Budget 2023: With the break of the last month-long consolidation range, the reins of the market have fallen into the hands of the bears in front of the Union budget. The beginning of the February series on January 27th was very bad. The market closed last week down more than 2 percent. Nifty closed January 27th at its lowest level in the last 4 months. Nifty closed at the 17604 level last Friday after breaking the strong 17800 support. Last week, the Nifty closed with its largest weekly decline since the week ended December 23rd.
After breaking the short-term 9, 20 and 21 week moving averages, the next support for Nifty is seen at 50 WEMA (weekly exponential moving average) at 17400. Market experts are of the opinion that there can be huge ups and downs in the market during the Union Budget week. But if Nifty 50 manages to hold the WEMA, there is a high probability that Nifty will reach 17800-18200 levels and then 18500 levels in the coming days.
Sameet Chavan from Angel One Says that market is lighter than budget is a good sign from a bullish perspective. If there are positive announcements in the budget, it will increase sharply. On the other hand, if there is disappointment with the budget, the market will continue to fall. He added that the RSI’s positive divergence indicates a recovery from the market’s lower levels.
Sameet Chavan believes 17700 – 17800 is a hurdle for Nifty. If the market needs to regain its lost confidence and strength it needs to break through 18000 on a closing basis. Traders are advised to keep their positions slightly ahead of budget and keep all these factors in mind.
10 short-term tips suggested by market veterans that can generate strong returns in 2-3 weeks
Top picks by Kotak Securities’ Shrikant Chauhan
trust industries:LTP:Rs 2337 | Buy Reliance Industries with a stop loss of 2,150 rupees and a price target of 2,700 rupees. This stock can yield 15% in the short term.
Company Titan:LTP:Rs 2331 | Buy Titan Company with a stop loss of Rs 2150 and a target of Rs 2600. This stock can return 11% in the short term.
HDFC bank:LTP:Rs 1616 | Buy HDFC Bank with a stop loss of Rs 1500, target Rs 1750. This stock can return 8% in the short term.
Short-term tips from Ruchit Jain of 5paisa.com
ITK:LTP: Rs 346 | Buy ITC with a stop loss of Rs 334, target Rs 367. This stock can return 6% in the short term.
Maruti Suzuki:LTP:Rs 8737 | Buy Maruti Suzuki with a stop loss of Rs 8420, target Rs 8970. This stock can yield 3% in the short term.
Short-term appointment of Vigyan Sawant from GEPL Capital
KEI Industries: LTP: Rs 1573 | Buy KEI Industries with stop loss Rs 1465, target Rs 1780. This stock can yield 13% short term.
Supreme Industries:LTP:Rs 2539 | Buy Supreme Industries with a stop loss of Rs 2330 and a target of Rs 2900. This stock can yield 14% in the short term.
Tata Motors: LTP: Rs 445.60 | Buy Tata Motors with a stop loss of Rs 390, target Rs 560. This stock can return 26% in the short term.
Anand Rathi’s Jigar S Patel’s short-term picks
Emmi:LTP:Rs 439 | Buy Emami with a stop loss of Rs 409, target Rs 480. This stock can return 9% in the short term.
PVR:LTP: Rs 1740 | Buy PVR with a stop loss of Rs 1649 for a target of Rs 1825. This stock can yield 5% in the short term.
Disclaimer: The views expressed on Moneycontrol.com are the personal views of the experts. The site or management are not responsible for this. Money Control advises users to seek advice from a certified professional before making any investment decision.
