With the Union Budget 2024 approaching, the Indian stock market saw a slight dip for the second day in a row on Monday. The Nifty 50 index dropped 21 points to 24,509, the BSE Sensex fell 102 points to 80,502, and the Bank Nifty index rose 14 points to 52,280. Trading volumes on the NSE decreased by 9.4 percent, but overall, the market showed some positive signs, with more stocks gaining than losing.
Sumeet Bagadia, Executive Director at Choice Broking, thinks that the market will likely remain cautious as investors wait for the Modi 3.0 government’s plans for the economy. He noted that the Nifty 50 faces resistance between 24,800 and 24,850 but has strong support at 24,100. Bagadia suggested focusing on specific stocks and looking at those showing strong patterns for intraday trading.
Sumeet Bagadia’s Stock Picks
Bagadia highlighted that several stocks showed a breakout on Monday and still look strong. Here are his top five stock recommendations to buy ahead of Budget 2024:
- Sportking India
- Buy at ₹1161.55
- Target: ₹1222
- Stop Loss: ₹1120
- AWHCL
- Buy at ₹663
- Target: ₹699
- Stop Loss: ₹640
- Nitin Spinners
- Buy at ₹427
- Target: ₹444
- Stop Loss: ₹410
- RCF
- Buy at ₹235
- Target: ₹248
- Stop Loss: ₹227
- Gravita India
- Buy at ₹1449
- Target: ₹1520
- Stop Loss: ₹1400
Bagadia believes that these stocks have potential for gains based on their current chart patterns and market performance.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
