Stocks to buy after Budget 2024: Despite the Indian stock market giving a thumbs down to the Union Budget 2024, experts are looking at the slide as an opportunity for long-term investors. They said that the Budget 2024 aims to propel economic growth with a vision of positioning India as the third-largest economy. Even if they didn't rule out knee jerks in the market in the near term, they believe that manufacturing, infrastructure, defence and power sectors can still be looked upon from a medium to long-term perspective.
Triggers for the market in Budget 2024
On takeaways for medium to long-term investors of the Indian stock market, Manish Chowdhury, Head of Research at StoxBox, said, “The key highlight of the budget is the fine balance between fiscal prudence and welfare schemes, with a special focus on Bihar and Andhra Pradesh. The government remains focused on job creation, infrastructure development, strengthening the ecosystem for manufacturing, renewable energy and newer sectors and creating disposable income in the hands of people with a key focus on rural income. Though we do not rule out some knee-jerk reaction in markets, we sense that manufacturing, infrastructure, defence and power sectors can still be looked upon from a medium to long-term perspective.”
Terming the Union Budget 2024 a growth-oriented budget, Sugandha Sachdeva, Founder of SS WealthStreet, said, “Budget 2024 aims to propel economic growth with a vision of positioning India as the third-largest economy. The budget focuses on multiple sectors while adhering to a fiscal consolidation roadmap, pegging the fiscal deficit for FY25 at 4.9% of the GDP, down from the interim budget estimate of 5.1. This is favourable for the economy from a long-term perspective as the government is committed to bringing it down to 4.5% of the GDP for FY26.”
Shares to buy after Budget 2024
Regarding stocks to buy after Budget 2024, Sugandha Sachdeva of SS WealthStreet listed the following nine shares:
1] SBI Card: Buy at ₹680 to ₹685, target ₹840, stop loss ₹595;
2] Oberoi Realty: Buy at ₹1570 to ₹1580, target ₹2050, stop loss ₹1280;
3] RITES: Buy at ₹650 to ₹660, target ₹880, stop loss ₹520;
4] KPIT Tech: Buy at ₹1690 to ₹1695, target ₹2080, stop loss ₹1500;
5] HBL Power: Buy at ₹540 to ₹550, target ₹765, stop loss ₹430;
6] Rajesh Exports: Buy at ₹310 to ₹312, target ₹435, target ₹225;
7] Ramco Cement: Buy at ₹790 to ₹795, target ₹965, stop loss ₹680;
8] NCC: Buy at ₹335, target ₹435, stop loss ₹270; and
9] Tata Consumer: Buy at ₹1220 to ₹1230, target ₹1480, stop loss ₹1070.
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Catch all the Budget News , Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
MoreLess
First Published:
23 Jul 2024, 06:04 PM IST
HomeMarketsStock MarketsStocks to buy after Budget 2024: Experts recommend these nine shares to buy on Wednesday
