Each stock has broken through resistance held for months
As Dalal Street observes Muhurat Trading — the auspicious hour that opens a new financial year in the Hindu calendar — analysts at SBI Securities are offering investors a map for navigating Samvat 2082, one drawn not from hope alone but from the disciplined language of charts and momentum. The market's recent recovery, led by a surging banking sector, has restored a measure of confidence that was shaken in September, and five large-cap stocks — each having broken through long-held resistance — are being offered as anchors for the year ahead. It is a moment that blends ritual and reason, where the symbolic act of buying on an auspicious day is grounded in the more patient work of technical analysis and macroeconomic reading.
- After a bruising September low, the Nifty 50 has rallied nearly 5 percent in 13 sessions and the Bank Nifty has surged to all-time highs, signaling that the market's nerve has returned faster than many expected.
- Five large-caps — M&M, Bharti Airtel, Paytm, Godrej Properties, and Titan — have each broken through technical resistance that held them back for months, drawing institutional attention and raising the stakes for new entrants.
- A conservative Nifty 50 target of 27,000 for the new financial year sits well below the more euphoric calls circulating in the market, reflecting a disciplined read of the technical picture rather than seasonal optimism.
- Gold's structural bid — fed by geopolitical tension, central bank buying, and festive domestic demand — is pulling capital toward safety even as equities recover, forcing investors to balance two competing narratives simultaneously.
- The recommended strategy is one of deliberate patience: accumulate selectively within defined price zones, hold stops firmly, and keep reserves ready for the deeper equity deployment that improving valuations may eventually invite.
On October 21, as Dalal Street observes the hour-long Muhurat Trading session that ceremonially opens Samvat 2082, Sudeep Shah of SBI Securities is pointing investors toward five large-cap stocks he believes can anchor a portfolio through the new financial year: Mahindra and Mahindra, Bharti Airtel, Paytm, Godrej Properties, and Titan Company. Each has recently broken through technical resistance that had constrained it for months, and Shah sees them as vehicles for sustained gains ahead.
The broader market has provided an encouraging backdrop. The Nifty 50 bounced sharply from a September 30 low, gaining nearly 1,200 points across 13 sessions to reach its highest close since October 2024. The Bank Nifty moved even more forcefully, surging from its own September trough to fresh all-time highs. Shah expects the banking sector to continue leading the market, with the Bank Nifty's key support at 57,100 to 57,000 and targets at 58,500 and 59,000. For the Nifty 50, he projects a move toward 27,000 in Samvat 2082 — a measured call supported by a symmetrical triangle breakout on the daily chart, rising moving averages, and confirming momentum indicators.
Among the individual picks, M&M broke above a year-long resistance zone in mid-August, catalyzed by a GST cut on vehicles, and Shah recommends accumulating between 3,600 and 3,650 with a 3,400 stop and a 4,200 target. Bharti Airtel broke out of a months-long consolidation range on strong momentum; the entry zone is 2,000 to 2,020, stop at 1,900, target 2,300. Godrej Properties broke out on rising volume after a prolonged consolidation, signaling institutional conviction in a rebounding realty sector; Shah suggests 2,210 to 2,240 with a 2,100 stop and 2,550 target. Titan is forming a double-bottom near its 50-week moving average, with an entry zone of 3,640 to 3,680, stop at 3,480, and target of 4,200. Paytm, after a long battle with the 1,000 to 1,050 resistance, has broken out and continued climbing; the recommended zone is 1,270 to 1,290, stop at 1,210, target 1,450.
Beyond equities, Shah sees gold sustaining its upward trend into the new year, supported by geopolitical uncertainty, central bank buying, and domestic festive demand. The Sensex-to-Gold ratio has fallen sharply, reflecting gold's outperformance rather than a fear-driven flight from stocks — the Sensex remains only 2.41 percent below its all-time high. His counsel is one of balance: hold gold for safety, but preserve capital to deploy into equities when sentiment and valuations turn more favorable.
On October 21, as markets observe Muhurat Trading—the auspicious hour-long session that marks the Hindu new year on Dalal Street—Sudeep Shah, the head of technical research and derivatives at SBI Securities, is steering investors toward five large-cap stocks he believes will anchor a strong portfolio through Samvat 2082. The picks are Mahindra and Mahindra, Bharti Airtel, Paytm, Godrej Properties, and Titan Company. Each has recently broken through technical resistance levels that had held them back for months, and Shah sees them as vehicles for sustained upside in the year ahead.
The broader market backdrop is one of recovery and renewed confidence. The Nifty 50 hit a low of 24,587 on September 30, then rallied nearly 1,200 points—about 5 percent—in just 13 trading sessions, marking its highest close since October 2024. The Bank Nifty has moved even more aggressively, surging from a September low of 54,226 to fresh all-time highs, a gain of more than 3,600 points. This strength in financials is no accident. Shah believes the banking sector will continue to lead the broader market through the new financial year, and as long as Bank Nifty holds above 57,100 to 57,000, bulls should maintain control. The next targets sit at 58,500 and 59,000.
