Shriram Finance, MTNL and more: Angel One lists 4 top technical stock picks for Budget 2024; check full list

The budget day always holds its relevance in forecasting the economic outlook of the nation, which is simultaneously being reflected through the equity markets, says brokerage house Angel One.

According to Angel One, technically, the higher time frame charts continue to look attractive with the recent accomplishments. The undertone favors the Bulls of D-Street, and dips are likely to augur well for them as well. However, a conservative approach is advisable after the recent accomplishments, and traders should remain selective in their approach, emphasising more on the themes poised for outperformance, it added.

Read here: Budget 2024: How should traders position themselves for tomorrow?

The brokerage house has come out with 4 technical picks for tomorrow's budget. Let's take a look:

MTNL

This month PSU stocks have given a spectacular run. The government-backed telecom stock MTNL has spiked more than 30 percent this month and looks appealing on the higher degree charts as well. The counter has surpassed the strong resistance zone around the 40-41 odd zone and looks poised for a rally beyond the 50 mark in the near term. Recently, this counter has been taking support around the 20 EMA on the weekly chart, which is now placed around the 32-33 odd zone. We anticipate that this outperformance will persist, and hence, we recommend buying this counter on dips towards Rs.41-38 for a near-term target of ₹52, with a stop loss at ₹32.

Read here: Budget 2024: What are capital gains taxes and are they expected to see any changes tomorrow?

Petronet LNG

After a long consolidation phase, PETRONET has finally shown a strong volume-based buying in the last two months. The counter has precisely rebounded from the multi-year support zone around 190 odd levels which also coincides with the 89 EMA on the monthly chart. On the higher side, the stock has managed to surpass the hurdle of 250-255 and has formed a higher-top higher-bottom structure. Considering the above development, we expect a continuation of the ongoing rally. Hence, we would recommend a buy on PETRONET between the range of 255 and 245, with a stop loss of 224 and a target of 295.

Shree Digvijay Cement

The entire CEMENT space is on a roll for a few months. With larger names like ACC and Ambuja out of their slumber phase, we expect up move to continue in this space. DIGVIJAY CEMENT has been performing consistently since March 2023 lows. Despite giving two-fold returns in such a short span, there is no sign of fatigue yet. The monthly chart depicts a breakout from the bullish ‘Cup and Handle’ pattern with sizeable volumes. Traders are advised to buy around 110-105 for a target of 136. The stop loss to places at 92.

Read here: Budget 2024: Market moved less than 1% in just 7 of last 24 budget sessions

Shriram Finance

This stock has been one of the stable performers within the NBFC space. Prices have not been showing any flamboyance; but if we take a glance at the daily and weekly time frame charts, we can clearly see a steady move in the form of ‘Higher Highs Higher Lows’ in the last few months. We expect a continuation of this outperformance; however, prices have recently moved rapidly and hence, one should wait for a small decline to get into this counter. Traders are advised to buy around 2,350-2,250 for a target of 2,880. The stop loss needs to be placed at 2,000.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.