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Equity markets have been on a roll post the re-election of Narendra Modi-led National Democratic Alliance (NDA) to power in the national elections in June 2024. The Sensex and Nifty have scaled record high levels, and are up around 15 per cent from the panic low hit on June 04, 2024.
One of key factors driving the market rally has been expectations of reforms continuity by the government and strong economic growth.
Experts believe that the government will stick to its stance on fiscal consolidation, and continue to push for reforms in the upcoming Union Budget 2024 on July 23.
Brokerage firm Anand Rathi in its pre-Budget expectation note, said the focus will be on boosting growth and on stability through continuing emphasis on infra and consumption-inducing measures. They broadly expect the Budget to be positive for the equity market.
Against this backdrop, here are 11 stocks across sectors that are likely to be in focus in the run-up to the Budget and also post the Union Budget basis on the likely measures to be proposed for the relevant sectors.
The Budget Show with BS: Stocks, mutual fund, insurance & taxes
The Budget Show with BS: Stocks, mutual fund, insurance & taxes
Technical outlook on 11 stocks for Budget 2024:
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RVNL
RVNL stock has surged 223 per cent so far in 2024; at present levels RVNL is seen trading in an overbought zone on multiple time-frames. As per the weekly chart, the bias at the counter is likely to remain positive as long as the stock holds above Rs 580 levels. Key support on the longer-term chart is seen at Rs 490.
On the other hand, the stock will need to break and trade consistently above Rs 645 levels for fresh upward momentum. The stock can potentially rally to Rs 720 levels, with interim resistance likely around Rs 675 and Rs 695. CLICK HERE FOR THE CHART
Angel One
After a massive rally in 2023, shares of broking firms have been underperforming in the calendar year 2024 so far. The stock has shed almost 36 per cent so far this year.
On the monthly scale, the stock is seen testing support around its 20-MMA (Monthly Moving Average), which stands at Rs 2,125 in the last two months; whereas, the weekly chart shows presence of key support in the form of 100-WMA (Weekly Moving Average) at Rs 2,017.
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On the upside, the stock will need to break and close consistently above its 20-DMA (Daily Moving Average), which stands at Rs 2,425 for the sentiment to be revived at the counter. CLICK HERE FOR THE CHART
SBI
Share price of this banking giant has rallied nearly 38 per cent so far this year. Key momentum oscillators seem to be favourably placed on the daily and weekly charts for SBI; hence, the stock may see further upside in the near-term.
The short-term bias is likely to remain bullish as long as the stock trades above Rs 875. Below which, the stock can dip to Rs 850 and Rs 835-odd levels. On the upside, the stock can rally to Rs 960 levels, with interim resistance likely around Rs 918 and Rs 940 levels. CLICK HERE FOR THE CHART
ITC
The bias for ITC is likely to remain upbeat as long as the stock trades above Rs 455 levels. On the upside, the stock seems headed towards its key hurdle at Rs 490. Break and sustained trade above the same shall open the doors for a rally towards Rs 555-mark. CLICK HERE FOR THE CHART
Larsen & Toubro (L&T)
Larsen & Toubro stock is seen consolidating in the broad range of Rs 3,250 - Rs 3,900 since the last 7 months. Having said that, the overall bias for the stock is likely to remain positive as long as it trades above its 200-DMA, which stands at Rs 3,418.
On the other hand, the daily chart indicates near resistance for L&T at Rs 3,705, above which the stock may ride back towards the higher-end of the existing trading. Breakout from the range can potentially trigger a rally towards Rs 4,450; with interim resistance seen around Rs 4,100 and Rs 4,280 levels. CLICK HERE FOR THE CHART
Dixon Technologies
Dixon Technologies has surged over 91 per cent so far in 2024. The overall bias at the counter is expected to remain bullish as long as the stock holds above Rs 11,470 levels on a monthly closing basis. Near term support for the stock is seen at Rs 12,160 and Rs 11,750 levels.
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On the upside, the stock could aim for Rs 14,900 levels, with near resistance likely around Rs 13,090; and far-off hurdles seen at Rs 13,775 and Rs 14,335 levels. CLICK HERE FOR THE CHART
Mahindra & Mahindra (M&M)
Mahindra & Mahindra has rallied over 61 per cent thus far this year. The price-to-moving averages action remains favourable on the daily scale, despite the recent dip. M&M will need to cross and sustain consistently above Rs 2,920 levels in order to resume its upward trend. The long-term bias for the stock is likely to remain bullish as long as the stock holds Rs 2,685 on a monthly closing basis. CLICK HERE FOR THE CHART
GMR Airports
GMR Airports Infrastructure has gained close to 21 per cent in this calendar year so far. Despite the positive bias at the counter, the stock has been unable to run-away as it faces resistance around the higher-end of the Bollinger Bands on the monthly scale. The stock needs to break and trade consistently above Rs 105 levels, for a bullish run to emerge.
On the other hand, key momentum oscillators on the daily scale have seen a negative crossover. Sustained trade below the 20-DMA, which stands at Rs 97.40, could trigger near-term weakness at the counter. As such, the stock may dip to Rs 90-odd levels. CLICK HERE FOR THE CHART
UltraTech Cement
UltraTech Cement stock is seen making higher-highs and higher lows on the daily scale for the last two months. The stock at present is seen testing support around its 20-DMA, which stands at Rs 11,470. Below, which the next significant support stands at Rs 11,269.
On the upside, the stock needs to break and trade consistently above Rs 11,900 levels in order to gain upward momentum. Resistance on the higher side is seen at Rs 12,220 and Rs 12,560 levels. CLICK HERE FOR THE CHART
Power Grid Corporation
Power Grid has rallied over 47 per cent so far this year. The stock is seen trading alongside the higher-end of the Bollinger Bands on the monthly scale. The stock needs to cross and sustain above Rs 348 - Rs 354 resistance zone for a fresh bullish breakout. Following which, the stock can potentially rally to Rs 374 levels.
On the downside, support for the Power Grid stock is seen at Rs 335 and Rs 325 levels. CLICK HERE FOR THE CHART
Finolex Cables
Finolex Cables has surged 55 per cent thus far in 2024. The bias at the counter is likely to remain bullish as long as the stock holds above Rs 1,570 levels. On the upside, the stock needs to breakout above Rs 1,680 for fresh gains to emerge. On the upside, the stock can spurt to Rs 1,740 levels. CLICK HERE FOR THE CHART
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