Raja Venkatraman recommends top picks for 3 February

Three stocks to trade today, recommended by NeoTrader’s Raja Venkatraman:

GLAND (Cmp 1897.50)

buy above ₹1900, stop ₹1840 ₹2015 (Multiday)

• Why it’s recommended: Gland Pharma Ltd. is a leading global generic injectable-focused pharmaceutical company, established in Hyderabad, India, in 1978, known for its large-scale sterile and complex injectable manufacturing. With some boost to biopharma in Budget 2026, the company’s stock has shown some revival forming a rounding pattern at lower levels after months of decline. With some fresh buying emerging once again on back of strong Q3 earnings as well as tailwind from Budget has pushed prices beyond key resistances around 1850, consider going long.
• Key metrics:
  • P/E Ratio: 141.61
  • 52-week high: ₹3078
  • Volume: 2.15M
• Technical analysis: Support at ₹1800, resistance at ₹2100.
• Risk factors: Heavy regulation in the injectable industry, dependence on marketing partners and key markets (US, EU, etc.), manufacturing/quality control issues potentially damaging reputation.
• Buy: above ₹1900
• Stop loss: ₹1840
• Target price: ₹2015 (2 Months)

SYMPHONY (Cmp 939.85)

buy above ₹941 stop ₹898, target ₹1080 (Multiday)

• Why it’s recommended: Symphony Limited is an Indian multinational electronics and home appliances company, recognized as the world’s largest manufacturer of evaporative air coolers. A surprise in Q3 earnings has ensured that the recent highs are not given up and recent dips that are emerging to stage a sharp revival leading to a strong upward traction. The long body candle seen on Sunday despite large scale volatility highlights that we can look for a push to higher levels. Go long now.
• Key metrics:
  • P/E: 44.80,
  • 52-week high: ₹1453.95,
  • Volume: 98.38K.
• Technical analysis: Support at ₹840, resistance at ₹1200.
• Risk factors: High valuation, weakening financials, intense competition, reliance on seasonal demand, and potential input cost pressures.
• Buy: above ₹941
• Stop loss: ₹898
• Target price: ₹1080 (2 Months)

NATIONALUM (Cmp 369.70)

buy above ₹370, stop ₹354, target ₹398 (Multiday)

• Why it’s recommended:National Aluminum Company Limited (NALCO), traded as NATIONALUM, established in 1981, is one of the largest integrated bauxite, alumina, and aluminum complexes in Asia. The intraday charts reveal that the trends ahead could shape up with new projects emerging. With steady support from ADX and DMI now fueling some upside the Budget could provide some fuel. The volume surge seen is now hinting at some potential upward traction. Go long.
• Key metrics:
  • P/E Ratio: 136.94
  • 52-week high: ₹490
  • Volume: 9.8M
• Technical analysis: Support at ₹400, resistance at ₹525.
• Risk factors: Fragmented market, reliance on network infrastructure, challenges in controlling operating costs, and volatile financial performance.
• Buy: above ₹370
• Stop loss: ₹354
• Target price: ₹398 (2 Months)

How the stock market performed on Monday

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.

Outlook for trading

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.

Nifty Bank’s resilience amid broader market volatility suggests it remains the primary engine for any potential recovery. While overall cues are sparse, the index’s ability to hold its ground—supported by RBI’s timely intervention to stabilize the Rupee—is a positive signal. Investors are now closely watching the upcoming RBI Monetary Policy for liquidity measures that could further extend this recovery trend.

Tuesday’s strategy centers on a 30-minute opening range breakout. Given the current lack of momentum, traders should play both sides but maintain tight stop-losses and quick profit-taking. Option data confirms a cautious floor with a PCR of 0.82, but aggressive Call writing at 25,300–25,500 for Nifty and 59,000 for Bank Nifty acts as a firm ceiling, likely stalling any major recovery attempts for now.

Raja Venkatraman is co-founder, NeoTrader. His SEBI-registered research analyst registration no. isINH000016223.

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.