📷 Image Credits: Moneycontrol
The Indian stock market has been on a positive trajectory as the Nifty 50 index reached new highs, signaling a bullish trend. Market experts predict that the momentum is likely to be maintained till the upcoming Union Budget announcement in 2024. The recent performance of the benchmark indices, including the Nifty 50 and Sensex, reflects the strong market sentiment driven by various sectors.
Senior Manager of Equity Research at Anand Rathi, Jigar S Patel, highlighted the recent milestones achieved by the market, with the Nifty 50 spot index breaching the 24,400 level and the BSE Sensex surpassing 80,000. The surge in the markets, particularly led by IT stocks, indicates a positive outlook for investors.
According to experts, the markets are poised to continue their upward movement until the budget announcement. Traders are advised to focus on specific stock picks and implement strict stop-loss strategies to navigate the ongoing momentum. The Nifty Bank index, however, exhibited a sideways to negative trend in the past week, emphasizing the importance of critical support and resistance levels for traders.
In terms of stock recommendations, three buy calls have been suggested for short-term investors by the experts. These include MRPL, Hikal, and Birlasoft, with detailed strategies, targets, and stop-loss levels provided for each stock pick. The analysis underscores the technical and fundamental indicators supporting these buy recommendations.
As anticipation builds towards the Union Budget, experts project positive market movements with the Nifty 50 eyeing the 24,000 mark before the budget announcement in 2024. The government’s focus on public spending, infrastructural development, and growth-oriented measures is expected to drive market sentiment positively.
In light of global and domestic economic conditions, traders are advised to closely monitor market developments, especially leading up to the budget announcement. The market’s response to the budget event is crucial, with expectations high for measures that will support economic growth and development across various sectors. The upcoming RBI policy and earnings reports will also play a significant role in shaping market dynamics post-budget.
As investors await the budget announcements, the market remains optimistic about the continued rally in the Indian stock market. With a focus on specific stocks and sectors, market participants are gearing up for potential growth opportunities in the wake of the budget presentation, aligning their investment strategies to capitalize on the expected market uptrend.
