Top Infrastructure Stocks to Watch for in Budget 2024
Top 5 Infrastructure Stocks - Technical Overview
With the interim budget of 2024 looming on the horizon, the spotlight is firmly fixed on infrastructure stocks. Expectations are buzzing like construction machinery as investors anticipate potential policy pronouncements that could fuel the engines of this crucial sector. From ambitious allocations for roads and railways to tax breaks for renewable energy giants, the budget has the potential to reshape the landscape of Indian infrastructure
Top 5 Infrastructure Stocks - Technical Overview
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Larsen and Toubro Ltd
Larsen and Toubro (L&T) currently trade at Rs 3479.75, positioning near the 50-day EMA, offering a favorable accumulation point. Exhibiting a stable uptrend, the stock forms a hammer pattern at dynamic support, emphasizing bullish potential. Despite a recent 4.23 per cent correction, L&T has provided a robust 63.87 per cent return since the last budget. The MACD indicates a cooling period, supporting a steady pace unless influenced by news. Notably, today's volume spike adds credence to its fundamentally strong position as the leading infrastructure stock.
![TradingView Chart](https://s3.tradingview.com/snapshots/n/NcEYbcqP.png)
Irb Infrastructure Developers Ltd
Irb Infrastructure is valued at Rs 66.5, reflecting recent price volume breakouts driven by the Budget 2024 buzz. The Average Directional Index at 47 signals a robust trend, and with returns of 130.61 per cent since the last budget, the stock is in a stronger but promising uptrend. The trading scenario suggests a favorable environment, particularly amid strong volumes. This makes IRB Infrastructure a noteworthy player, capturing attention in the aftermath of budgetary developments.
![TradingView Chart](https://s3.tradingview.com/snapshots/e/eCtaeRNo.png)
Engineers India Ltd
Engineers India trades at Rs 231.45, having recently experienced a multiyear high breakout. Despite facing selling pressure, the stock appears to be in a reaccumulation phase. The peak MACD hints at potential consolidation, corroborated by volumes above the daily average since November 2023. With multibagger returns of 164.59 per cent since the last budget, Engineers India showcases a distinctive trend and consolidation behavior, urging traders and investors to factor in this nuanced market behavior.
![TradingView Chart](https://s3.tradingview.com/snapshots/n/n9dqYN8T.png)
Techno Electric & Engineering Company Ltd
Techno Electric is priced at Rs 802.95, displaying a price volume breakout and adhering to a consolidation breakout pattern. The RSI at 85.76 indicates a neutral zone, with potential triggers related to power infrastructure projects spurring further breakout. Since the last budget, the stock has delivered multibagger returns of 127.23 per cent, establishing itself as a robust choice, especially as it maintains levels above all crucial moving averages.
![TradingView Chart](https://s3.tradingview.com/snapshots/d/dlMlsPLm.png)
Ashoka Buildcon Ltd
Ashoka Buildcon is valued at Rs 179.7, exhibiting a continuous upsurge post an ascending triangle breakout. Nearing the all-time high of Rs 196.55, the stock showcases high volumes supporting its momentum. A strong RSI at 77.61 emphasizes bullish strength. With multibagger returns of 115.73 per cent since the last budget, Ashoka Buildcon presents itself as a compelling choice for traders, particularly given its upward trajectory and strong market momentum.
![TradingView Chart](https://s3.tradingview.com/snapshots/e/eeKg57Qs.png)
Disclaimer: The article is for informational purposes only and not an investment advice.
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