Here are three stocks to trade as recommended by Raja Venkatraman of NeoTrader for today:
OLECTRA: Buy CMP and dips to ₹1,370 | Stop ₹1,350 | Target ₹1,540-1,585
JSL: Buy CMP and dips to ₹690 | Stop below ₹680 | Target ₹735-750
DELHIVERY: Buy CMP and dips to ₹415 | Stop below ₹407 | Target ₹451-463
Stock market today
Benchmark equity indices in India extended their downtrend on 1 August, closing lower for the second session in a row and marking a fifth consecutive week of losses. Weak global cues pressured markets from the outset, dragging the Nifty below the 24,600 level in early trade. Although a mid-morning recovery trimmed some losses, renewed profit booking and an extended sell-off in the final hour pushed the Nifty back under 24,550, leaving it at 24,565.35—a drop of 203 points, or 0.82%. The Sensex tumbled 585.67 points, or 0.72%, to finish at 80,599.91.
Markets continued to blow hot and cold, absorbing the events that occurred as we struggled to close above 25,000 despite a head start. The weak posture held by the market despite the profit booking that we witnessed in high beta stocks suggests that the bullish bias could take a back seat. The Nifty Bank continues to hold prospects of heading higher.
Here are three stocks to trade as recommended by Raja Venkatraman of NeoTrader for today:
OLECTRA: Buy CMP and dips to ₹1,370 | Stop ₹1,350 | Target ₹1,540-1,585
JSL: Buy CMP and dips to ₹690 | Stop below ₹680 | Target ₹735-750
DELHIVERY: Buy CMP and dips to ₹415 | Stop below ₹407 | Target ₹451-463
Stock market today
Benchmark equity indices in India extended their downtrend on 1 August, closing lower for the second session in a row and marking a fifth consecutive week of losses. Weak global cues pressured markets from the outset, dragging the Nifty below the 24,600 level in early trade. Although a mid-morning recovery trimmed some losses, renewed profit booking and an extended sell-off in the final hour pushed the Nifty back under 24,550, leaving it at 24,565.35—a drop of 203 points, or 0.82%. The Sensex tumbled 585.67 points, or 0.72%, to finish at 80,599.91.
The broader BSE Midcap and Smallcap indices underperformed, falling 1.3% and 1.6%, respectively. For the week, both the Sensex and the Nifty slipped by about 1%, marking the Nifty’s longest weekly losing streak in two years. Sectoral selling was widespread—auto, realty, pharma, IT, metal, oil & gas, and PSU banks all ended up 2% lower—while only FMCG bucked the trend. Among blue-chips, Sun Pharma, Dr Reddy’s, Adani Enterprises, Tata Steel, and Cipla led the declines, even as Trent, Asian Paints, Hero MotoCorp, HUL, and Nestlé India logged modest gains.
Outlook for trading
Since the start of July, India has seen FII outflows of close to July is also on track to see the third highest outflows in 2025 so far. This current ₹42,000 crore number is just a tad short of the net sell number for February at ₹58,000 crore. With continued FII selling, monetary tightening to continue by the Fed going ahead and mixed earnings from Indian companies also dampened the investor’s sentiment.
So, it is all linked now at the macro level. Here, other factors such as government, Reserve Bank of India action, seasonal demands, etc., all get into the mix, and hence, it is going to be difficult to tell which is going to impact trends the most. Suffice it to say that price action is the final output of all these considerations, and therefore, our focus shall remain on that, and we should be able to decipher our way out of this.
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The weekly performance of sectors indicated that the majority of the sectors witnessed profit booking, coupled with some fresh shorts entering the system. This indicates that the markets are getting ready for some downside in anticipation of the market breaching important supports. Stocks from industrial manufacturing and IT were the most affected.
In the last mid-week update, we mentioned that the markets are unwilling to let go of the positive momentum, but they could not continue to head higher. The charts seem hesitant at the moment and have not been displaying positive vibes. Trends are not easily giving up the break below 24,500 (marked in 4). At this point, we are noticing a threatening scenario that could threaten the way forward.
While the overall bias seems to be positive, the market is now heading towards a ranging period, thus leading us to some stock-specific action. The strong move above the warning line has not sustained, and after last Monday, the Nifty has only closed below the warning line, highlighting the ambiguity that is getting built into the bullish bias. While the attempt to move higher has been continuously explored, we should not look at the possibility of the strong bullish resolve losing its way. On the way down, we are of the view that the gap region around 24,200, which could now act as a support if we move beneath Friday’s low.
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The chart above shows a series of gaps that are currently defining the upward charge. The lower shadows indicate that the lower levels are continuing to remain a bullish zone where buying interest continues to emerge. The momentum indicators after a strong upward charge are seen taking a breather. But with no signs of divergences in momentum, we should look to retain the bullish bias until the critical support region is given away.
From a trading perspective, one should look for a move above 24,700 to trade long for a rise towards 25,000, which could be possible. In the event the Nifty begins to head lower and breaks the 24,500 zone, then a short trade can be initiated as the next support lies only around 24,200.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
Olectra Greentech Ltd (Cmp 1443.30)
Why it’s recommended: OLECTRA has shown a V-shaped recovery, indicating that the trends in this counter look strong for some positive traction ahead. The prices have been moving in oscillation, forming a V-shaped recovery, and the recent move out of the consolidation augurs well for the prices. You can look to go long.
Key metrics: P/E: 78.08 | 52-week high: ₹1786.65 | Volume: 1.75M.
Technical analysis: Support at ₹1,170 | resistance at ₹1,600.
Risk factors: Order cancellation and delays and debt servicing capacity due to increased borrowings.
Buy: CMP and dips to ₹1,370.
Target price: ₹1,540-1,585 in one month.
Stop loss: ₹1,350.
Jindal Stainless Ltd (Cmp 706.05)
Why it’s recommended: Jindal Stainless has demonstrated robust profit and revenue growth over the past three years with healthy fundamentals. The stock has absorbed the recent negative fundamentals and has been in a steady upward trajectory, and rebounding from the support levels, showing a possibility of an upmove.
Key metrics: P/E: 26.85 | 52-week high: ₹818 | Volume: 1.3M.
Technical analysis: Support at ₹640 | Resistance at ₹740.
Risk factors: Liquidity and interest rate fluctuations, scrap availability and environmental regulations, and market risks related to foreign currency exchange rates.
Buy above: CMP and dips to ₹690.
Target price: ₹735-750 in one month.
Stop loss: ₹680.
Delhivery (Cmp 429.85)
Why it’s recommended: DELHIVERY is India’s largest and fastest-growing fully integrated logistics provider, making it an attractive investment opportunity. After the recent profit booking, the stock is once again finding its feet and showing some steady recovery with an acceleration in momentum. Being a dominant player in this industry, we are now showing some signs of recovery above the current consolidation. Look to go long.
Key metrics: P/E: 285.20 | 52-week high: ₹449.30 | Volume: 3.93M.
Technical analysis: Support at ₹380 | Resistance at ₹525.
Risk factors: High inventory requirements and strict regulations regarding intellectual property rights (IPR) and rising interest expenses.
Buy above: CMP and dips to ₹415.
Target price: ₹451-463 in one month.
Stop loss: ₹407.
Raja Venkatraman is co-founder, NeoTrader.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.
