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.
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Kfin Technologies Ltd
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
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
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
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
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.