Three stocks to buy, recommended by NeoTrader’s Raja Venkatraman:
• CIGNITITEC: Buy CMP and dips to near ₹1,550 | Stop ₹1,510 | Target ₹1,720-1,795
• ADANIPOWER: Buy above ₹579 and dips to 560 | Stop 545 | Target ₹625-650
• ENIL: Buy above ₹161 and dips to ₹151 | Stop ₹147 | Target ₹172-178
Cigniti Technologies Ltd
Cigniti Technologies Ltd is an India-based company primarily engaged in providing software testing services globally. The company offers a range of services, including quality engineering, digital assurance, and advisory and transformation services.
Cigniti Technologies’ Q1 FY26 results emerged against a volatile mid-cap backdrop, where the Nifty Midcap 100 plunged roughly 18% from its September 2024 high and was down over 13% year to date by mid-2025, even as the Nifty Midcap 150 rebounded 6% in the last quarter. Early August saw renewed selling, with the Midcap 100 sliding 0.77% on 6 August amid FII outflows and global trade tensions.
Against this, Cigniti delivered consolidated revenue of ₹534.2 crore, up 0.7% sequentially and 14.0% year-on-year, and net profit of ₹65.9 crore—a 9.97% quarter-on-quarter dip but a staggering 528% on-year jump off a soft base.
Amid lingering macro headwinds—from cautious domestic investors to unchanged RBI rates—Cigniti’s healthy on-year growth, prudent cost management, and focus on quality-engineering services underscore its ability to outperform peers and capitalize as mid-cap sentiment recovers. Looking ahead, investors will monitor Cigniti’s order book growth, cash conversion metrics, and execution on its digital testing offshore-onshore mix as key catalysts for further upside in the stabilization phase.
As we take a look at the charts, the last few days have been quite challenging, and the attempt to move higher has not met with a favourable response yet. A sharp drop into the value support zone around ₹1,500 managed to hold back the sell-off in the last two trading sessions. However, the strong thrust to the upside, followed by robust volume that has emerged at lower levels, has clearly highlighted that the trends ahead could be resolutely heading higher. Some support from the Relative Strength Index (RSI) in forming a positive divergence has certified that the momentum to the upside could now pick up. As the overall market bias continues to be selective engagement one can consider possibility of moving higher in the coming days.
Looking ahead, CIGNITITEC aims to capitalize on India’s accelerating digitalization of digital networks.
Adani Power Ltd
Adani Power’s Q1FY26 results were unveiled against a backdrop of significant mid-cap underperformance. The Nifty Midcap 100 index plunged roughly 18% from its September 2024 peak and has slid 13 % year to date by mid-2025, while the broader mid-cap segment rebounded 6% in the last quarter before renewed selling drove a 0.77 % drop on 6 August amid FII outflows and global trade tensions. In this environment, Adani Power posted a consolidated net profit of ₹3,305.13 crore for Q1FY26, down 15.5 % on-year from ₹3,912.79 crore, dragged by lower merchant tariffs and elevated operating expenses post-acquisitions. Revenue dipped 5.7 % to ₹14,109.15 crore.
Continuing Ebitda of ₹5,744 crore contracted 8.6% on-year but expanded 12.7% on-quarter, supported by higher merchant tariffs, lower fuel costs and enhanced capacity utilization that lifted power sales 1.6% to 24.6 billion units. An early monsoon dampened domestic power demand, which fell 1.8% on-year to 481BU, yet Adani Power’s diversified merchant mix and strategic acquisition of a 600MW Vidarbha plant underscore its resilience and growth trajectory.
This counter has been steadily making a higher high, higher low in this calendar year after some steady decline since July highs, due to some steady profit booking. After forming a long body candle at cloud support, the stock is indicating potential to move higher. The revival from the cloud region on Thursday augurs well for the prices. The volume-led rise is leading to a strong recovery. Further, the prices are seen reviving, holding on to the ascending trendline support that could now produce a rebound.
With India’s mid-cap markets under pressure and RBI rates unchanged, Adani Power’s robust balance sheet, recent stock split announcement and ongoing capacity expansions position it to navigate volatility and capitalize on an eventual market rebound.
Entertainment Network (India) Ltd
ENIL’s latest quarterly performance emerges against a backdrop of mid-cap volatility. After the Nifty Midcap 100 plunged roughly 18% from its September 2024 peak and endured a 13% year-to-date drop by mid-2025, the segment has seen selective rebounds, with the Nifty Midcap 150 climbing over 6% in the last quarter. However, broader mid-cap benchmarks, including the Nifty Midcap 100, remained under pressure into early August, sliding 0.77% on 6 August as FII outflows and global headwinds weighed on sentiment.
In this climate, ENIL reported Q1FY26 consolidated revenues of ₹117 crore, up 3% on-year, underpinned by domestic revenues rising 3.2% to ₹113 crore, while Ebitda expanded 3.6% to ₹6.2 crore. Its events and solutions business surged 33%, reflecting successful diversification, and the digital segment posted revenues of ₹21.7 crore—40.7% of core radio ad revenues compared to 24.8% last year—achieving this growth with reduced investment of ₹9.8 crore vs ₹14.2 crore a year ago. Bolstered by a cash reserve of ₹349 crore, ENIL’s robust balance sheet and evolution into a multimedia platform position it to weather ongoing market volatility and capitalize on mid-cap recovery opportunities ahead.
