BAJAJ BROKING

Notification
No new Notification messages
Inventurus Knowledge Solutions IPO is Open!
Apply for the Inventurus Knowledge Solutions IPO through UPI in just minutes.
Open a Free Demat Account
Pay ZERO maintenance charges for the first year, get free stock picks daily, and more.
Trade Now, Pay Later with up to 4x
Never miss a good trading opportunity due to low funds with our MTF feature.
Track Market Movers Instantly
Stay updated with real-time data. Get insights at your fingertips.

Stocks to Buy: Bajaj Broking Budget Investment Ideas 2024

Listen to our Podcast: Grow your wealth and keep it secure.

0:00 / 0:00

Introduction

As the Indian Finance Minister, Smt. Nirmala Sitharaman prepares to present the full-year budget for FY25 on July 23, 2024, investors are watching the developments with keen interest. The budget is expected to focus on fiscal consolidation, aiming to keep the fiscal deficit target at 5.1% of GDP. Measures to boost consumption could include lowering the effective tax rate, increasing cooking gas subsidies, and offering interest rate subventions for both rural and urban housing. Additionally, there is anticipation for an expansion of subsidized healthcare coverage and an extension of the Production Linked Incentive (PLI) scheme to enhance manufacturing.

The sectors expected to receive significant focus in the budget are Oil & Gas, Tourism, Power, Infrastructure, and Fertilizers. Bajaj Broking has selected stocks from these sectors that are strong both fundamentally and technically. Here are the stocks to buy, complete with technical details and target prices.

Oil and Gas: ONGC

Stock: Oil and Natural Gas Corporation Ltd. (ONGC)

Recommended Price Range: ₹312-324

Target: ₹384

Upside: 21%

Time Horizon: 9 Months

ONGC is a major player in the exploration and production of crude oil and gas. The company plans to ramp up production at its KG 98/2 field to 45,000 barrels per day by Q4 FY25, up from the current 12,000 barrels. Additionally, ONGC aims to achieve a gas production rate of 10 million cubic meters per day by Q4 FY25. The company expects to increase its total production from 39.45 million metric tons of oil equivalent (mmtoe) to approximately 47 mmtoe by FY27. The ONGC share price is currently trading at Rs. 320.15 as of 14:12 PM on NSE.

Technical Analysis:

ONGC has shown a breakout above its decade-long consolidation, signaling a strong uptrend.

Given these technical indicators, ONGC is one of the stocks to buy in the oil and gas sector, with a significant upside potential.

Power: NTPC

Stock: National Thermal Power Corporation (NTPC) Ltd.

Recommended Price Range: ₹365-375

Target: ₹444

Upside: 20%

Time Horizon: 9 Months

NTPC, India's largest energy conglomerate, is supported by government initiatives that provide financial flexibility and a low cost of funds. The company has a strong performance record with Plant Load Factors (PLFs) significantly higher than the national average. NTPC is expanding into various green initiatives, including green hydrogen, energy storage, nuclear power, green mobility, and round-the-clock renewable energy.

Technical Analysis:

NTPC is trading within a rising channel, indicating strength and continuation of the up move.

With these technical indicators, NTPC emerges as a strong stock to buy in the power sector, promising substantial returns.

Infrastructure: NBCC

Stock: NBCC (India) Ltd.

Recommended Price Range: ₹172-180

Target: ₹219

Upside: 24%

Time Horizon: 9 Months

NBCC has demonstrated robust growth in its order book, reaching ₹64,000 crore in FY24, bolstered by approximately ₹10,000 crore in new orders. The company anticipates an order inflow of ₹25,000 crore in FY25, driven by expanding opportunities in housing, railways, metro projects, and renewable energy.

Technical Analysis:

NBCC has formed a higher base above the recent breakout area, signaling strength and potential for further upside.

Given these technical insights, NBCC stands out as a compelling stock to buy in the infrastructure sector, with significant growth potential.

Fertilizers: GSFC

Stock: Gujarat State Fertilizers & Chemicals Ltd. (GSFC)

Recommended Price Range: ₹245-255

Target: ₹320

Upside: 28%

Time Horizon: 9 Months

GSFC, a public sector company promoted by the Government of Gujarat, manufactures a range of fertilizers and industrial products. The company is targeting a 10% growth in fertilizer sales volumes for FY24 and expects overall sales of industrial products to remain stable in Q4 FY24.

Technical Analysis:

GSFC is poised for a breakout above the triangular consolidation of the last six months, indicating potential for significant upside.

With these technical indicators, GSFC is positioned as one of the stocks to buy in the fertilizers sector, with a robust growth trajectory.

Tourism: Thomas Cook

Stock: Thomas Cook (India) Ltd.

Recommended Price Range: ₹235-243

Target: ₹305

Upside: 28%

Time Horizon: 9 Months

Thomas Cook offers a wide range of services, including foreign exchange, corporate travel, MICE, leisure travel, visa and passport services, and e-business. The company has been appointed by the Government of India as the Event Partner for the prestigious G20 preparatory meetings and has successfully executed several significant government initiatives.

Technical Analysis:

Thomas Cook is trading within a rising channel and is expected to test the upper band, indicating a continued uptrend.

Given these technical insights, Thomas Cook is a strong stock to buy in the tourism sector, with a promising outlook.

Conclusion

The upcoming Budget 2024 presents numerous investment opportunities across various sectors. With a focus on fiscal consolidation and measures to boost consumption, stocks from sectors like Oil & Gas, Power, Infrastructure, Fertilizers, and Tourism are expected to perform well. ONGC, NTPC, NBCC, GSFC, and Thomas Cook are some of the stocks to buy, offering significant upside potential based on their technical and fundamental strengths. As always, it is crucial to conduct thorough research and consult with financial advisors before making any investment decisions.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

For All Disclaimers Click Here: https://bit.ly/3Tcsfuc

Share this article: 

Read More Blogs

Our Secure Trading Platforms

Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading

Bajaj Broking App Download

8 Lacs+ Users

icon-with-text

4.4+ App Rating

icon-with-text

4 Languages

icon-with-text

₹4700+ Cr MTF Book

icon-with-text