Top Electric Vehicle Stocks to Watch for in Budget 2024
Investors are keeping a close eye on several EV stocks that could witness significant upside movement in the wake of a positive budget announcement.
With the Indian government's interim budget just around the corner, the electric vehicle (EV) sector is buzzing with anticipation. The industry, already on a high-growth trajectory, is hoping for a shot in the arm from the government in the form of policy incentives and financial support.
Investors are keeping a close eye on several EV stocks that could witness significant upside movement in the wake of a positive budget announcement.
Tata Motors Ltd
Tata Motors is currently trading at Rs 884.8, marking a significant uptrend with three consecutive green candles. The stock has reached an all-time high, displaying a robust 3.02% increase from the previous close. Over the last year, it has delivered impressive returns of 98.10 per cent, especially notable since the 2023 Budget. The stability in its uptrend and breakouts at 52-week highs indicate strength, while caution is advised due to overheated MACD and other oscillators. With a volume spike today and a top rank in the EV segment, Tata Motors exhibits super-strong bullish momentum. Investors might consider accumulating during retracement from the 50-day EMA.
Olectra Greentech Ltd
Olectra Greentech is currently priced at Rs 1740, showcasing a positive breakout from consolidation resistance. Renowned for electrical bus manufacturing, the stock has given multibagger returns of 270.76 per cent since the 2023 Budget. Despite signs of cooldown in MACD momentum, strong volumes and order receives contribute to a favorable outlook. Investors may find the stock suitable for trading opportunities.
Minda Corporation Ltd
Minda Corporation is currently trading at Rs 413, maintaining a continuous rise in a channel for ten months. The 50-day EMA acts as dynamic support, and the stock has provided multibagger returns of 91.43 per cent since the 2023 Budget. Steady RSI and notable volume spikes within the channel suggest a stable uptrend, making it an interesting option for accumulation.
HBL Power Systems Ltd
HBL Power Systems is priced at Rs 539, showcasing a consolidation breakout pattern. A strategy to accumulate in the zone of the 20-day EMA and 50-day EMA is suggested. The stock has given impressive multibagger returns of 462.04 per cent since the 2023 Budget, currently showing a strong ATH breakout. Trading above all important moving averages, it appears to be a promising investment.
Amara Raja Energy & Mobility Ltd
Amara Raja is currently priced at Rs 885.85, displaying a price-volume breakout. Following a flag and pole breakout, the stock forms continuation chart patterns, showing strong bullish strength with an RSI of 72.56. High volumes contribute to its momentum, and since the 2023 Budget, it has delivered returns of 49.21 per cent, making it an appealing option for traders
Exide Industries Ltd
Exide Industries is currently trading at Rs 334.9, showing a price-volume bounce back after consolidation breakout. With an RSI at 63.10, the stock exhibits strong bullish potential and high volumes. Its continuous upsurge since the last budget has resulted in impressive returns of 83.56 per cent, presenting a compelling opportunity for traders. The stock is positioned well for potential further gains, and investors may find it attractive for their portfolios.
Disclaimer: The article is for informational purposes only and not investment advice.