DSIJ Mindshare

These five stocks saw a heavy sell-off from intraday highs after Budget 2024
Prajwal Wakhare

These five stocks saw a heavy sell-off from intraday highs after Budget 2024

Market corrections caught certain stocks and sectors in the crosshairs while other stocks and sectors reveled in the favorable developments.

Investors are left searching the economic environment for possible winners and losers as the dust settles on the 2024 interim budget statement. Market corrections caught certain stocks and sectors in the crosshairs while other stocks and sectors reveled in the favorable developments. This article examines five stocks that saw a notable sell-off following the budget speech.

DSIJ offers a service 'SEP', which is a unique portfolio of stocks that is best suited to your profile. It aims to help subscribers make informed investment decisions. If this interests you, then do download the service details pdf here

Kfin Technologies Ltd

TradingView Chart

Kfin Technologies opened at Rs 622.15 and experienced intraday volatility. The stock reached a high of Rs 648.5 but faced significant selling pressure, closing at Rs 620, marking a decrease of 4.39 per cent. The fall from the day high suggests bearish momentum, with potential resistance around the day high level. Traders should monitor key support levels for signs of a reversal.

Kalpataru Projects International Ltd

TradingView Chart

Kalpataru Projects saw an opening at Rs 799.7 and reached a high of Rs 828.7 during intraday trading. However, it closed at Rs 800, indicating a 3.46 per cent decrease from the day high. The fall suggests profit-taking or selling interest at higher levels. Traders might want to watch for potential support levels as the stock approaches them.

Mahindra And Mahindra Ltd

TradingView Chart

Mahindra And Mahindra opened at Rs 1659.25 and faced intraday pressure, reaching a high of Rs 1702.6. The stock closed at Rs 1651, registering a 3.03 per cent decline from the day high. This drop could be attributed to profit booking or a shift in sentiment. Technical indicators may signal potential entry points for traders eyeing a rebound.

Olectra Greentech Ltd

TradingView Chart

Olectra Greentech witnessed significant intraday movement, opening at Rs 1751.2 and reaching a high of Rs 1849. However, the stock closed at Rs 1732, marking a notable 6.33 per cent fall from the day high. The sharp decline indicates intense selling pressure. Traders should closely monitor support levels for potential trend reversals.

Shree Cement Ltd

TradingView Chart

Shree Cement started the day at Rs 29500, reaching a high of Rs 30737.75. Despite the initial strength, it closed at Rs 29500, reflecting a 4.03 per cent decrease from the day high. The fall suggests profit booking or resistance at higher levels. Traders may consider technical indicators to assess potential entry or exit points based on this intraday movement.

It's crucial for investors and traders to use additional technical tools and indicators to confirm trends and identify potential reversal points. Additionally, market news and external factors should also be considered for a comprehensive analysis.

Disclaimer: The article is for informational purposes only and not investment advice.

Previous Article Tax Proposals of Budget 2024
Next Article Interim budget 2024: Industry experts respond on inclusive development, fiscal consolidation and economic growth
Print
6822 Rate this article:
3.9
Please login or register to post comments.
DALAL STREET INVESTMENT JOURNAL - DEMOCRATIZING WEALTH CREATION

Principal Officer: Mr. Shashikant Singh,
Email: principalofficer@dsij.in
Tel: (+91)-20-66663800

Compliance Officer: Mr. Rajesh Padode
Email: complianceofficer@dsij.in
Tel: (+91)-20-66663800

Grievance Officer: Mr. Rajesh Padode
Email: service@dsij.in
Tel: (+91)-20-66663800

Corresponding SEBI regional/local office address- SEBI Bhavan BKC, Plot No.C4-A, 'G' Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra.
Tel: +91-22-26449000 / 40459000 | Fax : +91-22-26449019-22 / 40459019-22 | E-mail : sebi@sebi.gov.in | Toll Free Investor Helpline: 1800 22 7575 | SEBI SCORES | SMARTODR