Stocks to buy on Budget 2024: Ahead of the Union Budget 2024, the Indian stock market remained sideways and ended lower for the second straight session on Monday. The Nifty 50 index ended 21 points lower at the 24,509 mark, the BSE Sensex lost 102 points and closed at 80,502, and the Bank Nifty index finished 14 points higher at 52,280. Cash market volumes on the NSE fell 9.4 percent. The broad market indices ended positively, even as the advance-decline ratio recovered to 1.30:1.
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market may continue to trade cautiously as investors await the final blueprint of the Modi 3.0 government for the national economy. Bagadia said that the Nifty 50 index faces a hurdle at around the 24,800 to 24,850 range, whereas the 50-stock index has made a crucial base at around 24,100. He advised a stock-specific approach until Nirmala Sitharaman finished her budget speech. However, he suggested looking at breakout stocks for intraday trading, as some are still looking strong on chart patterns.
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, "The Nifty 50 index has retraced from 24,800 to 24,850 once again, which means the 50-stock index is facing a crucial hurdle in this range. We have also witnessed the frontline index bouncing back from the 24,100 range, which reflects the index's strong base. So, a bullish or bearish trend can be assumed on breakage of either side of the range."
Bagadia said that many stocks showed a breakout on Monday, and some still look strong in the chart pattern. Asked about the breakout stocks to buy today, Bagadia recommended these five shares to buy ahead of the Budget 2024: Sportking India, AWHCL, Nitin Spinners, RCF, and Gravita India.
1] Sportking India: Buy at ₹1161.55, target ₹1222, stop loss ₹1120;
2] AWHCL: Buy at ₹663, target ₹699, stop loss ₹640;
3] Nitin Spinners: Buy at ₹427, target ₹444, stop loss ₹410;
4] RCF: Buy at ₹235, target ₹248, stop loss ₹227; and
5] Gravita India: Buy at ₹1449, target ₹1520, stop loss ₹1400.
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
