The Nifty 50 could witness a sharp gap-up opening during the Muhurat trading session on Sunday, November 8, as bullish sentiment continues to drive Indian equities, according to Ashish Kyal, Founder and CEO of Waves Strategy Advisors.
However, Kyal cautioned that profit booking could follow the initial surge, potentially keeping the index in the 25,050–25,150 range during the special trading session.
"The market is euphoric, and we can expect a much bigger gap-up opening," Kyal told Moneycontrol in an interview. He expects the Nifty to move towards 25,100 but warned that thin trading volumes and overbought technical indicators could limit further gains.
For Muhurat trading, Kyal recommends three stocks: Axis Bank, Bank of Maharashtra and HCL Technologies.
He sees Axis Bank rising to Rs 1,480, supported by a bullish Elliott Wave pattern, while Bank of Maharashtra could climb to Rs 98 following a breakout from its consolidation range. HCL Technologies, meanwhile, could advance to Rs 1,650 as technology stocks regain momentum.