Stocks To Buy After Budget: VLA Ambala Recommends 2 Stocks To Buy/Sell On 24th July

Tuesday's market was volatile, with declines seen in nearly all sectors. The benchmark index Nifty traded in the 500-point range intraday, while the banking index traded in a 1200-point wide range. Recent trends indicate that market prices are cooling off. However, Nifty is likely to retest Tuesday's lows in the coming days. The Union Budget 2024 was disappointing for several sectors, including the mobile sector. It also failed to provide any relief to those who come under the highest tax slab or any major respite to the middle class.

"Moreover, the budget failed despite its broad scope, by failing to reduce GST for basic amenities and daily consumer goods. Meanwhile, the custom duty reduction on gold will help the jewellery companies. The rise in STT and changes in long-term and short-term capital returns are unfavorable for active market participants, adding pressure to investors and traders. Nevertheless, the government will continue to prioritize advanced technologies, green energy, and trade corridors this year," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT)

Market View for 24 July 2024, Wednesday

"For the Nifty index, the key support levels for today's trading session will be between 24,50 and 24,030, whereas resistance will likely be between 25,650 and 24,720. On the other hand, the Bank Nifty Index could find key support between levels 51,150 and 50,950, and witness 52,000 and 52,380, acting as their major resistance points," predicted VLA Ambala.

Stocks To Checkout On 24 July 2024, Wednesday

For investors who are looking for stocks to buy after Budget 2024, VLA Ambala has made the following-day trading recommendations.

KELLTONTEC

Buy: Rs. 140-148
Target: Rs. 165-190
Stop Loss: Rs. 128
Holding Period: 2-4 Weeks

NEWGEN

Buy: Rs. 1040-1070
Target: Rs. 1200-1450
Stop Loss: Rs. 980
Holding Period: 2-6 Weeks

Note: V.L.A. Ambala emphasizes that these recommendations are based on price movement, past behaviour, and technical analysis.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.