The benchmark indices settled on a negative note on Monday as geopolitical tension increased after Iran threatened to seize vessels and change transit rules for the Strait of Hormuz ahead of the US's announcement of sanctions against Iran. According to reports from Business Standard, the Sensex fell 171.72 points or 0.22 per cent to 77,369.11 and the Nifty 50 was down 32.95 points or 0.14 per cent at 24,219.05. In the broader markets, the Nifty MidCap rose 0.13 per cent while the Nifty SmallCap fell 0.26 per cent. Sector-wise, the Nifty PSU Bank declined the most, while the Nifty Metal outperformed.
Anand James, Chief Market Strategist at Geojit Investments, has recommended three stocks including Lumax Technical Products, V-Mart Retail and EIEL for the near term. As reported by Business Standard, James advises buying Lumax Technical Products at ₹1,462, with a target of ₹1,528 and a stop-loss of ₹1,433. He also recommends V-Mart Retail at ₹774, with a target of ₹840 and a stop loss of ₹750. Additionally, James suggests Enviro Infra Engineers at ₹229, with a target of ₹242 and a stop-loss of ₹222.
According to the analysis by Geojit Investments, Lumax Technical Products is showing early signs of a trend reversal after a prolonged corrective phase. The stock has found support near the ₹1,440–1,450 zone and formed a strong bullish Marubozu candle, indicating decisive buying interest emerging at lower levels. The daily MACD is nearing a bullish crossover, with the histogram showing signs of contraction. The RSI has rebounded from oversold territory and is gradually turning higher, suggesting that selling pressure may be exhausting. The positive divergence between price action and momentum indicators further strengthens the probability of a near-term recovery. The stock is trading near an important support cluster, and sustained trading above the recent swing low could keep the bullish setup intact.
As reported by Geojit Investments, V-Mart Retail is showing a constructive technical setup after correcting from recent highs and stabilising above a key support zone. The stock has witnessed a strong rebound from the ₹760–770 horizontal support area, which has repeatedly attracted buyers in recent sessions. Multiple Doji candles near support signalled indecision and exhaustion among sellers, followed by a sharp bullish candle confirming renewed buying interest. The daily MACD histogram is also showing signs of reversal, with negative bars contracting after a prolonged decline. The RSI remains around 60, highlighting underlying strength in the trend. Price action reflects a healthy correction within the ongoing uptrend rather than a trend breakdown, with the stock expected to move towards ₹840 in the near term.
According to the analysis by Geojit Investments, EIEL is displaying a constructive bullish setup after a healthy pullback within its ongoing uptrend. The stock has retraced to the 38.2 per cent Fibonacci retracement level, measured from the June swing low to the July swing high, and has witnessed renewed buying interest from this support area. The successful defence of the 38.2 per cent retracement suggests that the recent decline was corrective in nature rather than the start of a deeper trend reversal. The daily MACD histogram is showing signs of reversal, with negative bars beginning to contract, while the RSI remains comfortably above 55 and has held above the neutral 50 level.
