From Dabur India - HCL Tech: Top 16 Stocks To Add Before Budget 2024 For A Profit Booking Portfolio

The upcoming July budget will be a key event to watch out for in the coming days, especially after the elections saw a significant return of investor confidence in the market with the Modi administration in place. Investors are scrambling to find stocks before the Union Budget 2024 release on July 23rd, as the market has had its longest winning run since December 2023. The market is filled with a plethora of domestic and global macroeconomic data as we begin a new month, with expectations resting heavily on growth-oriented measures from the Budget.

Strategic investors ought to concentrate on sectors that stand to gain from government initiatives prior to the July 2024 budget announcement. Through more funding and strategic initiatives, it is anticipated that BFSI, consumer goods, healthcare, renewable energy, railways, defence, manufacturing, and tourism will all get focus and support.

Which Sectors To Benefit From Union Budget 2024?

Raj Vyas, Vice President - Research at Teji Mandi said, "Prime Minister Narendra Modi's third-term government is prioritizing key policy objectives including curbing food inflation, addressing unemployment, and tackling agricultural challenges. Initiatives will focus on job creation, infrastructure investment, and ensuring robust revenue growth for fiscal balance. The upcoming budget is likely to boost investments in revitalizing the agriculture sector, responding to electoral dynamics and state assembly elections. Expectations include increased funding for agricultural R&D, infrastructure, irrigation, crop insurance, and initiatives to enhance farmer income and productivity."

"Ahead of the budget announcement in July 2024, strategic investors should target sectors poised to benefit from government policies. Infrastructure, BFSI, consumer goods, healthcare, renewable energy, railways, defence, manufacturing, and tourism are expected to receive attention and support through enhanced allocations and strategic measures. Railways are expected to focus on modernization, safety upgrades, network expansion, and electrification to improve efficiency and capacity, building on the foundation set by earlier budgets," he added.

"The interim budget already signalled increased allocations across several sectors, particularly supporting Medium, Small & Micro Enterprises (MSMEs), crucial contributors to India's GDP. Additional support through supply chain development, manufacturing enhancement, and improved access to affordable loans is anticipated. Investors should focus on stocks with strong fundamentals and growth potential in targeted sectors. Companies with adept management, solid market positioning, and innovation capabilities are well-positioned to benefit from budgetary enhancements and navigate market dynamics effectively. These traits bolster resilience and maximize potential benefits in an evolving economic landscape," Raj Vyas commented.

Stocks To Buy Before Budget 2024

As per Aditya Gaggar Director of Progressive Share Brokers Pvt. Ltd, here are the top 16 stocks to add to your portfolio before Budget 2024.

Bayer Cropscience

Target 1: Rs7486, Target 2: Rs8260

• Consolidation of 4 years ended with a Rounding Bottom Formation breakout.
• RSI has already given a trendline breakout and at the time of price breakout, it has completed its pullback move.
• A reading of 18 in ADX indicates the beginning of an uptrend.
• As per the pattern breakout, the target is Rs8260.
• One can add the stock on declines up to Rs6300.

Bhansali Engineering Polymers

Target 1: Rs180, Target 2: Rs230

• Consolidation of over 6 years comes to an end with a Cup and Handle Pattern breakout.
• Trendline breakout in RSI and an upsurge in Volume validates price breakout.
• +DMI has crossed ADX and a reading of 32 in ADX indicates the presence of a strong uptrend.
• As per the pattern breakout, the target is Rs230.
• One can add the stock on declines up to Rs123.

Dabur India

Target 1: Rs671, Target 2: Rs741

• A Symmetrical Triangle Formation breakout was observed in the stock.
• Trendline breakout in RSI and an upsurge in Volume were witnessed.
• Positive crossover in MACD indicates a reversal of the trend.
• As per the pattern breakout, the target is Rs741.
• One can add the stock on declines up to Rs589.

GE Power India

Target 1: Rs517, Target 2: Rs620

• GE Power India Ltd has given a breakout from a Rounding Bottom Formation.
• Price breakout was accompanied by an uptick in Volume.
• A reading of 31 in ADX indicates the presence of a strong uptrend.
• As per the pattern breakout, the target is Rs620.
• One can add the stock on declines up to Rs385.

HCL Tech

Target 1: Rs1753, Target 2: Rs2046

• The stock is in the Higher Top Higher Bottom formation and recently, reversed from the lower end of the rising channel by taking support of Rs1320 which previously acted as stiff resistance.
• A reading of 39 in ADX indicates the presence of a strong uptrend.
• As per the pattern, the target is Rs2046.
• One can add the stock on declines up to Rs1420.

