Buy or sell stocks on budget 2023 date: Amid high volatility on eve of Union Budget 2023, Indian stocks finished higher after witnessing strong recovery from early morning losses. 50-stock Nifty finished 13 points higher at 17,662, 30-stock Sensex surged 49 points and closed at 59,549 whereas Bank Nifty index shot up 267 points and closed at 40,655 levels. In broad markets, small-cap index surged to the tune of 2.2 per cent whereas mid-cap index gained 1.47 per cent on Tuesday. Advance decline ratio finished at 3.28:1.
Intraday trading strategy on budget 2023 date
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that mid-cap and small-cap stocks witnessed huge come back rally on eve of budget 2023 date as the market is expecting positive outcome from the Union Budget today. Prabhudas Lilladher expert said that market bias has improved ahead of budget 2023 announcements but predicted range-bound movement ahead of final announcements. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three day trading stocks to buy FM Nirmala Sitharaman begins her budget 2023 speech and those three intraday stocks for today are Tata Motors, Railtel and VRL Logistics.
Unveiling day trading strategy on budget 2023 date, Vaishali Parekh said, “Nifty index on the eve of the Budget session showed stagnant movement hovering near 17600-17650 zone whereas there was much active participation from the mid-cap and small-cap counters witnessing strong pullback in anticipation of positive outcome from the announcement.”
Parekh said that Bank Nifty witnessing a decent recovery from 40,150 zone showed improvement in the bias and closed on a better note near 40,650 zone ahead of the Budget and further a decisive move past the 41,600 zone would strengthen the trend and can anticipate for a clear upward directional move.
“All eyes awaiting the Union Budget announcement, volatility and uncertainty is anticipated and it is advisable to trade once confirmation and clarity is established. The support for Nifty today is seen at 17,500 while the resistance is seen at 17,800 levels. Bank Nifty would have the daily range of 40,000 to 41,200 levels,” said Vaishali Parekh.
Stocks to buy today
As mentioned above, Vaishali Parekh of Prabhudas Lilladher has recommended three intraday stocks before the beginning of budget 2023 speech, here we list out full details of those intraday stocks for today:
1] Tata Motors: Buy at ₹452, target ₹570, stop loss ₹444;
2] Railtel: Buy at ₹124.50, target ₹130, stop loss ₹122; and
3] VRL Logistics: Buy at ₹535, target ₹557, stop loss ₹525.
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 decisions.
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