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Stocks to Buy: Ganesh Chaturthi Investment Ideas

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Synopsis:

This Ganesh Chaturthi, invest wisely with stocks like HFCL, Tata Technologies, and Praveg Communications. Backed by strong fundamentals and market trends, these picks are poised for growth in the share market today.

 

Ganesh Chaturthi, a festival celebrated with much enthusiasm across India, marks a time of new beginnings, prosperity, and investment planning for many. As we step into this auspicious season, aligning your financial goals with strong investment strategies becomes crucial. For those looking to navigate the stock market today, here are some top stocks to buy during Ganesh Chaturthi, guided by a combination of strong fundamentals and technical analysis.

This Ganesh Chaturthi, Bajaj Broking's Research Desk has identified a curated list of promising stocks to consider. These picks are based on an in-depth analysis of market trends, company fundamentals, and technical indicators. Whether you're a seasoned investor or just starting, these handpicked stocks offer a strategic blend of growth potential and stability in today's share market.

HFCL Ltd (Himachal Futuristic Communications Limited)

  • Buying Range: ₹150-156
  • Target: ₹198
  • Upside Potential: 28%
  • Time Horizon: 12 months

Fundamental Outlook

HFCL Ltd is a diverse telecom infrastructure enabler, actively involved in the development of telecom infrastructure, system integration, and the manufacture and supply of high-end telecom equipment, including Optical Fiber Cables (OFC) and network management systems. The company's robust product portfolio serves sectors such as telecom, defence, railways, utilities, and security networks. With the ongoing global demand for optic fibers driven by the 5G rollout and increased Fiber-to-the-Home (FTTH) penetration, HFCL is well-positioned for growth. The expansion of data centres and telecom transmission products further strengthens the company’s outlook in both domestic and international markets.

Technical Outlook

HFCL recently generated a breakout above its 11-quarter range, indicating a structural turnaround from a long-term perspective. This breakout, supported by strong volumes, reflects heightened investor participation and momentum. The stock is expected to continue its upward trajectory, with a target of ₹198, as projected from the 161.8% extension of the previous rally, starting from the June 2022 trough of ₹52. This makes HFCL a solid investment opportunity in the coming months.

Tata Technologies

  • Buying Range: ₹1020-1065
  • Target: ₹1320
  • Upside Potential: 26%
  • Time Horizon: 12 months

Fundamental Outlook

Tata Technologies is a key player in the rapidly growing auto-engineering and digital transformation sectors. Positioned to benefit from the shift towards digital and electronic services, the company is closely aligned with Tata Motors, offering synergistic opportunities in the automotive industry. Tata Technologies also serves as a strategic vendor to multiple new energy startups, further expanding its digital engineering portfolio. Despite facing a short-term client-specific challenge, the company’s long-term growth potential remains strong, bolstered by its focus on digital transformation and engineering research and development (ER&D).

Technical Outlook

Technically, Tata Technologies has recently broken out of a falling channel, which encapsulated the past eight months of corrective decline. This breakout signals the resumption of an uptrend and offers a fresh entry opportunity for investors. The stock is expected to reach ₹1320 in the coming quarters, with this level being the 80% retracement of the recent breather between ₹1400 and ₹970. The weekly MACD also supports this bullish outlook, indicating an upward momentum resumption.

Praveg Communications (India) Ltd

  • Buying Range: ₹835-870
  • Target: ₹1080
  • Upside Potential: 26%
  • Time Horizon: 12 months

Fundamental Outlook

Praveg Communications, a leader in event and exhibition management, has expanded its operations into the hospitality and tourism sectors. The company has a significant presence in Rajasthan, Gujarat, Uttar Pradesh, and Lakshadweep, where it is involved in the development of eco-luxury tents catering to tourism. Praveg’s recent strategic initiatives in tourism, particularly in Lakshadweep, have enhanced its growth prospects. The company's resilience in the past year, coupled with its strategic expansion, positions it as a key player in event management and hospitality.

Technical Outlook

Praveg Communications has recently broken out of a falling wedge pattern on the weekly timeframe, indicating a trend reversal. The stock has also established a base above the 52-week Exponential Moving Average (EMA), which has historically acted as strong support. This technical formation signals the resumption of the uptrend, with a target of ₹1080, representing the 61.8% external retracement of the recent breather between ₹1300 and ₹715. The weekly MACD has also generated a buy signal, supporting this bullish outlook.

Conclusion

Ganesh Chaturthi is an excellent occasion to kickstart your investment journey or add value to your existing portfolio. By focusing on the right stocks to buy, such as HFCL, Tata Technologies, and Praveg Communications, investors can make strategic decisions that align with their financial goals. The stock market today presents various opportunities, and with proper research and insight.

Happy Investing, and may Lord Ganesha bring you wealth and success in the stock market!

Source:  Bajaj Broking Research Desk 

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

For All Disclaimers Click Here: https://bit.ly/3Tcsfuc

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