Bharti Airtel, L&T, M&M among top trading bets ahead of Budget 2022

Major stocks have broken out on upside, any trigger in Budget 2022 could see sharp up move

The countdown for Budget 2022 has already begun, key sectors are pinning hopes for a favourable policy announcement by the Finance Minister Nirmala Sitharaman as the Centre looks to revive the economy hit by Coivd-19 pandemic.

The Union Budget may bring a number of provisions to boost private sector participation in infrastructure projects. These could include strengthening the public-private partnership (PPP) dispute resolution mechanism, uniform PPP institutional framework, easier terms for infrastructure companies accessing bond markets, and tax sops, Business Standard has learnt. READ MORE

Meanwhile, individual stocks here are the top bets that can potentially provide smart upside ahead of the Budget 2022:

Larsen & Toubro Ltd (LT)
Likely target: Rs 2,300
Upside potential:  12%

In the last 10 trading sessions, the shares of Larsen & Turbro Ltd have risen almost 10 per cent with strong volumes. This up move helped the stock claim a new all-time high and enter fresh bullish territory. Now, as long as the support of Rs 1,900 is held, the bullish bias may further trigger an upside towards Rs 2,300 levels. The Relative Strength Index (RSI) continues to dominate the selling pressure in the overbought category, reflecting strong price strength. CLICK HERE FOR THE CHART

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Chambal Fertilizers & Chemicals Limited (CHAMBLFERT)
Likely target: Rs 550
Upside potential: 14%

In the last 7-8 months, this stock has risen over two and a half times with no indication of turning downward. The recent trend suggests a “Higher High, Higher Low” formation establishing a significant support base, according to the daily chart. The immediate support for the stock stands at Rs 450 followed by Rs 400, which are acting as a medium-term base. The bullish sentiment exhibits Rs 550 as the next target for a rally.  CLICK HERE FOR THE CHART

Mahindra & Mahindra Ltd (M&M)
Likely target:  Rs 980

Upside potential:  8.50%

The shares of Mahindra & Mahindra conquered the resistance of Rs 870 with a firm price movement supported by rising volumes. Now, as long as this mark is defended, the positive bias may see a rally towards Rs 980 levels, which is the next resistance mark, as per the daily chart. The trend looks promising as the the Moving Average Convergence Divergence (MACD) has conquered the zero line, which is a decisive signal of a bullish momentum. CLICK HERE FOR THE CHART

Balrampur Chini Mills (BALRAMCHIN)
Likely target: Rs 500
Upside potential: 10%

So far this month, the shares of Balrampur Chini have gained almost 25 per cent. This move reflects a firm bull trend which is likely to dominate every selling pressure for some more time. The RSI is highly dominant in the overbought category. The recent breakout above Rs 440 encourages fresh up move towards Rs 500 levels. Only a breach below Rs 410 may change the broader bullish outlook of the stock. CLICK HERE FOR THE CHART

 
Sun Pharmaceutical Industries Ltd (SUNPHARMA)
Likely target: Rs 920
Upside potential:  8%

The broader outlook reflects “Higher High, Higher Low” formation with a “Golden Cross” of 50-weekly moving average (WMA) and 100-WMA with 200-WMA. This picture attributes a robust bullishness in the stock on a medium-term scale. The immediate rally suggests targets of Rs 900 to Rs 920 levels. The support is positioned at Rs 820 levels, which needs to be adhered on the closing basis. CLICK HERE FOR THE CHART

Bharti Airtel Ltd (BHARTIARTL)
Likely target:  Rs 800 to Rs 780 (after crossing Rs 740)
Upside potential:  8%

Shares of Bharti Airtel have managed to sustain above Rs 720 levels  and an up move above the Rs 740 may trigger a sharp upside towards the resistance range of Rs 800 to Rs 780 levels. This momentum has a support of Rs 700 and defending this mark, could result in a bigger breakout, as per the daily chart. CLICK HERE FOR THE CHART