Raja Venkatraman recommends three stocks for 2 July
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Slow pace of recovery in the trend revival is leading us to a miserable situation in the market. As the trends remain curtailed the hope that the market would recover from lower levels is intact its just that the trends are taking some time. Indian markets managed to close positively as volatile market action on Wednesday ending a two-day losing streak as financials, Reliance Industries and auto stocks lifted sentiment despite continued weakness in IT. The Sensex surged 444 points to close at 76,923, while the Nifty 50 reclaimed the 24,000 mark, finishing at 24,006. Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman: DELHIVERY (Cmp 507.70) DELHIVERY: Buy above ₹510, stop ₹490 target ₹565 (Multiday) - Why it’s recommended:Delhivery Limited is India’s largest fully integrated logistics and supply chain services company. Headquartered in Gurugram, it provides end-to-end solutions. After a slow and steady movement over the last few days the strong revival in sentiment buoyed by support from Tenkan Sen and Kijun Sen. Long body candle with volume pushed prices above 1050 levels with some strong buying at lower levels. With Auto sector showing some spirited revival once again one can consider to go long. - Key metrics: - P/E: 116.77, - 52-week high: ₹491.50, - Volume: 18.03M - Technical analysis: Support at ₹485, resistance at ₹580. - Risk factors: Heavy dependence on volatile e-commerce volumes, intense competition from in-house corporate logistics arms, and vulnerability to macro factors like fuel price inflation. - Buy : above ₹510. - Stop loss: ₹490. - Target price: ₹565 (2 Months) HEXT (Cmp 551.65) HEXT:Buy above ₹553, stop ₹528 target ₹620 (Multiday) - Why it’s recommended :Hexaware Technologies (NSE: HEXT) is a global IT services , the firm specializes in digital transformation, cloud computing, and artificial intelligence-led enterprise solutions across various industries. After some sharp declines since January this year the prices have been slowly and steadily climbing higher. With a positive development on artificial intelligence development area the counter has seen a swift upside indicating some upward trajectory. One can now look for some trends to carry the prices higher. - Key metrics: - P/E Ratio : 36.94, - 52-week high: ₹1332, - Volume: 993.80K. - Technical analysis: Support at ₹1100, resistance at ₹1600. - Risk factors: Earnings deceleration, high valuation relative to industry peers, and reliance on highly competitive IT and digital transformation markets. - Buy : above ₹553 - Stop loss: ₹528 - Target price: ₹620 (2 Months) TBOTEK (Cmp 1512) TBOTEK:Buy above ₹1515, stop ₹1450 target ₹1665 (Multiday) - Why it’s recommended:TBO Tek Limited (NSE/BSE: TBOTEK) is a prominent global B2B travel distribution platform that simplifies the travel ecosystem by connecting global travel suppliers with retail and enterprise buyers. A similar pattern has emerged recently thus pushing for new highs. A steady volume build-up augurs well for the prices. With the Relative Strength Index firmly headed higher with volumes indicate a potential upward bias. - Key metrics: - P/E Ratio : 25.11, - 52-week high: ₹1764, - Volume: 359.72K. - Technical analysis: Support at ₹1350, resistance at ₹1750. - Risk factors: Global travel volatility, regulatory scrutiny, and tech dependency. - Buy : above ₹1515 - Stop loss: ₹1450 - Target price: ₹1665 (2 Months) Raja Venkatraman is co-founder, NeoTrader. Stock market performance Banking stocks led the rally, with the Nifty Bank jumping 490 points to 58,033, supported by gains in Kotak Mahindra Bank, SBI and IndusInd Bank. Autos also added momentum after robust June sales, with Mahindra & Mahindra and Maruti Suzuki rising nearly 2% each, and Ashok Leyland climbing 3% on a 25% year-on-year sales jump. Reliance Industries and Hindustan Unilever were among the top contributors. The IT sector, however, remained under pressure, with KPIT Technologies plunging 17% after a weak outlook and JPMorgan downgrade. Elsewhere, RITES surged 13% on a ₹175-crore contract win, while Glenmark slipped 2% after FDA observations. Market breadth stayed balanced, reflecting broad participation. Outlook for trading Bulls are at work and are using the depths to resurface at every opportunity available. However, the inability to sustain the trends at higher levels keep dragging the market. After spending sufficient time in volatility, the gap scenario has derailed the enthusiasm. There are pockets of bullishness that keeps springing around drawing some attention. As we near the end of the current expiry there are some possibilities of uptrend to emerge as rollover activity can emerge. The daily charts of Nifty show the resistance covered as part of the earlier article continues to restrict the revival. However, with the prices constantly oscillating around the median line there is a possibility of a resolution of the current lack of triggers that is holding back the upward drive that we saw last week. The strong move that we saw could not sustain and the decline thereafter caught everyone by surprise. With moves below 23,800 as anticipated remains nullified as we are now looking at some bullish possibility slowly entering into the markets. The last few days have been witnessing some steady supply at higher levels. Immediate support on the downside is around 23,800 that did not give away on a closing basis. Overall, sentiment shows positivity hence we can now also open up towards momentum investing along with trading. The market has now turned into a dip buy and sell on rally approach. Uncertainty is the underlying theme of the current market scenario. Despite the best efforts to produce a revival the consistent supply at higher levels shall keep the lid on any recovery. While we have attempted to showcase some solidarity across the Indian hemisphere there is still lot of untold misery. Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223. Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
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