Budget Pick 2024: There is action in domestic stock market before the budget. Seen fluctuation in the market also. After a weak start on Wednesday (January 31), there was a sharp recovery and the market came into green. Amidst the market turmoil, market experts believe that the impact of budget announcements will be seen on selected stocks and they can show a tremendous rise. Before the budget, market expert Rajesh Palvia of Axis Securities has advised to invest in Varroc Engineering. This auto component manufacturing company has doubled investors’ money in the last one year.
Varroc Engineering: ready to make huge profits
Market expert Rajesh Palvia says, my budget pick is Varroc Engineering. If we look at the overall structure of this stock, it is showing a sideways consolidation since last 2 months. If we analyze the stock on the near term chart, it is seen trading in a pullback taking support from the 100 day moving average.
Market experts say that the kind of structure that has been created, it seems that good momentum will be seen building on the higher side in Varroc Engineering. In this the target is seen moving from 590 to 620. This stock can be included in small volatility. In this the stop loss will have to be kept at 505.
Varroc Engineering Share: Money doubles in 1 year
Varroc Engineering has proved to be a multi bagger for investors in the last one year. During this period, investors have got almost 100 percent returns. That means, the money in this share has doubled in one year. There was a bullish trend in the initial session on Wednesday (January 31). The stock managed to gain about 1.5 percent. On January 30, 2024, the share was settled at the level of Rs 545.
(Disclaimer: The advice to invest in stocks here has been given by the brokerage house. These are not the views of Hybiz.TV Consult your advisor before investing.)
