Stock market today: The Indian stock market bounced back on Monday, 1 September, with key benchmarks the Sensex and Nifty 50 snapping a three-session losing streak. Widespread buying across sectors fuelled the rally.
The Sensex surged by 555 points (0.70%) to close at 80,364.49. The broader Nifty 50 also posted strong gains, climbing 198 points (0.81%) to end the day at 24,625.05.
Outperforming the main indices, the mid and small-cap segments saw even sharper gains. The BSE Midcap index jumped 1.64%, while the BSE Smallcap index rose 1.49%.
Against this backdrop, market expert Raja Venkatraman has released his top stock recommendations for investors seeking opportunities today, 2 September. His analysis provides a clear roadmap for navigating the current market landscape with confidence.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
Deccan Cements Ltd (current market price ₹1074.60) – Buy above ₹1075 and dips to ₹1050, stop loss ₹1040, target ₹1175-1200
- Why it’s recommended: After spending lot of time in consolidation, the Deccan Cements stock corrected sharply and broke the recent supports to test the cloud support suggesting that the trends could now revive. As prices have now neared the cloud support region around 68, we can look to trade the rebound. Consider going long.
- Key metrics:
- P/E: 74.88,
- 52-week high: ₹1125,
- Volume: 154.60K.
- Technical analysis: Support at ₹947, resistance at ₹1200.
- Risk factors: Market volatility and sector-wide fluctuations in geopolitical news could impact returns.
- Buy at: Above ₹1075 and dips to ₹1050.
- Target price: ₹1175-1200 in 1 month.
- Stop loss: ₹1040.
Ashapura Minechem Ltd (current market price ₹542.30) – Buy above ₹543 and dips to ₹520, stop loss ₹500, target price ₹590-615
- Why it’s recommended: Ashapura Minechem has found strong support and has been steadily inching higher, after witnessing profit booking for more than a month. The recent rebound from the cloud support region is targeting a revival and can be seen as an opportunity to initiate buying.
- Key metrics:
- P/E: 57.32,
- 52-week high: ₹587
- Volume: 892.68K.
- Technical analysis: Support at ₹475, resistance at ₹625.
- Risk factors: Rising input costs, increased operational expenses, and potentially foreign exchange impacts.
- Buy at: above ₹543.
- Target price: ₹590-615 in 1 month.
- Stop loss: ₹500.
Mold-Tek Packaging Ltd (current market price ₹813) – Buy above ₹816 and dips to ₹795, stop loss ₹780, target price ₹885-905
- Why it’s recommended: Mold-Tek Packaging is a leading rigid plastic packaging manufacturing company that is witnessing some strong tailwind. The recent rise led to some small profit booking but the prices the stock has held on and is now witnessing strong support emerging from the TS & KS band, targeting a revival. As positive momentum holds firm, we can consider this as an opportunity to initiate some buying .
- Key metrics:
- P/E: 40.68,
- 52-week high: ₹892.90
- Volume: 94.19K.
- Technical analysis: Support at ₹720, resistance at ₹920.
- Risk factors: Rising input costs, increased operational expenses, and potentially foreign exchange impacts.
- Buy at: above ₹816 and dips to 795 .
- Target price: ₹885-905 in 1 month.
- Stop loss: ₹780.
Stock Market Today
Indian equity benchmarks rallied on Monday, 1 September, fuelled by positive Q1 GDP data and renewed buying interest. The Nifty 50 gained 0.81% to close at 24,625.05, while the Sensex surged 0.70% to 80,364.49, snapping a three-day losing streak. The rally was driven by strong performances in key heavyweights, including Reliance, TCS, and Maruti.
Sectoral gains were led by auto, energy, and IT stocks, with some sectors climbing as much as 1.5%. Broader markets outperformed, as the Nifty Midcap 100 and Smallcap 100 rallied 1.7% and 2.0%, respectively. Market breadth was overwhelmingly positive, with roughly 1,900 stocks advancing against 800 decliners.
Despite the strong domestic growth, the market remains cautious due to significant FII outflows of ₹8,000 crore and headwinds from rising global tariffs.
Analysts expect the Nifty to consolidate in the 24,500–24,800 range in the near term. Auto, FMCG, and consumer durables are seen as favourable long-trade candidates, while discipline is advised in cyclical segments. Elevated intra-day volatility also warrants caution.
Outlook for Trading
As markets remain muted the triggered by the geopolitical tensions the market tested our resilience last Friday but did not give up the lower support zone around 24500-24400. The last 1 month the 500-point range is stifling the market sentiment with every rally witnessing a sell off. However, the trend seen yesterday highlights that the Nifty managed to hold on and did not give up. We have been tracking the lower levels and once again the charts indicate that the support zone around 24500 was tested yet again.
On the charts we note that the long body candle formation on Monday continues to keep us guessing. Taking some cues from the options data, we can add that the levels around 24600 that had steady Put writers have now ensured that the upward possibility gets more wings. With the PCR exceeding 1 we can expect some trended move today. Stay alert.
The trend that is emerging clearly suggests that the dips seen last week managed to hold the support zone and the gap down opening was covered to ensure that the prices traded above the range area that developed in the last few days. Hence , one should track the trends that are in progress as upmove needs to continue their way above 25000 (Nifty Spot) to renew the bullish bias. Momentums on hourly charts are indicating that the prices after settling down seems to have witnessed a resumption of selling pressure. With the gradual and hesitant rise emerging from lower levels we can expect the rise to remain hesitant.
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For undertaking shorts, we need to see Nifty move above 24400 which is the immediate support as per the Open Interest data. If we witness a 30-minute range breakout on Tuesday we can consider to trade on either side as the trends still remain tentative where we expect some resistances to kick in.
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.
