistance near the 52400 zone has slipped
down further with profit booking seen and has moved below the important 50EMA level of 51700 zone with the bias turning weak. The index would have the crucial support near 50400 levels below which the trend would turn bearish anticipating for fresh further slide.

Overall, for Sensex, Nifty and Bank Nifty, Prabhudas' note said, "The support for the day is seen at 78800/24000 levels while the
resistance is seen at 80000/24400 levels. BankNifty would have the daily range of 51000-52000 levels."

Before Muhurat Trading, Sensex dipped by 553.12 points or 0.69% to end at 79,389.06, while Nifty 50 closed at 24,205.35 lower by 135.50 points or 0.6% on October 31. Sensex's weekly performance is down by 289.79 points or 0.36%, and that of Nifty 50 underperformed its counterpart with the decline of 223.85 points or 0.92%.