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The Indian stock market witnessed bearish sentiment on October 31st, with benchmark indices declining by over half a percent. Despite the overall weakness, market breadth favored bulls, with a higher number of advancing shares compared to declining ones. This suggests a potential rebound in the coming days, though sustainability remains crucial to observe. Amidst this backdrop, various investment experts have provided their insights and trading recommendations for the near term, focusing on the upcoming Muhurat trading day.
One of the key stocks highlighted is Asahi India Glass, which recently broke out of a descending parallel channel, indicating a bullish trend. This breakout is reinforced by a significant increase in trading volume, signaling strong momentum and buyer interest. The Relative Strength Index (RSI) has shown a positive crossover, further supporting an upward trajectory. The stock has also surpassed both its short-term and medium-term exponential moving averages (EMAs), strengthening the favorable outlook.
Vedant Fashions, known for its Manyavar brand, is another stock identified as a potential buying opportunity. The stock is in a long-term uptrend and has recently broken out of a consolidation range. It has been forming higher highs and higher lows over the past months, suggesting strong upward momentum. This breakout is accompanied by an increase in trading volume, signaling a potential continuation of the uptrend.
BEML, a company involved in engineering and manufacturing, is also seen as a promising stock. The stock has been consolidating within a wide range and appears ready to break out on the daily chart. This potential breakout is accompanied by a notable increase in trading volume, signaling robust buyer interest. Additionally, BEML has rebounded from its long-term EMA and moved above its short-term and medium-term EMAs, strengthening the bullish outlook.
Other stocks recommended for buying include City Union Bank, Laurus Labs, Max Financial Services, IRB Infrastructure Developers, SBI Life Insurance Company, and Punjab National Bank. These recommendations are based on various technical indicators and chart patterns, suggesting potential upside movements in the near term.
It is important to note that these recommendations are provided for informational purposes only and are not investment advice. Investors should always conduct their own research and seek advice from qualified professionals before making any investment decisions. The article also includes disclaimers emphasizing the responsibility of investors to make informed decisions.