Indian Stock Market Reaches New Highs in the run-up to the Union Budget 2024
- Posted on July 18, 2024
- News
- By Arijit Dutta
- 127 Views
Indian stock market hits record highs despite global weakness. Nifty closes at 24,613, Sensex at 80,716. Expert Sumeet Bagadia recommends buying on dips and suggests five breakout stocks ahead of the Union Budget 2024.

Indian stocks posted their highest closing on Tuesday contacting global weak performances. Nifty 50 closed at 24,613 up by 26 points, on the other hand BSE Sensex was up by 51 points and it closed at 80,716. This positive momentum is quite timely, especially as market participants prepare for the Union Budget 2024.
Choice Broking’s market expert Sumeet Bagadia said that the general direction of the Nifty is still up while the index is facing some resistance in a range of 24600-24650. He has encouraged investors to take advantage of pullbacks to own shares and specified that they should be looking at stock picks, especially breakout stocks that have the best charting.
As for Bagadia, the author of the article, he believes that any dip in the market before the announcement of the budget should be considered a good entry point. He outlines key support zones for the Nifty at 24250-24300 and if it breaches these levels, it can reach for 24850-24900.
In light of the upcoming budget, Bagadia recommends five specific stocks for potential breakout trades:In light of the upcoming budget, Bagadia recommends five specific stocks for potential breakout trades:
1. CAMLIN FINE SCIENCES LTD (Buy at ₹122. 60, target ₹128)
2. Vascon Engineers: (Trailing twelve-months’ earning at
₹10. 75, PE at 7. 65x, B/S at ₹82. 10, target ₹86. 50)
3. Chennai Petroleum Corporation: ‘BUY’ with price target of
₹1270 for the share is offered at ₹1215.
4. Herdon Ltd: Insecticides India (Currently available at
₹788. 30 and has a target of ₹825)
5. Sportking India (Currently trading at ₹1059, can hit ₹1111)
However, the overall market trends were more mixed, as the small-cap index increased by 0. 32 %and the mid cap index closing lower, the investors continue to be optimistic but carefully. In the coming days, the Union Budget 2024 that is expected to be announced soon will likely to be a major factor influencing the markets.
Also Read: India, Stock Market: Ready for the Growth After the Budget?
According to analysts, the recommendation is to hold a
longer-term perspective, taking into account both the further increase in rates
and short-term fluctuations associated with the budget announcement.