Indian equity markets rebounded on Tuesday, June 3, after four consecutive sessions of losses, with the Nifty 50 rising 0.43% to close at 23,483.55. According to latest reports from Mint, the index saw intraday volatility, slipping to a low of 23,229.15, before late-session buying helped it recover much of the earlier losses. The Sensex gained 0.52% to end at 74,649.84, while market breadth stayed positive with roughly 2,222 stocks advancing against 1,803 declines. The recovery came after the market had fallen nearly 3% over the previous four trading sessions amid concerns over the Iran conflict and heavy foreign investor outflows. Sentiment improved after US President Donald Trump said negotiations with Iran were still ongoing, easing concerns triggered by reports that Tehran had suspended indirect talks with Washington.
Market expert Raja Venkatraman from NeoTrader has recommended five stocks for trading on June 3, with three stocks previously recommended continuing to show strong performance. The first recommendation is Vijaya Diagnostic Centre Ltd (NSE: VIJAYA, BSE: 543350) with a current market price of ₹1,317. The stock is recommended to buy above ₹1,320 with a stop loss at ₹1,265 and target price of ₹1,450 for 2 months. The second recommendation is Syrma SGS Technology Ltd (SYRMA) trading at ₹1,166.80, recommended to buy above ₹1,170 with stop loss at ₹1,120 and target price of ₹1,280 for 2 months. The third recommendation is Shyam Metalics and Energy Ltd currently priced at ₹984.65, recommended to buy above ₹990 with stop loss at ₹950 and target price of ₹1,090 for 2 months. Additionally, TruAlt Bioenergy Ltd (current price: ₹507) is recommended for buying in the ₹501–509 range with a target price of ