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"The market has corrected very sharply, not as much in the indices but certainly the individual sectors and stocks have fallen much more which happens in a rising market also is that rising indices do not rise but individual stocks rise much more. Going forward, assuming that my view on the market remains a subdued or a range-bound kind of market, the clear out performance will come from IT and banking."

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Bharat Forge, incorporated in the year 1961, is a Large Cap company (having a market cap of Rs 40226.86 Crore) operating in Auto Ancillaries sector.

The management’s outlook for orders, particularly from the government side, will be closely tracked by investors. This year will be critical from a government-spend perspective given that general elections are scheduled to take place in 2024.

A total of 534 shares changed hands on the counter till 10:36AM (IST)

Price rebound after taking support at 61.8% retracement of previous up move signaling supportive efforts at lower levels.

The counter has witnessed the breakdown from an upward-sloping channel on the longer time frame while witnessing a breakdown of a long consolidation pattern on the shorter time frame with strong volume.

“On Friday, we saw a fair bit of selloff in a lot of consumer discretionary names as well as some of the names across telecoms and other sectors. I would think that this is a good time to buy into some of these names for investors wanting to play the Budget or probably look at slightly more medium term beyond the Budget.”

In the last Budget, which was pro-growth, Sitharaman had increased capex by 35%. Nifty had welcomed the Budget with great vigour and closed the Budget day session on a cheerful note, up 1.4%.

The bank will soon start the process of appointing merchant banks and take opinions about market conditions, he said, adding the bank would take a call on raising funds through equity or bonds. As far as the capital adequacy ratio is concerned, the bank is well capitalised at 15.57 per cent and it can easily take care of business growth this year, he added.