3 stocks that gained momentum on charts after the Budget

Nifty, Sensex were trading slightly lower.

Finance Minister Nirmala Sitharaman gave big-bang measures a miss in the Union Budget 2024, prompting the Nifty, and Sensex to trim early gains and slip into the red on February 1.

Losers also outnumbered gainers as most pockets within the market faced selling. Some profit booking also kicked in after gains in the previous session as sentiment remains 'sell-on-rise'.

However, some stocks managed to break out of their barriers and gained momentum on the charts after the Budget announcement. Here are three such stocks picked by Arun Kumar Mantri, Founder of Mantri Finmart.

Indian Hotels

The finance minister in today's vote on account budget announced its focus on developing Spiritual Tourism. Indian Hotels has 3 hotels coming up in Ayodhya. The shares at the start of this week had broken above the consolidation zone of Rs 465 – 485 with high volumes. In a retest of this consolidation zone, one can look to get into this counter. On the charts, the levels of Rs 465 continues to remain a strong support zone with a target of Rs 550.

Canara Bank

The shares was under consolidation mode from the past few days and has finally managed to break out of its range of Rs 440 – 480. Technical indicators also point towards a strong bullish momentum being built up in this counter. The share is trading above all crucial moving averages and the level around Rs 470 will act as a strong support zone for targets of Rs 560.

Exide Industries

On a daily timeframe, the stock has given a breakout from a flag pattern formation on good volumes. On the long term monthly charts, the stock was able to sustain above its long-term resistance zone of Rs 305 which has now become a strong support zone. On the other hand, Rs 305 level will act as a strong support zone for the stock with a target of Rs 395.

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