Trends continue to signal strong intent to move higher, although higher levels are seeing limited buying interest and remain somewhat uncertain. However, with macroeconomic factors improving, the broader uptrend is expected to gather pace.
The NSE closed on a firm note on 3 August , supported by favourable global cues and sectoral strength. Brent crude prices eased to around $83.5 per barrel, offering relief to India’s import-heavy economy.
Investor sentiment was further boosted as geopolitical tensions showed signs of easing, with renewed U.S.-Iran talks raising hopes of stability. On the domestic front, steady monsoon progress and foreign institutional investors turning buyers added to the positive momentum.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
JYOTICNC (Cmp 858.30)
JYOTICNC: Buy above ₹860, stop ₹820 target ₹940 (Multiday)
- Why it’s recommended: Jyoti CNC Automation Limited is a major Indian maker of computer numerical control (CNC) machine tools, offering turning centers, vertical machining centers, and 5-axis machines. After spending nearly 6 months in a declining phase since listing the stock saw some firm upmove in June 2026. In the recent revival a steady support offered by the Tenkan Sen has helped the prices gather steam with a strong closing on Monday. With a robust long body candle to end the previous trading session we can consider this as an invitation to go long.
- Key metrics:
- P/E Ratio : 49.89
- 52-week high: ₹1055.90,
- Volume: 1.47M
- Technical analysis: Support at ₹788, resistance at ₹950.
- Risk factors: Negative operating cash flows, high working capital needs, and a lack of long-term supplier or customer contracts.
- Buy : above ₹860.
- Stop loss: ₹820.
- Target price: ₹940 (2 Months)
TBOTEK (Cmp 1615.90)
TBOTEK:Buy above ₹1620, stop ₹1530 target ₹1770 (Multiday)
- Why it’s recommended:TBO Tek Ltd is a leading global B2B online travel distribution platform founded in 2006 and based in Gurugram, India, that simplifies bookings between travel suppliers and buyers across more than 100 countries. Since April this year the prices have been taking steady support at the Tenkan Sen and Kijun Sen to steadily inch higher . Post the recent accumulation at the bands we can now see a strong thrust post its Q1 numbers . A strong long body candle augurs well for some upside if market retains some positive momentum. Fresh uptick in the DI indicates that we can look to initiate a long opportunity here for a push to higher levels. Go long now.
- Key metrics:
- P/E: 290.32,
- 52-week high: ₹1764.80,
- Volume: 1.21M.
- Technical analysis: Support at ₹1400, resistance at ₹1800.
- Risk factors: Supplier dependency, margin pressures, and cyclical travel industry exposure.
- Buy : above ₹1620
- Stop loss: ₹1530
- Target price: ₹1770 (2 Months)
CHENNPETRO (Cmp 1325.50)
CHENNPETRO: Buy above ₹1330, stop ₹1280 target ₹1470 (Multiday)
- Why it’s recommended:Chennai Petroleum Corporation Limited (CPCL), is an Indian public sector oil-refining company. They operate as a subsidiary of Indian Oil Corporation Limited. The steady rounding pattern that has emerged since January 2026 reaction that formed a base since March and attempting a recovery to finally move above the cloud region. The prices also has seen steady increase in volumes combined with the rising ADX DMI indicating that there is no sign of let up in momentum. A break above 1250 was a key event that is now initiating us to go long.
- Key metrics:
- P/E Ratio: 4.77
- 52-week high: ₹1354
- Volume: 3.02M
- Technical analysis: Support at ₹1200, resistance at ₹1500.
- Risk factors: Crude price volatility, margin compression from high-cost feedstock, and regulatory/forex headwinds.
- Buy : above ₹1330.
- Stop loss: ₹1280.
- Target price: ₹1470.
Stock market recap
Asian markets also traded higher, providing a supportive backdrop. Within the Nifty50, InterGlobe Aviation, TCS, Infosys, Shriram Finance, and Bajaj Finserv led the gainers, while Sun Pharma, Apollo Hospitals, Cipla, ONGC, and Bharti Airtel slipped.
Sectorally, IT stocks outperformed with gains of over 2%, while only Media and Pharma indices ended lower. Broader markets mirrored the strength, with midcaps rising 0.7% and smallcaps advancing 1.2%, reflecting broad-based participation.
Outlook for trading
Despite positive cues emanating from newsflow both domestic and geopolitical ensured that the trends have revived. The markets sustained at higher levels and the trends are showing a firm resolve to move higher. Finally, after repeated attempts the levels that we have been mentioning around 24,500 has been surpassed quite strongly. In comparison the strong start to week has now inspired the bullish momentum yet again. As a splendid recovery is unfolding to ignite some bullish bias. With the trends showing some positive traction yet again we should be looking at selecting stocks that are resuming the existing trends. As current scenario indicates a more slow and sedate moves that may continue in the next few days, we will continue to expect some global cues to take the initiative forward.
As trends are showing limitation of sustaining the trends and moving higher, we need to step back and decide on the next course of action. The option data suggests that resistances in Nifty have now moved to 24,500 where there is a steady Call Shorting that continues to curb any bullish tendency. Immediate supports continue to remain at 24500 forcing the range to travel between 24,500 to 24,900 this week. As the Put Call Ratio (PCR) has moved above 1 in Nifty and reached 1 in Bank Nifty we are witnessing some steady bullish enthusiasm once again. could also be reaching oversold levels. Since Bank Nifty has been sedate attempting to hold cleared the 57000 mark there seems to be rather slow movement n it could take the lead to take the market higher.
We had mentioned that “ ….the Open Interest data clearly indicating that there now hurdles have shifted to higher levels at 24,900 “ . These levels could prove to be a hurdle and the gap region around 25,100 could act as a hindrance for the reaction that may emerge in the coming sessions. With the market remaining a buy on dip market we can look at some support zone to buy into that may emerge in the coming sessions. Now, we can observe that Nifty would look at 24,400-24,500 which has now turned into supports for a pullback to buy into.
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.
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