Technical charts indicate strong momentum and higher highs/lows across all three stocks.
As Diwali approaches, market analysts have highlighted stocks that could brighten investors’ portfolios this festive season.
SEBI-registered analyst Prabhat Mittal shared three Diwali trade ideas across banking, metals, and autos space, each with mid-term targets and stop-loss levels, for a promising festive season investment.
Bank of Baroda
Bank of Baroda stock is trading above all critical moving averages, such as the 20, 50, 100, and 200-day moving averages (DMA). It is also making higher lows in short-term charts, which is a very good sign for the stock, according to Mittal.
He shared a target price of ₹320, with a stop loss at ₹247 for Bank of Baroda.
Hindalco
This metal stock is above all critical moving averages, such as the 20, 50, 100, and 200-day moving averages (DMA). It is also trending above essential resistances. Hindalco is making higher highs and higher lows in short-term charts, which is a positive, along with strong technical indicators such as the MACD.
According to Mittal, for Hindalco, traders can look to buy for a target price of ₹950, with a stop loss at ₹719.
Mahindra & Mahindra (M&M)
M&M is trading above all critical moving averages, such as the 20, 50, 100, and 200-day moving averages (DMA). Technical indicators such as the MACD support the positive outlook as it continued to make higher highs and higher lows in short-term charts.
Mittal said that one can look to buy M&M for a target price of ₹5,100, and a stop loss at ₹4,200
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