Indian Energy Exchange

Target 1: Rs206, Target 2: Rs232

• Consolidation of almost 2 years comes to an end with a Rounding Bottom Formation breakout.
• Range breakout was spotted in RSI.
• A reading of 23 in ADX indicates the beginning of a strong uptrend.
• As per the pattern breakout, the target is Rs232.
• One can add the stock on declines up to Rs174.

INDRAPRASTHA GAS

Target 1: Rs622, Target 2: Rs740

• Consolidation of over 2 years ended with a Symmetrical Triangle Formation breakout.
• Oscillator RSI replicates price pattern breakout.
• Trend following indicator MACD has given a positive crossover.
• As per the pattern breakout, the target is Rs740.
• One can add the stock on declines up to Rs483.

Mayur Uniquoters

Target 1: Rs752, Target 2: Rs866

• The stock has given a breakout from a Symmetrical Triangle Formation.
• RSI has experienced a trendline breakout and a spike was seen in Volume.
• Positive crossover in MACD indicates a reversal of the trend.
• As per the pattern breakout, the target is Rs866.
• One can add the stock on declines up to Rs610.

Pearl Global Industries

Target 1: Rs915, Target 2: Rs1090

• Bullish Pennant and Pole formation breakout was observed in the stock
• RSI, MACD, and Volume are supporting stock price movement
• A reading of 65 in ADX indicates the presence of a strong uptrend
• As per the pattern breakout, the target is Rs1090
• One can add the stock on declines up to Rs700.

Pokarna

Target 1: Rs838, Target 2: Rs971

• Pokarna Ltd has given a breakout from an Inverted Head & Shoulder formation
• A similar pattern breakout in RSI and an uptick in Volume confirms price activity
• The presence of a strong uptrend was seen with a reading of 24 in ADX
• As per the pattern breakout, the target is Rs971
• One can add the stock on declines up to Rs675.

Privi Speciality Chemicals

Target 1: Rs1762, Target 2: Rs2078

• The stock has given a breakout from a Symmetrical Triangle Formation
• Price breakout was validated by trendline breakout in RSI and an uptick in Volume
• Positive crossover was seen in MACD and a reading of 22 in ADX indicates the beginning of an uptrend.
• As per the pattern breakout, the target is Rs2078.
• One can add the stock on declines up to Rs1360.

Punjab Chemicals and Crop Protection

Target 1: Rs1952, Target 2: Rs2486

• A massive Symmetrical Triangle Formation breakout was observed in the stock which was confirmed with a long term trendline breakout in RSI and above average Volume.
• A reading of 20 in ADX indicates the beginning of an uptrend.
• As per the pattern breakout, the target is Rs2486.
• One can add the stock on declines up to Rs1340.

Sadhana Nitro Chem

Target 1: Rs87, Target 2: Rs106

• In the higher timeframe, the stock has formed an advanced harmonic pattern known as Bullish Gartley.
• After testing its previous low, an Inside Bar candlestick pattern has emerged which indicates a trend reversal.
• Leading oscillator RSI successfully tested its previous support and reversed.
• As per the pattern, the target is Rs106.
• One can add the stock on declines up to Rs63.

Seamec

Target 1: Rs1591, Target 2: Rs1916

• Seamec Ltd has given a breakout from an Inverted Head & Shoulder as well as from Bullish Flag & Pole formation.
• Spike in Volume validates Price activity.
• A reading of 27 in ADX indicates the presence of a strong uptrend.
• As per the pattern breakout, the target is Rs1916.
• One can add the stock on declines up to Rs1227.

Stove Kraft

Target 1: Rs730, Target 2: Rs866

• A Symmetrical Triangle Pattern breakout was spotted in the stock.
• Leading oscillator RSI has witnessed a falling trendline breakout
• Surge in Volume confirms Price behavior
• As per the pattern breakout, the target is Rs866
• One can add the stock on declines up to Rs570

Sunteck Realty

Target 1: Rs725, Target 2: Rs891

• The stock has completed its consolidation of over 5 years by giving a breakout from a Cup and Handle formation.
• Long-term trendline breakout in RSI and rise in Volume validates price behavior.
• A reading of 20 in ADX suggests the beginning of a new trend.
• As per the pattern breakout, the target is Rs891.
• One can add the stock on declines up to Rs530.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.