November 2023 has just started and this month is quite auspicious as the festival of Diwali is going to be celebrated in the second week of the month. Diwali is known for Goddess Laxmi who is recognised as the deity of wealth. According to Indian customs, Diwali is the perfect time to start investing in new ventures and seek out the opportunities. It is also the best time to invest in stock market and buy shares which could help you in future.
Top 5 Stocks to Buy in November 2023
- Buying Range: ₹372-366
- Target Price: ₹407-418
- Stop Loss: ₹350
- Technical Analysis: Canara Bank broke multiple resistance levels at ₹348 in mid-September, indicating an uptrend. It’s forming higher highs and lows on the weekly chart, with increasing trading volume at the breakout. The RSI gave a buy signal.
- Buying Range: ₹1,260-1,236
- Target Price: ₹1,325-1,375
- Stop Loss: ₹1,210
- Technical Analysis: HCL Tech broke key resistance at ₹1,200 in early September, confirming an uptrend. It’s following a rising channel pattern and holding above key moving averages. The RSI gave a buy signal.
Also read: Top 5 Stocks to Buy for Long Term Investment
- Buying Range: ₹360-354
- Target Price: ₹405-425
- Stop Loss: ₹333
- Technical Analysis: Swan Energy broke a cup and handle pattern with a strong bullish candle, indicating positive momentum. It broke above the weekly upper Bollinger band and shows higher highs and lows. The RSI gave a buy signal.
- Buying Range: ₹84-87
- Target Price: ₹100
- Stop Loss: ₹78
- Technical Analysis: The stock corrected around 25% and found support near ₹85, which is also the 200 daily exponential average. The daily RSI shows potential upside from the oversold zone.
- Buying Range: ₹7,550-7,625
- Target Price: ₹8,100
- Stop Loss: ₹7,299
- Technical Analysis: Tata Elxsi has a strong base near the 100 daily exponential average and is near the 21 DEMA. The daily RSI reversed from 50, and daily DMIs suggest a positive cross, indicating potential gains.
Please note that these recommendations are based on technical analysis and market conditions, and it’s important to do your own research and consider your risk tolerance before making any investment decisions.