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livemint.com / 3 months ago
livemint.com / 3 months ago
livemint.com / 3 months ago
livemint.com / 3 months ago
Stocks to buy: Raja Venkatraman recommends top picks for 3 February
Subscribe to enjoy similar stories. The market remains in a volatile, range-bound phase following the Budget 2026 announcements. Investors should maintain a cautious stance this week, as a sustainable recovery depends on upcoming global data and clarity on domestic fiscal triggers.
Buy above ₹1900, stop ₹1840, target ₹2015 (Multiday) Buy above ₹941, stop ₹898, target ₹1080 (Multiday) Buy above ₹370, stop ₹354, target ₹398 (Multiday) On 2 February, Indian equity benchmarks staged a sharp rebound, recovering part of the steep losses from the Budget-day slump, with the Nifty closing just above 25,000. In a volatile session tracking mixed global cues, the indices opened lower and remained range-bound through the first half, before strong buying in heavyweights such as Reliance, Adani Ports, and ICICI Bank lifted sentiment in the latter part of the day. The Sensex surged 944 points or 1.17% to 81,666.46, while the Nifty advanced 263 points or 1.06% to close at 25,088.40.
The broader market also rebounded, with the Nifty Midcap gaining 1% and the Smallcap index rising 0.6%. Despite the bounce, the overall trend remains cautious, as the Nifty continues to trade below its 200-DMA, keeping sentiment weak. Immediate resistance is seen at 25,200, while support lies near 24,900, suggesting that rallies may still be used to lighten leveraged positions.
The 'knee-jerk' volatility following the Budget has left the market tentative. Monday’s recovery is a positive sign, but it shouldn't be mistaken for a trend reversal just yet. With the market still digesting the F&O STT hike and higher government borrowing, a cautious, level-based trading approach is recommended for the rest of the week.
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markets
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