Breaking News
1. AI breakthrough in breast cancer detection: New study claims over 17% improvement in screening accuracy      2. Inflows into equity mutual funds jump 14.5% to Rs 41,156 crore in December: AMFI      3. ONGC expects additional revenue of up to $10.3 billion from BP’s intervention in Mumbai High field      4. Pravasi Bharatiya Divas LIVE: India will fulfill world’s demand for skilled talent, says PM Modi      5. India-Taliban talks: Region in flux and 5 reasons behind Delhi’s decision to engage Kabul      6. California wildfire: Burning Los Angeles looks ‘apocalyptic’ in scary visuals      7. Tirupati stampede: Andhra Pradesh government announces ex-gratia of ₹25 lakh to next of kin of deceased      8. Massive fire at Varanasi railway station parking, over 200 vehicles gutted      9. First Sambhal, Then Ajmer: Ex-CJI Chandrachud Under Fire For ‘Opening Floodgates’ Of Survey Pleas      10. Chennai Airport Shut, Trains Hit As Cyclone Fengal Intensifies      11. 2nd Hindu Priest Arrested In Bangladesh Amid Protests: ISKCON Member      12. Man climbs mobile tower in Kota, threatens suicide over his tractor seizure      13. Body of 2-year-old, his grandmother recovered from river in Manipur      14. Bodies of six abducted in Jiribam found; Kerala CM and UDF leaders argue over BJP defection      15. Several flights, trains disrupted as Delhi covered in smog, visibility down      16. Delhi air quality: AQI at this Delhi station above 1500      17. Pawan Kalyan condemns deaths of 2 Hindu girls in Pakistan who faced ‘atrocities’      18. India not to travel to Pakistan for Champions Trophy, wants its matches in Dubai      19. India not to travel to Pakistan for Champions Trophy, wants its matches in Dubai      20. Samosas, cakes meant for Himachal Pradesh CM Sukhu served to his security staff instead; CID probe on     

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.

1721286256-MJHKMfwxqV.png

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.

Author
No Image
Author
Arijit Dutta

You May Also Like