On Dhanteras 2024, leading equity advisory firm Mehta Equities unveiled their highly anticipated list of 21 long-term stock picks aimed at guiding investors towards substantial future returns. This announcement has generated considerable buzz in the investment community, particularly for investors looking to capitalize on promising equity opportunities during the festive season.
| Table of Contents |
|---|
| SBI (State Bank of India) |
| ITC |
| LT (Larsen & Toubro) |
| Tata Power |
| Suzlon Energy |
| Paytm |
| SAIL (Steel Authority of India Limited) |
| Conclusion |
SBI (State Bank of India)
SBI has shown a resilient trend with a significant support level at ₹700. Analysts are targeting levels of ₹1000 and beyond, presenting a bullish outlook for the leading state-owned bank. The implications of the MACD and RSI indicators on the daily timeframe further reinforce this optimistic perspective, suggesting a robust upward momentum ahead.
ITC
ITC has established immediate support at ₹475, with potential targets projected towards ₹650 and higher. The current oversold RSI conditions indicate a likely buildup of momentum from these lower levels, making it an attractive entry point for long-term investors seeking growth in the fast-moving consumer goods (FMCG) sector.
LT (Larsen & Toubro)
Larsen & Toubro (LT) exhibits strong fundamentals, with an immediate support at ₹3000 and targets aimed at ₹5000 and above. The bullish signals from the MACD and Stochastics suggest that LT is primed for a continued rally, stemming from its critical involvement in infrastructure development in India.
Tata Power
Tata Power has shown strong potential, with significant support at ₹350 and targets that soar above ₹600. Bullish signals from both the RSI and MACD on the daily timeframe suggest an upward trend is likely, particularly driven by the growing emphasis on renewable energy solutions.
Suzlon Energy
Suzlon Energy has established support at ₹66, with target prices circling around ₹133 and potentially beyond. The positive momentum suggested by the MACD and the current oversold RSI conditions indicate that the stock may be gearing up for a rally, following recent strategic shifts in the renewable energy sector.
Paytm
Paytm has a strong support level at ₹550, with targets projected above the ₹1000 mark. Increased bullish sentiment as documented by the RSI and positive MACD signals reinforces the notion that Paytm is on the verge of significant growth, especially with its diversification into various financial services.
SAIL (Steel Authority of India Limited)
SAIL is experiencing significant support around ₹90, with bullish targets noted above ₹160. Strong positive strength indicated by the RSI and rising trading volumes suggests that SAIL could be a solid long-term investment as the demand for steel products is projected to remain strong.
Conclusion
The list of top stocks recommended by Mehta Equities during this year’s Dhanteras provides investors with various options spanning different sectors, all backed by compelling technical indicators. While the highlighted stocks such as SBI, ITC, LT, Tata Power, Suzlon Energy, Paytm, and SAIL show promising prospects, the comprehensive list includes more potential long-term investment opportunities. For those interested in detailed analyses and recommendations regarding all 21 stock picks, additional insights can be obtained from their original announcement at livemint.com.
FAQ
Q: Why is Dhanteras significant for investment decisions?
A: Dhanteras is considered an auspicious day in Indian culture to make purchases, especially in assets like gold and stocks, signaling new beginnings.
Q: How should investors approach long-term stock investments?
A: Investors should conduct thorough research, keep track of market trends, and consider a diversified portfolio to mitigate risks.
Q: What technical indicators should I look at when analyzing stocks?
A: Key indicators include the Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI), and volume trends to gauge stock momentum.
