Diwali stock picks: ICICI Bk, ITC, Lodha can zoom up to 54% in Samvat 2081

5 stock ideas for Samvat 2081: ICICI Bank, ITC, Macrotech Developers, Varun Beverages and Thyrocare Technologies can rally up to 54%, suggests technical charts.

Indian stocks to kick-off Samvat 2081 on Friday, November 01, with the special one-hour Muhurat trading session in the evening from 6 - 8 PM. Samvat 2080 delivered up to 25 per cent returns to investors, in terms of the benchmark NSE Nifty 50 index returns.

 

For Diwali 2024, here are 5 stock picks based on the existing trend on technical charts that can deliver up to 54 per cent positive returns in Samvat 2081.

 

ICICI Bank

Current Price: Rs 1,314

Upside Potential: 35%

Support: Rs 1,215; Rs 1,150

Resistance: Rs 1,427; Rs 1,600

 

ICICI Bank stock surged over 45 per cent in Samvat 2080, and looks good to deliver further healthy returns. The stock has zoomed as much as 158 per cent post the breakout on the monthly chart in February 2021. 

 

 

 

Despite the recent downturn in stocks, ICICI Bank is seen trading firmly alongside the higher-end of the Bollinger Bands on the monthly scale. The key momentum oscillators also seem to be favourably placed on the charts. 

 

Charts hint that ICICI Bank can potentially surge to Rs 1,773 in Samvat 2081; with interim resistance likely around Rs 1,427 and Rs 1,600 levels. In case of a dip, the stock is expected to find support around Rs 1,215 and Rs 1,150 levels. CLICK HERE FOR THE CHART

 

ITC

Current Price: Rs 484

Upside Potential: 30.8%

Support: Rs 481; Rs 469; Rs 448

Resistance: Rs 545; Rs 579

 

Amid the recent pull-back, ITC stock seems to be finding support around its 100-DMA (Daily Moving Average) which stands at Rs 481. Below which, near support for the stock exists at Rs 469 followed by the 200-DMA at Rs 448.

   

The long-term chart suggests that ITC is likely to trade with a positive bias as long as the support zone of Rs 460 - Rs 445 is respected. On the upside, ITC can potentially soar to Rs 633; with interim resistance seen at Rs 545 and Rs 579 levels. CLICK HERE FOR THE CHART

 

Macrotech Developers (Lodha) 

Current Price: Rs 1,120

Upside Potential: 42.9%

Support: Rs 974

Resistance: Rs 1,310; Rs 1,380

 

Macrotech Developers can be a good contra bet, as the stock is seen trading on a negative note for the fourth straight month, and close to its 20-MMA (Monthly Moving Average) for the first time after breaking above it in June 2023.

 

Among the key momentum oscillators the Directional Index is favourable placed, thus hinting that the 20-MMA, which stands at Rs 974 may be held. Thereafter, the stock could witness a pull-back rally, with potential upside towards Rs 1,600. Interim resistance for the stock can be expected around Rs 1,310 and Rs 1,380 levels. CLICK HERE FOR THE CHART

 

Varun Beverages

Current Price: Rs 599

Upside Potential: 54%

Support: Rs 527

Resistance: Rs 675; Rs 727; Rs 800

 

After a massive 1,700 per cent rally since April 2018 (levels of Rs 37) to a high of Rs 681 in July 2024; Varun Beverages stock is seen consolidating in recent times. The medium-term chart shows that the stock has been consistently finding support around the super trend line on the weekly chart at Rs 527. Thus, the bias for the stock is likely to remain upbeat as long as this support is held. 

   

On the upside, the stock will need to break and trade consistently above Rs 675 for the upward momentum to resume. Post which, the stock can potentially zoom to Rs 922; with interim resistance likely around Rs 727 and Rs 800 levels. CLICK HERE FOR THE CHART

 

Thyrocare Technologies

Current Price: Rs 949

Upside Potential: 47.2%

Support: Rs 905; Rs 850; Rs 790

Resistance: Rs 1,125; Rs 1,230

 

Thyrocare Technologies stock had given a breakout on the monthly scale in July 2024, post which the stock has rallied 53 per cent in just four months. Chart shows that the near-term bias is likely to remain upbeat as long as the stock trades above Rs 905 levels.

 

In Samvat 2081, Thyrocare stock can potentially soar to Rs 1,400 levels; with interim resistance expected around Rs 1,125 and Rs 1,230 levels. On the flip side, in case the stock trades below Rs 905, it can test support at Rs 850 and Rs 790-odd levels. CLICK HERE FOR THE CHART