Raja Venkatraman recommends two stocks for 1 October

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Stock market recap: Benchmark stock indices Sensex and Nifty closed lower for a third consecutive session on Wednesday, dragged down by fag-end selling in metal and pharma shares amid firm crude oil prices and elevated global bond yields.
The 30-share BSE Sensex closed 48.78 points, or 0.07%, lower at 72,480.29. The Nifty 50 fell 95.75 points, or 0.42%, to settle at 22,620.45.
Among the 30 Sensex constituents, Eternal, Sun Pharma, Titan, Adani Ports, Tata Steel and HDFC Bank were among the major laggards. Kotak Mahindra Bank, ICICI Bank, InterGlobe Aviation and Axis Bank were among the gainers.
Brent crude, the global oil benchmark, was up 0.54% at $103.10 a barrel.
Two stocks to trade, recommended by NeoTrader’s Raja Venkatraman
THELEELA [(current market price ₹573.80 - Buy above ₹575, stop loss ₹547, target price ₹640 (Multiday)]
- Why it’s recommended: Leela Palaces Hotels & Resorts Limited is India's largest institutionally owned and managed pure-play luxury hospitality brand. Since June this year there has been a strong surge marked by profit booking that has seen the prices taking supports at the Tenkan Sen and Kijun Sen. The resumption post the support has been encouraging. A strong thrust always attract some buying interest. With the Average Directional Index after a pullback is seen crossing important thresholds, it can lead to some strong upward move in the coming weeks. Go long.
- Key metrics: 
  - P/E Ratio : 63.73,
  - 52-week high: ₹588.35,
  - Volume: 1.25M
- Technical analysis: Support at ₹510, resistance at ₹730.
- Risk factors: Negative Cash Flows, Vulnerability to disruptions during asset upgrades and Aggressive cost-management pressures risking service quality moats.
- Buy : above ₹575.
- Stop loss: ₹547.
- Target price: ₹640 (2 Months)
GESHIP [(Cmp ₹1,560) - Buy above ₹1,565, stop loss ₹1,493, target price ₹1,710(Multiday)
- Why it’s recommended: The Great Eastern Shipping Co. Ltd (GE Shipping), is India's largest private sector shipping and oilfield services provider. Since March, every dip in this stock has seen some demand coming in pushing prices higher. Despite volatile market conditions and profit booking, the prices are able to form higher lows and the strong action with volumes seen this week highlights steady buying at despite the market situation. A rounding pattern from the value area region around 1250 zone holding good indicates that we can expect the upward drive to continue.
- Key metrics: 
  - P/E Ratio : 7.13,
  - 52-week high: ₹1798,
  - Volume: 938.29K.
- Technical analysis: Support at ₹1451, resistance at ₹1700.
- Risk factors: Revenue cyclicality, Spot Market Exposure and seasoning of lending entities Elevated Ship Prices.
- Buy : above ₹1,565
- Stop loss: ₹1,493
- Target price: ₹1,710 (2 Months)
How the stock market performed on 30 September
Indian equity markets extended their losing streak to a third consecutive session on 30 September, closing marginally lower after failing to sustain intraday gains.
The Nifty opened the October series on a firm note and briefly crossed 22,800, but late-session selling erased the gains. The index fell 95.75 points, or 0.42%, to close at 22,620.45. The Sensex slipped 48.78 points to 72,480.29.
Broader markets outperformed, with the Nifty Midcap index ending higher and the Smallcap index gaining 0.3%. Sectoral trends were mixed: banking, realty and media stocks rose 1-2%, while metals, pharma and consumer durables declined. Metals and pharma stocks fell more than 1% each.
ICICI Bank, Kotak Mahindra Bank, InterGlobe Aviation, Wipro and Tech Mahindra were among the top gainers, while Max Healthcare, Apollo Hospitals, SBI Life Insurance, Eternal and ONGC were among the major laggards.
Market breadth remained weak, with more than 120 stocks hitting 52-week lows. Stock-specific action, however, remained active. Arisinfra Solutions, Transrail Lighting, Power Mech Projects and KSB rallied on fresh orders, while Ganesh Benzoplast and KPI Green Energy declined despite corporate developments.
The rupee offered some relief, strengthening 16 paise to close at ₹95.82 to the US dollar.
Overall, the session was marked by volatility and selective sectoral strength, but persistent selling pressure kept the benchmark indices under strain.
Outlook for trading
Despite the best efforts of the bulls, the market could not sustain Monday’s upward momentum. As we noted, 22,500 remains an important support zone and continues to hold. However, selling pressure over the past few sessions shows little sign of easing, while the lack of clear positive triggers means the Nifty will need stronger tailwinds to move decisively above 23,100.
The steady attempts to buy on dips have once again proved futile, with the broader trend remaining bearish for now. Until there is greater clarity on the market’s next move, traders should maintain a bearish bias.
The bulls made a determined push above the important 23,100 mark last week, but the momentum failed to carry the Nifty decisively beyond that level. Despite strong Q1 performance, market trends have been caught in the crossfire of the US-Iran war.
The sharp swings have left the Nifty struggling to establish a clear direction. The latest reaction has retraced to an important intraday resistance zone around 22,800. The charts also show the Kumo cloud acting as a barrier to any recovery, making 23,200 an important level in the coming series. A close above 23,200 could open the possibility of a further move higher.
Recent price action shows the index holding below the Ichimoku cloud, which will now act as a key hurdle against any recovery from the selloff. At the same time, the market’s rapid shifts in sentiment suggest that traders are responding aggressively to every change in momentum.
The Nifty is struggling to cross the 23,100 zone and will need fresh triggers to overcome the selling pressure emerging at higher levels. Open interest data indicates that the market remains divided, with buying emerging at lower levels. The Max Pain point has now moved to 22,700. How the index holds this level on Thursday will be important in determining the near-term direction.
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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