This counter joins the list of some steady recovery seen in select media stocks. Over the last three months, the move has been a gradual consolidation in this counter. The strong rise seen in the last two days has managed to breach an important resistance level around ₹155 and is heading higher. In the last few days, the financial resilience has been acknowledged, giving way to much higher grounds in the coming days. With the trends now showing the possibility of more upward traction, one can consider initiating a long opportunity in the coming weeks. As the bullish bias is steadily stepping in one should look at trading as well as investing into this counter.
While its core radio ad business was subdued by a high base of one-off political ads in Q1FY25, ENIL’s pivot to events and digital offset this drag. As investors face headwinds from global trade tensions and FII outflows, ENIL’s diversified revenue mix and lean cost structure enhance its resilience.
Top 3 Stock Picks by Ankush Bajaj – 8 August
Buy: HERO MOTOCORP LTD — Current Price: ₹4,660
- Why it’s recommended:HERO MOTOCORP LTD is showing strong bullish momentum. The daily RSI is at 66, reflecting sustained buying interest. MACD is sharply positive at 55, and ADX at 16 indicates a developing trend. On the daily chart, the stock has broken out of arectangle consolidation pattern, a classic continuation setup that supports the current upward move. The combination of momentum indicators and pattern breakout suggests potential for further upside toward ₹4,750.
- Key metrics: Breakout zone: Rectangle breakout
- Pattern: Continuation pattern confirming trend resumption
- MACD: Positive at 55
- RSI: Daily RSI at 66, indicating bullish strength
- ADX: At 16, suggesting trend development
- Technical analysis: Breakout confirmation supports upside towards ₹4,750
- Risk factors: A close below ₹4,618 would invalidate the breakout and trigger caution.
- Buy at: ₹4,660
- Target price: ₹4,750
- Stop loss: ₹4,618
Buy: FORTIS HEALTHCARE LTD — Current Price: ₹884
- Why it’s recommended:FORTIS HEALTHCARE LTD is exhibiting strong bullish momentum. The daily RSI is elevated at 72, MACD is firmly positive at 24, and ADX at 38 signals a well-established trend. On the 15-minute chart, the stock has formed adouble bottom pattern, a bullish reversal setup that complements the ongoing momentum. These technical cues collectively suggest a continuation of the uptrend towards ₹909.
- Key metrics: Breakout zone: Double bottom breakout (15-min chart)
- Pattern: Reversal pattern supporting trend continuation
- MACD: Positive at 24
- RSI: Daily RSI at 72, indicating strong buying
- ADX: At 38, confirming trend strength
- Technical analysis: Lower timeframe breakout and strong momentum indicate potential move to ₹909
- Risk factors: A close below ₹868 would invalidate the bullish structure.
- Buy at: ₹884
- Target price: ₹909
- Stop loss: ₹868
Buy: DELHIVERY LTD — Current Price: ₹465.75
- Why it’s recommended:DELHIVERY LTD is demonstrating strong bullish momentum, marked by anew lifetime high on the charts. The daily RSI stands at 69, MACD is positive at 16, and ADX at 41 confirms robust trend strength. The breakout to a new high is a significant bullish signal, often attracting momentum-based buying. These technical factors collectively point toward an upside target of ₹500.
- Key metrics: Breakout zone: New lifetime high
- Pattern: Momentum breakout
- MACD: Positive at 16
- RSI: Daily RSI at 69, reflecting strong bullish sentiment
- ADX: At 41, indicating a strong trend
- Technical analysis: New high breakout with strong momentum suggests move to ₹500
- Risk factors: A close below ₹450 would negate the bullish setup.
- Buy at: ₹465.75
- Target price: ₹500
- Stop loss: ₹450
Two stock recommendations by MarketSmith India:
Buy: KRN Heat Exchanger and Refrigeration Limited(current price: ₹883.7)
- Why it’s recommended: Strong earnings and revenue growth, aggressive capacity expansion and scalability, strong clientele and operational efficiency, premium listing performance and branding
- Key metrics: P/E: 98.19, 52-week high: ₹ 1,012.00, volume: ₹89.93 crore
- Technical analysis: Reclaimed its 21-DMA on above average volume
- Risk factors: Raw material and supplier risk, geographical and operational concentration, industry competition, and policy dependency
- Buy: ₹ 883.70
- Target price: ₹ 1,020 in two to three months
- Stop loss: ₹ 805
Buy: JSW Steel Limited (current price: ₹1,064)
- Why it’s recommended: Robust capacity expansion and infrastructure demand, strategic investment in advanced products
- Key metrics: P/E: 46.53; 52-week high: ₹ 1,075; volume: ₹ 194 crore
- Technical analysis: Downward-sloping trendline breakout
- Risk factors: Cyclical demand and price pressures, strategic and execution risks
- Buy at: ₹1,050–1,070
- Target price: ₹1,200 in two to three months
- Stop loss: ₹ 999
MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. Trade name: William O’Neil India Pvt. Ltd. (Sebi Registered Research Analyst Registration No.: INH000015543
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
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.