For the Nifty 50 itself, Shah projects the index could move toward 27,000 in Samvat 2082—a measured call that stops short of the more bullish 29,000 to 30,000 zone some analysts have floated. The technical picture supports this view. The Nifty has broken out of a symmetrical triangle pattern on the daily chart, a classic bullish continuation signal. All major moving averages are trending upward, and momentum indicators like the RSI and MACD are confirming the strength of the rally. The improving macroeconomic backdrop—steady growth, moderating inflation, and central bank support—provides the fundamental scaffolding for this technical strength.
Taking each stock in turn: Mahindra and Mahindra broke above a resistance zone of 3,250 to 3,300 in mid-August, a level it had struggled to cross for over a year. The GST cut announcement on vehicles provided the catalyst. The stock now trades above all key moving averages and Shah recommends accumulating in the 3,650 to 3,600 zone with a stop-loss at 3,400, targeting 4,200 in the medium term. Bharti Airtel has repeatedly found support at its 20-week exponential moving average and has formed a pattern of higher highs and higher lows. After consolidating between 1,850 and 1,980 since late July, it broke sharply above that range. Shah suggests buying between 2,020 and 2,000 with a stop at 1,900, eyeing 2,300 ahead. Godrej Properties spent early August to late October consolidating between 1,930 and 2,160 before breaking out on rising volume, a sign of genuine institutional buying. The realty sector is rebounding after underperformance, and Shah sees Godrej as positioned to lead that move. He recommends the 2,240 to 2,210 zone with a 2,100 stop, targeting 2,550.
Titan Company has shown resilience around 3,300 to 3,320, a level that aligns with its 50-week moving average and has twice triggered sharp rebounds. The stock is forming a double-bottom pattern, suggesting a breakout is near. Shah advises accumulating between 3,680 and 3,640 with a 3,480 stop, targeting 4,200. Paytm, formally One 97 Communications, spent a prolonged period fighting resistance at 1,000 to 1,050 before finally breaking out toward the end of July. Since then it has climbed while hugging the upper Bollinger Band, a sign of sustained buying momentum. Shah recommends the 1,290 to 1,270 zone with a 1,210 stop, targeting 1,450.
Beyond equities, Shah sees gold sustaining its upward trend into the new year. Geopolitical tensions, trade uncertainty, and slowing global growth have kept investors cautious, driving flows toward safer assets. Central banks worldwide remain net buyers of gold, providing a structural bid. Domestically, festive and wedding season demand will provide additional support. The Sensex-to-Gold ratio—which compares equity performance to gold—has fallen sharply, but Shah notes this reflects gold's outperformance rather than a fear-driven exit from stocks. The Sensex is down only 2.41 percent from its all-time high, suggesting the market has not yet experienced the deep correction typically associated with durable bottoms. With rate cuts expected from central banks, crude prices easing, and currency movements stable, the macro setup favors gold in the near term. Yet Shah's counsel is one of balance: hold gold for safety, but keep dry powder ready to deploy into equities once sentiment and valuations turn favorable.
Notable Quotes
While it may be premature to project extremely optimistic levels like 29,000–30,000, given the strong technical structure and improving macros, Nifty could well move towards the 27,000 zone in Samvat 2082.— Sudeep Shah, SBI Securities
Gold's upward trend looks poised to sustain into the new year, backed by macro resilience, steady demand, and a cautious global mood.— Sudeep Shah, SBI Securities
The Hearth Conversation Another angle on the story
You're recommending five stocks for Muhurat Trading, but what makes this moment different from any other trading day?
The technical setups are unusually clean. Each of these five has broken through resistance that held for months or longer. That's not noise—that's institutional money moving. And it's happening across sectors, which suggests the rally isn't narrow.
The Nifty projection of 27,000 feels conservative compared to what some analysts are saying. Why hold back?
Because 29,000 or 30,000 would require the kind of euphoria we haven't seen yet. The macros are improving, yes, but they're not screaming. Twenty-seven thousand is what the charts and fundamentals can reasonably support without assuming a regime shift.
Bank Nifty is at all-time highs. Isn't that a warning sign?
Not necessarily. All-time highs mean the trend is intact. What matters is whether it holds above 57,100. If it does, the next targets are 58,500 and 59,000. The risk is if it breaks below that support zone—then the picture changes.
You mention gold will sustain its uptrend. But isn't that a hedge against equities?
It's a hedge against uncertainty, not against equities. The Sensex is barely down from its high. This isn't fear-driven buying of gold—it's a soft rotation toward safety while equities are still strong. That's actually a healthy signal.
So the ideal portfolio holds both?
Exactly. Gold for stability, equities for growth. But don't chase either. Wait for consolidations in these stocks to build positions. And keep cash ready. Once sentiment shifts, valuations will matter again.