Raja Venkatraman’s recommendations for 4 September

The Sensex gained 410 points, or 0.51%, to close at 80,567.71, while the Nifty 50 added 135 points, or 0.55%, to 24,715.05. The BSE Midcap index advanced 0.63%, and the Smallcap index jumped 0.90%.

Against this backdrop, market expert Raja Venkatraman has released his top stock recommendations for investors seeking opportunities today, 4 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:

Gujarat Mineral Development Corp. Ltd (current price ₹439.20) – Buy above ₹460 and dips to ₹440, stop loss ₹430, target price ₹495-510

• Why it’s recommended: A strong quarter has helped shares of Gujarat Mineral Development Corp. Ltd reaffirm the strong run seen in the prices over the last few days. The long body candle seen on Wednesday is indicating that the prices are holding the bullish bias and the possibility of more upward traction has also emerged on the higher timeframe. As momentum remains resolute one can look at more upside in store in the next few days.
• Key metrics:
  • P/E: 21.89,
  • 52-week high: ₹472.40,
  • Volume: 8.28M.
• Technical analysis: Support at ₹380, resistance at ₹600.
• Risk factors: Market volatility and sector-wide fluctuations in geopolitical news could impact returns.
• Buy at: above 460 and dips to ₹440.
• Target price: ₹495-510 in 1 month.
• Stop loss: ₹430.

Eveready Industries India Ltd (current price ₹468.05) – Buy above ₹470 and dips to ₹440, stop loss ₹430, target price ₹510-525

• Why it’s recommended: Eveready is a leading Indian brand of portable energy and lighting solutions, specializing in dry cell and rechargeable batteries, flashlights, and lighting products. The stock has been consolidating over the past two months. The strong breakout above the range on Tuesday amid a dull price action highlights some new found momentum. With robust volume lead breakout consider going long at current levels and also on dips.
• Key metrics:
  • P/E: 40.89,
  • 52-week high: ₹489.95
  • Volume: 1.24M.
• Technical analysis: Support at ₹410, resistance at ₹600.
• Risk factors: Fluctuating gas prices, which impact their operational costs and profitability.
• Buy: Above ₹470 and dips to ₹440.
• Target price: ₹510-525 in 1 month.
• Stop loss: ₹430.

JTEKT India Ltd (Current price: ₹142.53) – Buy above ₹143 and dips to ₹130, stop loss ₹124, target price ₹155-160

• Why it’s recommended: JTEKT India is primarily engaged in the business of manufacturing steering systems and other auto components for passenger car and utility vehicle manufacturers. This counter, after some strong profit booking, showed some resurgence again on Wednesday. With momentum showing a revival, we can look at initiating a long opportunity.
• Key metrics: 
  • P/E: 62.12
  • 52-week high: ₹192.44 
  • volume: 666.94K
• Technical analysis: Support at ₹120, resistance at ₹160
• Risk factors: Potential corporate actions, like divestments, profitability
• Buy at: above 143 and dips to ₹130
• Target price: ₹155-160 in 1 month
• Stop loss: ₹124

Stock Market Today

Benchmark indices staged a strong rebound on 3 September, with the Sensex recovering 550 points from its intra-day low and the Nifty climbing back above 24,700.

The Sensex ended at 80,567.71, up 409.83 points (0.51%), while the Nifty closed at 24,715.05, higher by 135.45 points (0.55%). Market breadth was positive, with 2,415 stocks advancing, 1,333 declining, and 116 finishing flat. The Sensex hit a low of 80,004 and the Nifty 24,533 during the session.

The rebound was underpinned by a nearly 4% drop in the India VIX to 10.96, signalling lower volatility, and upbeat Q1 GDP growth of 7.8%. Expectations of GST slab rationalisation also buoyed sentiment, with potential earnings upgrades for FY26 and FY27 seen as a draw for foreign institutional investors.

Still, volatility could resurface if the US Supreme Court blocks the administration’s tariffs appeal. Geojit’s VK Vijayakumar advised investors to stay invested and gradually accumulate select high-quality, fairly valued stocks.

Outlook for Trading

On the charts, the median line continues to support a revival in trends, though the rebound so far has been more trading-driven than investment-led. On the daily charts, the gap resistance around 24,850 (Nifty Spot), coupled with Pitchfork resistance, is likely to cap the recovery. The gradual rise seen this week may now struggle to extend gains beyond Monday’s move.

The emerging trend suggests the rally could persist as bearish momentum pauses. However, with overall market sentiment still tense, the focus should remain on stock-specific opportunities that are unfolding.

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For short positions, the stop level on Nifty should now be revised below 24,400 for bullish momentum to give way. Supports are firming up at earlier resistance levels, indicating that trends are positioning for further upside. The previous support at 24,600 is now revised higher to 24,700, marking the next support zone. On the resistance side, Open Interest data points to 25,000 as the next major hurdle.

If a 30-minute range breakdown occurs on Wednesday, trades can be considered on either side, as trends remain tentative and likely to encounter resistance. Despite some positive cues, geopolitical uncertainty continues to weigh on sentiment, making it essential to book profits quickly since the rally lacks strong momentum in either direction.

Options data shows the Put-Call Ratio (PCR) at 1.15, signalling renewed buying interest. Steady put writing at the 24,500 strike is providing fuel for the recovery.

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.