Market Expert Raja Venkatraman Shares Top Stock Picks for February 3 Trading Session
Renowned market analyst Raja Venkatraman, co-founder of NeoTrader, has identified three promising stocks for investors to consider on February 3. This comes as Indian markets navigate a volatile, range-bound phase following the recent Budget 2026 announcements, with investors advised to maintain a cautious stance amid ongoing global uncertainties and domestic fiscal developments.
Detailed Analysis of Recommended Stocks
Gland Pharma Ltd. (CMP: ₹1897.50)
Gland Pharma represents a compelling opportunity in the pharmaceutical sector. Established in Hyderabad in 1978, this global leader in generic injectables has demonstrated renewed strength following positive Budget 2026 provisions for biopharma and robust Q3 earnings. The stock has formed a rounding pattern at lower levels after months of decline, with fresh buying momentum pushing prices beyond key resistance around ₹1850.
- 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 regulatory oversight in injectable industry, dependence on marketing partners and key international markets, potential manufacturing/quality control challenges
- Trading Strategy: Buy above ₹1900, Stop Loss: ₹1840, Target Price: ₹2015 (Multiday timeframe)
Symphony Limited (CMP: ₹939.85)
As the world's largest manufacturer of evaporative air coolers, Symphony Limited has surprised markets with strong Q3 earnings that have prevented recent highs from being surrendered. The company's technical chart shows promising signs of revival, with recent dips potentially staging a sharp upward movement. The long body candle observed on Sunday despite significant volatility indicates potential for higher price levels.
- Key Metrics: P/E Ratio: 44.80, 52-week high: ₹1453.95, Volume: 98.38K
- Technical Analysis: Support at ₹840, Resistance at ₹1200
- Risk Factors: Elevated valuation concerns, weakening financial metrics, intense competitive pressures, seasonal demand reliance, potential input cost inflation
- Trading Strategy: Buy above ₹941, Stop Loss: ₹898, Target Price: ₹1080 (Multiday timeframe)
National Aluminium Company Limited (CMP: ₹369.70)
National Aluminium Company (NALCO), established in 1981 as one of Asia's largest integrated bauxite-alumina-aluminium complexes, shows promising technical indicators. Intraday charts suggest emerging trends with new projects gaining momentum. The company benefits from steady support from ADX and DMI indicators, with Budget 2026 potentially providing additional fuel for growth. Recent volume surges indicate potential upward traction.
- 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 structure, reliance on network infrastructure, operational cost control challenges, volatile financial performance patterns
- Trading Strategy: Buy above ₹370, Stop Loss: ₹354, Target Price: ₹398 (Multiday timeframe)
Market Context and Trading Outlook
Indian equity markets staged a significant recovery on February 2, with benchmarks rebounding from Budget-day losses. The Nifty closed just above 25,000 points in a volatile session that saw indices open lower before heavyweights like Reliance, Adani Ports, and ICICI Bank lifted sentiment during the latter trading hours.
The Sensex surged 944 points (1.17%) to 81,666.46, while the Nifty advanced 263 points (1.06%) to close at 25,088.40. Broader market indices also recovered, with the Nifty Midcap gaining 1% and the Smallcap index rising 0.6%.
Despite this positive movement, market sentiment remains cautious as the Nifty continues trading below its 200-day moving average. Immediate resistance is identified at 25,200, with support near 24,900, suggesting that rallies might still present opportunities to reduce leveraged positions.
The post-Budget volatility has created tentative market conditions. While Monday's recovery represents a positive development, it should not be interpreted as a definitive trend reversal. Markets continue to digest implications of the F&O STT hike and increased government borrowing, warranting a cautious, level-based trading approach throughout the week.
Nifty Bank's resilience amid broader market volatility positions it as the primary engine for potential recovery. The index's ability to maintain ground—supported by RBI interventions to stabilize the Rupee—provides encouraging signals. Market participants are closely monitoring the upcoming RBI Monetary Policy for potential liquidity measures that could extend the recovery trend.
Trading Strategy for February 3: Tuesday's approach centers on a 30-minute opening range breakout. Given current momentum limitations, traders should consider both sides while maintaining tight stop-losses and implementing quick profit-taking strategies. Option data reveals a cautious floor with PCR at 0.82, but aggressive Call writing at 25,300–25,500 for Nifty and 59,000 for Bank Nifty creates a firm ceiling that may temporarily stall major recovery attempts.
Raja Venkatraman serves as co-founder of NeoTrader with SEBI-registered research analyst registration number INH000016223. Investors should note that securities investments carry market risks, and all related documents should be carefully reviewed before making investment decisions. SEBI registration and NISM certification do not guarantee intermediary performance or assure investor returns. The views and recommendations presented represent individual analyst perspectives and do not reflect institutional positions. Investors should consult certified experts before making investment decisions.
