Navratri 2024: 9 Stocks to Shine in Your Equity Portfolio

Not just a time for celebration but also a chance to evaluate and make smart investment decisions. This year, 9 stocks are likely to hold sparkle returns, and technical charts suggest rallies of up to 20%. These include industry giants such as ONGC, Oil India, Sun Pharma, and Tata Chemicals and become a brilliant addition to your equity portfolio during the forthcoming festive season.

1. Sun Pharma (Upside Potential: 15.3%)

Current price: ₹1,921
Support: ₹1,868; ₹1,853
Resistance: ₹2,035; ₹2,105
After breaking out above it on June 24, 2024, Sun Pharma has consistently found support around its 20-day moving average (DMA). The stock remains bullish with the 31.5% rally since then. Should it stay above ₹1,853, it is likely to rally further to ₹2,215 and short-term resistances are at ₹2,035 and ₹2,105. These make Sun Pharma a promising stock for those looking to add a robust healthcare player to their portfolio in Navratri.

2. ONGC (Upside Potential: 17% )

Current Price: ₹295
Support: ₹285
Resistance: ₹298; ₹311; ₹315
ONGC is near a significant technical junction. Since the support for it comes from 100DMA at ₹296, the 14-day RSI and MACD have become supporting. Therefore, a move to ₹345 along with resistance at ₹311 and ₹315 is quite likely. If you are looking to identify stocks from the energy sector, then ONGC seems to have almost crossed the threshold of an upward trend and remains a good investment option for Navratri this year.

Oil India (Upside Potential: 19.6%)

Spot Price: ₹566
Support: ₹561; ₹550
Resistance: ₹625; ₹640
Oil India is another energy stock that goes positive. The stock finds support around its 100-day moving average at ₹550 and looks all set to have a gap-up move. Key momentum oscillators are pointing towards recovery from oversold conditions, so Oil India could rally up to ₹677, with interim resistance levels at ₹625 and ₹640. It’s a good choice for energy sector enthusiasts in this festive period.

4. Petronet LNG (Upside Potential: 9.5%)

Current Price: ₹356
Support: ₹336
Resistance: ₹383
Petronet LNG is likely to test levels around ₹390 as it clears its 20DMA. The stock, that is at present fighting a resistance near its 50DMA should remain on a positive trajectory as long as it holds above ₹336. Being one with relatively lesser upside compared to other names in the list, Petronet LNG is a rather conservative choice but still has potential for growth.

5. Data Patterns (Upside Potential: 20.5%)

Current Price: ₹2,323
Support: ₹2,210
Resistance: ₹2,570
For investors interested in the defence and electronics sector, Data Patterns is an opportunity. Trading near long-term support at ₹2,210, the stock is well set to go for a relief rally that can reach as high as ₹2,570, with potential touching ₹2,800. This stock has been behaving in contrarian mode, making an interesting pick for those ready to push the envelope over Navratri.

6. GNFC (Upside Potential: 11.9%)

Current Price: ₹692
Support: ₹670; ₹663
Resistance: ₹734
GNFC is trading near the top of its Bollinger Bands and its 3-year chart indicates a further upside to ₹774. With a support place around ₹670 and ₹663, the stock will have enough space to rise, but the upside would be just average as compared to others. GNFC appears to be one of the ideal stocks for those seeking stability in their Navratri portfolio.

7. Tata Chemicals (Upside Potential: 10.4%)

Current Price: ₹1,119
Support: ₹1,115; ₹1,090
Resistance: ₹1,145; ₹1,177
Tata Chemicals has been trading on a bullish basis and has scope of going up to ₹1,235 if it sustains above ₹1,115. The stock has been showing strength and is one of the best bets for investors seeking stable long-term investment opportunities in the chemicals and specialty products industry.

8. Deepak Nitrite (Upside Potential: 6.5%)

Current Price: ₹2,935
Support: ₹2,905
Resistance: ₹3,000; ₹3,024
Deepak Nitrite’s stock is likely to retest its highs at about ₹3,125 as it has crossed the 20-DMA hurdle at ₹2,905. This might have relatively smaller upside but is still one of the better performers in the chemicals space. So, if you are looking for moderate yet stable returns, Deepak Nitrite is a good bet on Navratri.

9. RCF (Upside Potential: 9.3%)

Current Price: ₹183
Support: ₹179
Resistance: ₹188; ₹191
RCF has seen positive divergence on the daily chart and could well try to pull up to ₹200. Interim resistance lies at ₹188 and ₹191 and support around ₹179. Therefore, one can well expect steady growth in the short term for RCF.

Why Navratri is an Ideal Time for Stock Picks

Navratri is not only a good time for auspicious festivals but also a period during which the market’s general sentiment turns optimistic due to the imminent festive season in India. Many investors historically have been looking to add stocks to their portfolios around this time of the year with hopes of a fresh rally towards the end of the calendar year. With such technical set-ups currently on one’s mind, these 9 stocks are well-positioned to offer high returns in the immediate festive season and in the following months.

Final Thoughts: Optimizing Your Navratri Portfolio
If you feel that all these stocks have good technical set-ups for growth, your stock picks should align with your investment strategy and risk appetite. Stocks like Sun Pharma and ONGC are pretty good for conservative investors seeking stability. More aggressive options like Data Patterns and Oil India have higher potential gains in return and also correspondingly come with higher risk.

Disclaimer:

All above recommendations are of the market analysts. Neither the author, nor the brokerage firm, nor Stockstoday.in will be responsible for any loss arising out of any such decision taken based upon this information. All users are cautioned to take their own expert advice prior to making any investment decision.