Budget stocks to buy: BSE, TVS Motor, Ashok Leyland among 11 technical picks from top brokerages

All eyes are on New Delhi as Finance Minister Nirmala Sitharaman presents the Union Budget 2026, setting the economic agenda for FY27. Marking the second full-year Budget of Modi’s third term, market expectations are high. Historically, Budget Day sees volatility ease, making way for clear trading opportunities. Top brokerages like Geojit Investments, Axis Direct, and MarketSmith India have highlighted 11 technical picks to watch in today’s session.

Anand James, Chief Market Strategist, Geojit Investments, said, “Usually, Budget Day sees a decline in VIX as the uncertainty that rode on expectations wears off. Except for 2020, when VIX rose around 2%, this has been the case in the last 15 years, with last year witnessing a 24% crash in VIX on Budget Day. However, though VIX has risen steeply in the last fortnight from record low levels, it is still at the lowest level seen in the last 15 years, two days prior to Budget Day. This suggests that there is potential for range expansion, encouraging us to favour long straddles.”

The stock has been making lower lows since November 2025 and is now attempting a pullback. The MACD has registered a bullish signal crossover, the RSI is rebounding from the oversold zone, and a strong bullish engulfing candle on the daily chart, supported by above-average volume, signals further upside. On the weekly timeframe, Doji candle formation, oversold RSI, and MACD histogram exhaustion further support the bullish outlook. The stock is expected to move towards 139 and 144 over the next few weeks. All long positions may be protected with a stop loss placed below 128, according to Geojit Investments.

On the weekly chart, BEL has broken out decisively above 432, completing an ascending triangle pattern and indicating continuation of the medium-term uptrend. The breakout is supported by rising volumes, while the stock remains above all key moving averages, including the 20, 50, 100, and 200-day SMAs, confirming bullish strength.

Momentum remains positive, with the weekly RSI trending higher and breaking above a downward trendline. The stock is expected to move towards the 487 to 500 zone over the next three to four weeks, according to Axis Direct technical reports.

On the weekly chart, Glenmark continues to hold firmly above its medium-term uptrend in place since May 2025. After successfully testing this trendline as support, the stock rebounded sharply, indicating sustained strength at key levels. On the daily chart, bullish momentum is further confirmed by a decisive breakout above an inverted head-and-shoulders pattern, signalling near-term upside potential. Momentum indicators remain supportive, with the weekly RSI breaking above horizontal resistance and crossing its reference line, generating a clear buy signal. The stock is expected to move towards the 2,140 to 2,200 zone over the next three to four weeks, according to Axis Direct technical reports.

On the weekly chart, Ashok Leyland remains in a strong uptrend, marked by higher highs and higher lows while holding above its rising trendline. After consolidating in a tight 176 to 193 range for the past three weeks, a decisive breakout this week signals a resumption of the uptrend. The stock recently found support near the 23% Fibonacci retracement of the August to January rally at 174, forming a short-term base before rebounding sharply. Momentum remains firmly bullish, with both daily and weekly RSI trending higher above their reference lines. The stock is expected to move towards the 209 to 215 zone over the next three to four weeks, according to Axis Direct technical reports.

BSE stock is trading near its 50-DMA and about 10% above its 200-DMA. It is forming a cup-with-handle base and is trading roughly 4% away from its pivot, according to MarketSmith India.

Indian Bank reported operating revenue of Rs 76,865.83 crore on a trailing twelve-month basis, reflecting healthy annual growth of 12%. Profitability remains strong, supported by a pre-tax margin of 15% and return on equity of 15%. Technically, the stock is comfortably placed above its key moving averages, trading around 5% and 23% above its 50- and 200-DMA, respectively. It has recently broken out of a cup-with-handle base and is trading within the ideal buying range, according to MarketSmith India.

Technically, the stock is trading close to its 50-DMA and about 22% above its 200-DMA. It has recently broken out from a double-bottom base on the weekly chart and is trading around 3% from its pivot, placing it within the ideal buying range, according to MarketSmith India.

The stock is trading close to its 50-DMA and comfortably above its 200-DMA, around 16% above the long-term average. It has recently broken out of a base on the weekly chart and is trading near its pivot, placing it within the ideal buying range, according to MarketSmith India.

GE T&D India shares are trading close to the 50-DMA and comfortably placed above the 200-DMA, around 12% above the long-term average. It is currently forming a base on the weekly chart and is trading around 4% away from its pivot, according to MarketSmith India.

The stock is trading below its 200-DMA but close to its 50-DMA. It needs to decisively break above the 200-DMA and sustain that level for further upside potential, according to MarketSmith India.