However, three stocks have formed a strong setup on the technical charts presenting an appealing risk-to-reward ratio. They can be considered for swing trading with a holding period of four to six weeks.
The Nifty Private Bank index climbed 2.09 percent in the past week. However, on a year-to-date (YTD) basis, the index is down 5.07 percent. Some signs of short covering were seen on the day before the presentation of the budget.
Apart from a continued thrust on capex and infrastructure, analysts believe the interim budget may also include measures to boost welfare spending and the rural sector.
Recent trading sessions have experienced significant volatility in the Indian markets, driven by concerns related to the budget and geopolitical developments in the Red Sea region.
The long-term outlook for the consumption theme appears promising, owing to increasing incomes, a young population, and an expanding middle class, noted analysts.