Dalal Street snaps winning run on Diwali as Bajaj Broking shares top stock picks for November

The Indian stock market opened higher during the special Muhurat Trading session for Diwali on November 8, 2026, after a strong rally over seven straight sessions. However, the key benchmark indices lost their early gains and closed in the red, ending an eight-year winning streak for the festive session. The BSE Sensex fell slightly, the Nifty 50 index dropped, and the Bank Nifty index saw a sharper fall. Top gainers in the session included Divi's Lab, Tata Steel, Vedanta Aluminium and Metal, CG Power, Sun Pharma, and Tata Motors PV. On the other hand, the top losers featured SBI Life, Tata Capital, IndiGo, DLF, BPCL, and Infosys. Meanwhile, shares of companies like ICICI Bank, Adani Ports, TVS Motor Company, Kotak Mahindra Bank, Eternal, Indian Hotels Company, Aurobindo Pharma, Ather Energy, Piramal Pharma, MCX, Shyam Metalics, JSW Steel, South Indian Bank, Marico, Divi's Lab, Navin Fluorine, and MOFSL touched new 52-week highs during the trading. Volume shockers included Safe Enterprises Retail, Hindusthan Insulators, Finolex Cables, Banco Products India, Dhunseri Ventures, and Supriya Lifesciences.

Recommendations

Pabitro Mukherjee, Deputy Vice President for Technical Research at Bajaj Broking, noted that the Nifty 50 index crossed above the 52-week EMA in the previous week. He advised investors to remain cautious since the index had gained more than 2500 points across the last ten sessions, meaning some price consolidation could happen at higher levels. For November 2026, Mukherjee recommended five stock picks: SBI, Lloyds Engineering, Adani Power, Swiggy, and GE Vernova. For SBI, the suggested buy range is between 990 and 1,020 rupees with a target of 1,149 rupees and a stop loss of 920 rupees for a 12-month period. For Lloyds Engineering, the buy range is 82 to 84 rupees with a 99-rupee target and a 72-rupee stop loss over 12 months. For Adani Power, the buy range is 199 to 204 rupees with a target of 223 rupees and a stop loss of 187 rupees for six months. For Swiggy, the buy range is 188 to 191 rupees with a 206-rupee target and a 177-rupee stop loss over six months. Finally, for GE Vernova, the buy range is 3,980 to 4,030 rupees with a target of 4,545 rupees and a stop loss of 3,610 rupees for 12 months.

Context

Muhurat Trading is a special one-hour trading session held across Indian stock exchanges every year on Diwali to mark the beginning of the traditional Hindu financial year, known as Samvat. Analysts often use this auspicious occasion to share fresh stock picks and technical forecasts for the coming weeks. Market participants regularly track macroeconomic triggers like crude oil prices, geopolitical tensions, and quarterly corporate earnings to gauge market direction.