Stock Market Strategy for Union Budget 2024Stock Market Strategy for Union Budget 2024 Ahead of the Union Budget 2024 announcement, the Indian stock market exhibited sideways trading and ended lower for the second consecutive session on Monday. The Nifty 50 index declined by 21 points to finish at 24,509, while the BSE Sensex fell 102 points to settle at 80,502. The Bank Nifty index gained slightly, closing at 52,280. Stocks to Buy Today Market experts Sumeet Bagadia and Ganesh Dongre recommend the following stocks for investment: Sumeet Bagadia’s Intraday Stock Picks: * Ashok Leyland: Buy at ₹230.45, target ₹245, stop loss ₹222 * Deepak Nitrite: Buy at ₹2851.20, target ₹3100, stop loss ₹2730 Ganesh Dongre’s Stock Picks: * Balkrishna Industries: Buy at ₹3158, target ₹3300, stop loss ₹3080 * SBI: Buy at ₹878, target ₹910, stop loss ₹858 * Tata Steel: Buy at ₹160, target ₹170, stop loss ₹154 Disclaimer: The views and recommendations presented are those of individual analysts or brokerage firms and should not be construed as financial advice. Investors are advised to consult with certified professionals before making any investment decisions.
Stock Market Strategy for Budget 2024: Ahead of the Union Budget 2024, the Indian stock market continued to trade sideways and ended lower for the second consecutive session on Monday. The Nifty 50 index ended 21 points lower at the 24,509-mark, the BSE Sensex lost 102 points to close at 80,502 and the Bank Nifty index ended 14 points higher at 52,280. Cash market volumes on the NSE fell 9.4 per cent. The broader market indices ended positive even as the advance-decline ratio recovered to 1.30:1.
Stock Market Strategy for Budget Date 2024
Talking about the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities, said, “Although Nifty remains above the 20-day and 50-day SMA ahead of the budget announced today, the short-term trend remains bearish. Further downward moves are likely once the immediate support of 24,362 is broken. Any pullback rallies may find resistances at 24,595 to 24,646.”
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Commenting on the outlook for Bank Nifty today, Dhupesh Dhameja, Technical Analyst, SAMCO Securities, said, “The Bank Nifty index continues to struggle for direction, remaining range-bound and extending its lackluster performance from earlier sessions. Despite recovering from intraday losses in the first half, the index traded sideways in the second half and closed at 52,280, up 14 points. The index remains above its 20-day exponential moving average (DEMA) on the daily chart, acting as a crucial support level.”
Siddhartha Khemka, Head of Retail Research at Motilal Oswal, today spoke about the outlook for the Indian equity market and said, “While the Budget will be largely growth-focused, the market has largely priced it in with the announcement of some measures aimed at tackling the rural economy. Investors will be looking for signs of further traction. We could see some volatility today along with sector and stock specific actions.”
Stocks to buy today
In terms of stocks to buy today, stock market experts Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, recommend buying these five buy or sell stocks: Balkrishna Industries, State Bank of India (SBI), Tata Steel, Ashok Leyland and Deepak Nitrite.
Sumeet Bagadia’s Intraday Stocks for Today
1) Ashok Leyland: Buy at ₹230.45, target ₹245, stop loss ₹222.
Ashok Leyland’s share price is currently trading at ₹230, breaking a recent consolidation range. The stock has rebounded from its medium-term (50-day) EMA levels and has formed a bullish, engulfing candlestick pattern on the daily chart. This pattern is supported by high trading volumes, indicating significant strength in the bullish momentum.
2) Deepak Nitrite: Buy at ₹2851.20, target ₹3100, stop-loss ₹2730.
The stock recently broke out of an inverse head and shoulders pattern on the daily chart. After the breakout, it entered a consolidation phase and recovered from the neckline support. Recently, it has broken out of the consolidation range and is sustainably above the ₹2850 level. This suggests that the stock’s potential is focused on short-term levels around ₹3100.
Ganesh Dongre Stocks You Can Buy Today
3) Balkrishna Industries: Buy at ₹3158, target ₹3300, stop-loss ₹3080.
In the short term, the stock has seen a bullish reversal pattern. Technically, retranchment could be possible until ₹3300. So, holding the support level of ₹3080, this stock can bounce back to ₹3300 in the short term. Therefore, the trader can use a stop loss of ₹3080 for the target price of ₹3300.
4) SBI: Buy at ₹878, target ₹910, stop loss ₹858.
On the daily chart, the stock has shown a short-term reversal pattern. Specifically, a bullish engulfing pattern has formed, a strong indicator of a potential upward movement. This technical pattern is considered bullish, suggesting that the stock may experience a price increase. Given this setup, traders may consider buying this stock and setting a stop loss at ₹858 to manage risk. The target price for this transaction is ₹910, which offers an opportunity for profit as the stock continues to show bullish behavior.
5) Tata Steel: Buy at ₹160, target ₹170, stop loss ₹154.
A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests a temporary pullback in the stock’s price, which may be around the ₹170. The stock is currently holding a crucial support level at ₹154. A buying opportunity arises given the current market price of ₹170. This suggests that investors are considering buying the stock at the current price, expecting the price to rise towards the stated target. ₹170.
Disclaimer: The above opinions and recommendations are those of individual analysts or brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
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