By Rupak De

Finance Minister Nirmala Sitharaman is set to unveil the first Union Budget 2024 for the newly-elected Modi 3.0 government later this month. The upcoming budget is expected to extend the interim budget presented earlier this year in February 2024. Market sentiment has turned bullish since the end of June, driven by resumed foreign inflows into Indian markets and investor confidence in the stability following the Bharatiya Janata Party’s (BJP) return to power.

The 30-share BSE benchmark hit a fresh lifetime high of 80,000 this week, achieving its fastest-ever 10,000-point bull run in a record 58 market sessions. The blue-chip Nifty 50 also recorded another closing high on Friday, July 5, marking its fifth consecutive week of gains and its longest winning streak this year.

Here are the top stocks to watch ahead of budget 2024:

BOROSIL: Buy 500-515 TGT 580 SL 484 

After finding support at the 200 SMA on the weekly timeframe, the stock has been in recovery mode. The strength in price is backed by rising volume. 

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The weekly RSI is in a bullish crossover and rising. In the short term, the trend might remain positive, with the potential to reach 580. Support is placed at 484.

SJVN: Buy 132-135 TGT 150 SL 127 

The price has moved up after a doji pattern formation on the weekly chart, suggesting a rise in optimism. Additionally, the stock has been sustaining above the critical moving average. On the lower end, support is placed at 127, and if it holds, the stock might move towards 150 in the short term.

GMRINFRA: Buy 95-97 TGT 107/115 SL 87 

The stock has been sustaining above the critical moving average on the weekly timeframe following a significant breakout. On the daily chart, the stock has been forming a flag pattern; a breakout from this pattern might set the stock up for a decent rally in the medium term. 

The RSI is in a bullish crossover on the weekly timeframe. On the lower end, support is placed at 87, while on the higher end, it might move towards 107/115.

HAL: Buy 5350-5400 TGT 5800 SL 5090 

The stock has shown strength even after a substantial rally in the last few months. It has been sustaining above the critical moving average on both the daily and weekly charts. On the lower end, support is placed at 5090, while resistance is visible at 5800.

RAILTEL: Buy 465-476 TGT 520/570 SL 428 

On the weekly chart, the stock has given a rectangle pattern breakout, suggesting a significant positive shift in sentiment. Investors increasingly believe that the stock will perform well in the medium term. 

On the daily timeframe, the stock has also given a consolidation breakout, which was supported by a surge in volume. The RSI is in a bullish crossover on the weekly timeframe. Over the medium term, the stock might move smartly towards 570 and beyond. On the lower end, support is placed at 430.

BHEL: Buy 312 TGT 340 SL 297

The stock has given a falling trend line breakout, suggesting a rise in optimism. The trend looks positive as the index has sustained above the 50 EMA on the daily timeframe. Additionally, a hidden positive divergence is visible on the daily RSI, indicating strong momentum in the current bullish phase. On the higher end, the stock might move towards 340. On the lower end, support is placed at 297.

HUDCO: Buy 302 TGT 315/325 SL 288

The stock has given a consolidation breakout on the daily timeframe, with increasing volume. Besides, the stock has been trading within a rising channel. The RSI indicates a bullish crossover, suggesting upward momentum. Therefore, one can consider buying the stock with a stop loss at 288, targeting 315 and 325.

PFC: Buy 530 TGT 560 SL 518

The stock has moved above previous consolidation, suggesting improved interest surrounding the stock. Besides, the stock has sustained above critical moving average. The RSI is in bullish crossover and rising. 

Additionally, the stock price has been rising with a rising volume back up. Therefore, in the short term, the stock might move towards a higher level with a potential to reach upto 560. On the lower end, support is placed at 518.

(About the Author: Rupak De is a Senior Technical Analyst at LKP Securities)

(Disclaimer: Views, recommendations, and opinions expressed are personal and do not reflect the official position or policy of Financial Express.com. Readers are advised to consult qualified financial advisors before making any investment decisions. Reproducing this content without permission is prohibited.)