With critical triggers like state election results and Q4 earnings converging, investors are navigating a landscape defined by high uncertainty. Strategic clarity remains elusive, making it difficult for traders to act decisively.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman
GICRE (current price: ₹409.35)
Buy above ₹415, stop ₹395, target ₹460 (multiday)
- Why it’s recommended: General Insurance Corporation of India (GIC Re), the dominant domestic reinsurer and a major global player, has reclaimed its momentum after a seven-month decline. After trading above its value area throughout early 2026, prices revived in late April. This reversal gained traction on Wednesday following earnings results, with the stock finding steady support at the TS and KS bands. Despite broader market volatility, a strong "long body" candle in the previous session indicates genuine buying interest. Go long.
- Key metrics:
- P/E Ratio : 8.63
- 52-week high: ₹446.95
- Volume: 817.50K
- Technical analysis: Support at ₹390, resistance at ₹540
- Risk factors: High valuation concerns, customer loss, project delays, or US-specific macroeconomic issues.
- Buy : above ₹415
- Stop loss: ₹395
- Target price: ₹460 (2 months)
LODHA (current price: ₹923.60)
Buy above ₹930, stop ₹890, target ₹1025 (multiday)
- Why it’s recommended: Lodha is seeing a technical revival in its stock. Supported by the TS and KS bands, the price has broken out above the "cloud" region to complete a bullish rounding pattern. A strong long-bodied candle suggests further upside if market momentum remains positive. Additionally, a rising DI indicator confirms a buying opportunity. Recommendation: Go long now.
- Key metrics:
- P/E: 9.95
- 52-week high: ₹194
- Volume: 443.54K
- Technical analysis: Support at ₹1100, resistance at ₹1400
- Risk factors: Diversified but cyclical business segments and heavy reliance on government policies.
- Buy: above ₹930
- Stop loss: ₹890
- Target price: ₹1025 (2 months)
SYRMA (current price: ₹1018.55)
Buy above ₹1025, stop ₹960, target ₹1125 (multiday)
- Why it’s recommended: Syrma SGS Technology Limited, a leading Indian Engineering and Electronics Manufacturing Services (EMS) provider, has exhibited a consistent uptrend since March 2026. This move is supported by steady volume growth and a rising RSI, suggesting that bullish momentum remains intact. A decisive break above the ₹900 level serves as a primary entry signal. Recommendation: Go long.
- Key metrics:
- P/E Ratio: 90.37
- 52-week high: ₹1032
- Volume: 1.65M
- Technical analysis: Support at ₹915, resistance at ₹1150
- Risk factors: High reliance on imported natural gas, volatility in raw material prices, regulatory changes and intense competition from imported products.
- Buy: above ₹1025
- Stop loss: ₹960
- Target price: ₹1125
How the stock market performed on Monday
Indian equity markets staged a strong rebound on 4 May, with both benchmark indices closing higher after Thursday’s sharp sell-off. The Sensex rose 356 points to settle at 77,269, while the Nifty gained 122 points to finish at 24,119, supported by broad-based buying across sectors. Investor sentiment was buoyed by robust April auto sales data, easing crude oil prices, and positive political cues, which together helped restore confidence.
Realty and metal stocks led the rally, with realty advancing over 2%, while FMCG counters also saw strong traction following upbeat earnings, highlighted by Hindustan Unilever’s sharp gains. On the other hand, IT and PSU banks witnessed mild profit booking, capping broader market upside. Midcap and smallcap indices outperformed, reflecting renewed retail participation. Overall, the rebound underscored resilience in domestic equities, with supportive macro factors and sectoral strength providing a firm base for continued momentum in the near term.
Outlook for trading
On the technical charts, market trends currently favor short-term trading over long-term investing. On the hourly charts, the combination of the highlighted gap area and the 61.8% Fibonacci support trendline helped prices move above the "cloud" region on Friday. An emerging rally appears to be in progress as markets stabilize after a two-month run; however, geopolitical uncertainty requires a cautious approach.
Hourly momentum indicators suggest that prices have settled as selling pressure subsides. Following Friday’s gradual recovery from support levels, further gains are expected. For a bearish outlook to return, Nifty must drop below 24,000, with Open Interest data pointing to the next support at 23,800. A 30-minute range breakout on Tuesday could signal a trade in either direction, but because the market is range-bound, traders should take profits quickly as momentum remains limited.
Options data shows a Put-Call Ratio (PCR) of 0.61, indicating a critical stage where Put writing at the 23,200–23,500 levels is defending against sell-offs. Investors should remain alert to multiple triggers, including global tariff threats, cautious sentiment, and domestic economic challenges, all of which have contributed to recent market volatility and pressure on the rupee.
Currently, bearish momentum has failed to pull the index significantly lower. Unless Nifty decisively breaks below 24,000, Open Interest data suggests immediate support at 24,100, with resistance holding at 24,500. Because a range-bound market is in effect, traders should be quick to take profits, as the current trend lacks the strength to move sharply in either direction.
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.