Broader indices outperformed, with the BSE Midcap and Smallcap indices up 0.63% and 0.90% respectively, while Bank Nifty added 0.76% on renewed buying in financials.
Two stock recommendations by MarketSmith India for 4 September
Buy: Abbott India Ltd.(current price: ₹32,500)
Why it’s recommended: Strong cash flow and financial health, business leadership and execution
Key metrics: P/E: 48, 52-week high: ₹37,000, volume: ₹1.8 crore
Technical analysis: Reclaimed its 100-DMA
Risk factors: Corporate control by MNC parent, product & segment concentration, regulatory & compliance exposure
Buy: ₹32,500
Target price: ₹35,500 in two to three months
Stop loss: ₹31,000
Buy: Rashtriya Chemicals and Fertilizers Limited (current price: ₹161.40)
Why it’s recommended: Strategic position and product diversification, capacity utilization and distribution network
Key metrics: P/E: 30.71; 52-week high: ₹245; volume: ₹79.64 crore
Technical analysis: Downward-sloping trendline breakout
Risk factors: Raw material price volatility, aging infrastructure and cost pressures
Buy at: ₹160.50–161.50
Target price: ₹173 in two to three months
Stop loss: ₹156
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
Gujarat Mineral Development Corp. Ltd (current price ₹439.20) – Buy above ₹460 and dips to ₹440, stop loss ₹430, target price ₹495-510
Why it’s recommended: A strong quarter has helped shares of Gujarat Mineral Development Corp. Ltd reaffirm the strong run seen in the prices over the last few days. The long body candle seen on Wednesday is indicating that the prices are holding the bullish bias and the possibility of more upward traction has also emerged on the higher timeframe. As momentum remains resolute one can look at more upside in store in the next few days.
Key metrics:
P/E: 21.89,
52-week high: ₹472.40,
Volume: 8.28M.
Technical analysis: Support at ₹380, resistance at ₹600.
Risk factors: Market volatility and sector-wide fluctuations in geopolitical news could impact returns.
Buy at: above 460 and dips to ₹440.
Target price: ₹495-510 in 1 month.
Stop loss: ₹430.
Eveready Industries India Ltd (current price ₹468.05) – Buy above ₹470 and dips to ₹440, stop loss ₹430, target price ₹510-525
Why it’s recommended: Eveready is a leading Indian brand of portable energy and lighting solutions, specializing in dry cell and rechargeable batteries, flashlights, and lighting products. The stock has been consolidating over the past two months. The strong breakout above the range on Tuesday amid a dull price action highlights some new found momentum. With robust volume lead breakout consider going long at current levels and also on dips.
Key metrics:
P/E: 40.89,
52-week high: ₹489.95
Volume: 1.24M.
Technical analysis: Support at ₹410, resistance at ₹600.
Risk factors: Fluctuating gas prices, which impact their operational costs and profitability.
Buy: Above ₹470 and dips to ₹440.
Target price: ₹510-525 in 1 month.
Stop loss: ₹430.
JTEKT India Ltd (Current price: ₹142.53) – Buy above ₹143 and dips to ₹130, stop loss ₹124, target price ₹155-160
Why it’s recommended: JTEKT India is primarily engaged in the business of manufacturing steering systems and other auto components for passenger car and utility vehicle manufacturers. This counter, after some strong profit booking, showed some resurgence again on Wednesday. With momentum showing a revival, we can look at initiating a long opportunity.
Key metrics:
P/E: 62.12
52-week high: ₹192.44
volume: 666.94K
Technical analysis: Support at ₹120, resistance at ₹160
Risk factors: Potential corporate actions, like divestments, profitability
Buy at: above 143 and dips to ₹130
Target price: ₹155-160 in 1 month
Stop loss: ₹124
3 stock to buy—recommended by Ankush Bajaj for 4 September
Tata Steel Ltd (Current price: ₹167.85)
Why Tata Steel is recommended: Tata Steel is showing extremely strong technical momentum as it trades near recent highs. The 14-day RSI has surged into overbought territory (82), highlighting strong buying interest. The MACD is in positive territory and generating bullish signals, while ADX has climbed above 70, indicating a dominating trend. These readings are backed by broad-based buying across moving averages and strong volume—in line with the global steel revival.
Key metrics
Pattern: Rising momentum with breakout stability
RSI: 82 (overbought, reflecting strong bullish bias)
MACD: Positive, confirming trend continuation
ADX: 72, signaling a highly trending stock
Technical view: Sustained strength above support zones projects a move toward ₹173
Risk factors: Steel demand and margins are vulnerable to global cycles and coking coal price volatility. Export and trade policy shifts may impact profitability.
Buy at: ₹167.85
Target price: ₹173
Stop loss: ₹165.50
Steel Authority of India Ltd (Current price: ₹129.65)
Why SAIL is recommended: Steel Authority of India has begun to exhibit renewed strength after recent weakness. The 14-day RSI is approaching the 80 level (79.7), indicating growing bullish momentum. The MACD has turned positive, signaling a potential trend change. Meanwhile, ADX is elevated (70), showcasing a resurgent trend with strong conviction. The price is now stabilizing after reversing from key support, which strengthens the chance of a rebound.
Key metrics
Pattern: Recovery from recent consolidation base
RSI: 79.7 (indicating rising bullish energy)
MACD: Positive, showing early trend reversal
ADX: 70, denoting a powerful emerging trend
Technical view: A break above the consolidation zone could lift the stock toward ₹134
Risk factors: Vulnerable to global steel pricing cycles and cost escalation. As a PSU, it faces influence from regulatory policies and incremental capital expenditure.
Buy at: ₹129.65
Target price: ₹134
Stop loss: ₹127.30
Jindal Steel and Power Ltd (Current price: ₹1,028.35)
Why Jindal Steel and Power is recommended: Jindal Steel is establishing a strong upward trend, supported by overbought RSI (77.6), confirming sustained buying pressure. MACD is firmly positive, reinforcing momentum. The ADX is also elevated (65), indicating a powerful uptrend. This technical strength is underpinned by improved global steel prices and solid end-demand.
Key metrics
Pattern: Strength confirmation with strong trend dynamics
RSI: 77.6 (overbought, but trending higher)
MACD: Positive, affirming bullish setup
ADX: 65, signaling robust trend strength
Technical view: Staying above key support levels suggests further rise toward ₹1,063
Risk factors: Highly cyclical, exposed to input cost fluctuations and capex cycles. Promotes sensitivity to global demand shifts and export policies.
Buy at: ₹1,028.35
Target price: ₹1,063
Stop loss: ₹1,011
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. Trade name: William O’Neil India Pvt. Ltd. (Sebi-registered Research Analyst Registration No.: INH000015543)
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 guarantee 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.
