2024 Multibagger Stocks Prediction by Experts
2024 Multibagger Stocks Prediction
The opening session of 2024 unfolds against a backdrop of market consolidation, characterized by a subdued performance from both Nifty and Sensex.
The prevailing flatness signals a degree of caution and uncertainty among investors as they navigate the early days of the year.
In this environment, a notable exception to the market’s tepid performance is observed in the form of Bharat Heavy Electricals Limited (BHEL), which manages to capture attention by securing orders surpassing the impressive milestone of Rs 19,000 crore from Neyveli Lignite Corporation (NLC).
This significant development propels BHEL shares to a gain of over 4%, while NLC itself experiences a 2% uptick. Simultaneously, the city gas sector sees heightened activity, with shares buoyant due to a substantial decline of over 7% in natural gas prices.
Expert Insights: Multibagger Picks for 2024
Responding to this dynamic market environment, a panel of seasoned financial analysts and experts has gathered on CNBC-Awaaz to share their insights and predictions on potential multibagger stocks for 2024.
The distinguished panel includes Manas Jaiswal of manasjaiswal.com, Prakash Gaba of prakashgaba.com, Rajesh Satpute of www.rajeshsatpute.com, Kavita Jain of Arihant Capital, Rachna Ved, and Mayuresh Joshi.
Prakash Gaba’s Pick: United Spirits
Prakash Gaba identifies United Spirits as one of his top picks for 2024. His rationale lies in the stock’s robust foundational structure and the establishment of a strong support zone at Rs 990.
Gaba envisions the stock reaching levels up to Rs 1500, thereby recommending a strategic buying approach with a target price of Rs 1500. To manage potential risks, Gaba advises investors to set a stop loss at Rs 1000.
Rachna Ved’s Choice: LTI Mindtree
Rachna Ved turns her attention to LTI Mindtree as a standout choice for 2024. She places emphasis on the formation of a sturdy support level at Rs 5600, suggesting that any downturns in the stock should be viewed as opportune moments for acquisition.
Ved’s optimistic outlook is reflected in her prediction of a target range of Rs 7400-8000 for LTI Mindtree throughout the year.
Manas Jaiswal’s Advocacy: State Bank of India (SBI)
Manas Jaiswal advocates for State Bank of India (SBI) as a powerful pick for 2024. Pointing to significant breakouts on both weekly and monthly charts, he indicates a positive momentum in the stock.
With a target of Rs 750, Jaiswal recommends a stop loss at Rs 590 for investors considering SBI, offering a risk management strategy to navigate potential market fluctuations.
Kavita Jain’s Selection: Divis Labs
Kavita Jain zeroes in on Divis Labs as one of her top picks for 2024. Her decision is influenced by the Relative Strength Index (RSI) of the chart, hovering around 60-65.
Jain advises investors to consider buying the stock with a target range of Rs 4300-4500 and suggests setting a stop loss at Rs 3500 as a protective measure.
Rajesh Satpute’s Recommendation: ITC
Rajesh Satpute recommends ITC, highlighting a consolidation phase around Rs 430-440. According to Satpute, the stock is now moving towards a support range, making it an opportune time to buy.
He suggests a stop loss at Rs 430, with targets exceeding Rs 500, providing investors with a clear entry and exit strategy.
Mayuresh Joshi’s Outlook: Welspun Enterprises
Mayuresh Joshi casts his gaze on Welspun Enterprises, identifying it as a potential multibagger with significant triggers for a bullish trend.
He emphasizes a structural growth story that remains intact, indicating substantial future growth potential. Joshi’s buy recommendation signifies confidence in Welspun Enterprises’ ability to deliver sustained growth.
Macro Considerations: Navigating Market Trends
Beyond individual stock picks, it’s crucial to consider broader market trends and economic factors that could influence investment decisions in 2024.
The observed market consolidation in the early trading sessions may indicate a period of indecision and caution among investors.
Global economic conditions, geopolitical events, and policy changes can significantly impact market dynamics, necessitating a comprehensive understanding of macroeconomic indicators.
The buoyancy in the city gas sector, driven by a substantial decline in natural gas prices, underscores the influence of external factors on specific industry segments.
Investors should remain attuned to such macroeconomic indicators, as they can shape the performance of individual stocks and sectors.
Diversified Approach: Blending Technical and Fundamental Analysis
The expert recommendations reflect a blend of technical analysis, fundamental analysis, and market sentiment. Investors may opt for a diversified approach, considering a combination of these factors in their decision-making process.
Technical signals, such as breakouts and support levels, offer insights into short-term price movements, while fundamental analysis delves into the underlying financial health and prospects of a company.
Risk management emerges as a crucial aspect of any investment strategy, as exemplified by the recommended stop loss levels in the expert picks.
Establishing predefined exit points helps mitigate potential losses and enables investors to maintain discipline in the face of market volatility.
Final Remarks: Navigating the Multibagger Landscape
In conclusion, the landscape of potential multibagger stocks in 2024 is intricate and dynamic. Investors are advised to conduct thorough research, comprehend the rationale behind recommendations, and tailor their strategies to align with their risk tolerance and investment goals.
As the market evolves throughout the year, staying informed and adapting to changing conditions will be paramount to successfully navigating the complexities of the financial landscape.
The expert insights provided offer a valuable guide, but it is incumbent upon investors to remain vigilant, make informed decisions, and stay responsive to market developments for a successful investment journey in 2024.
