Market Update: Raja Venkatraman's Stock Recommendations for April 2

Original: Stocks to trade: Raja Venkatraman recommends three stocks for 2 April

Mint•Apr 2, 20265 min

In a Nutshell

On April 2, Indian equity benchmarks showed resilience, with the Sensex rising by 1.65% and the Nifty 50 by 1.56% despite previous losses. Analyst Raja Venkatraman recommends buying NAM-INDIA and MCX while suggesting a sell on Havells, indicating cautious optimism as the market navigates volatility.

Key Points

01Sensex gained 1,186.77 points, closing at 73,134.32.
02Nifty 50 increased by 348 points, ending at 22,679.40.
03Raja Venkatraman recommends buying NAM-INDIA and MCX, and selling Havells.
04Market breadth was strong, with 3,675 stocks advancing.
05The rupee continues to weaken, impacting market sentiment.

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Full Summary

On April 2, 2023, Indian equity markets opened the fiscal year with a strong performance, as the Sensex rose by 1,186.77 points to close at 73,134.32, while the Nifty 50 climbed 348 points to finish at 22,679.40. This rebound followed a challenging March, where both indices experienced their steepest monthly decline in six years, shedding over 11% due to rising crude prices linked to tensions in the Middle East. Despite the positive market sentiment, characterized by robust breadth with 3,675 stocks advancing, concerns linger over the rupee's weakness, which has reached new lows beyond 95 per USD. Analyst Raja Venkatraman from NeoTrader highlighted three stocks to trade: NAM-INDIA, MCX, and Havells. He recommends buying NAM-INDIA above ₹870 with a target of ₹945, and MCX above ₹2480 targeting ₹2690. Conversely, he suggests selling Havells below ₹1185, aiming for a target of ₹1105. The market outlook remains cautious, with investors advised to focus on stock-specific moves until the Nifty decisively surpasses the 23,000 mark.

Key Figures

1,186.77

Points gained by the Sensex

348

Points gained by the Nifty 50

95

New low of the rupee against the dollar

11%

Percentage decline in both indices in March

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Why It Matters

The strong market performance could boost investor confidence and lead to increased trading activity. However, the ongoing weakness of the rupee may impact import costs and inflation, affecting consumers.

Who is affected

Investors and traders in the Indian stock market.

What to know

Investors should consider stock-specific strategies and monitor currency fluctuations closely.

FAQ

Raja Venkatraman recommends buying NAM-INDIA and MCX, and selling Havells.

The Sensex rose by 1,186.77 points to close at 73,134.32, and the Nifty 50 increased by 348 points to finish at 22,679.40.

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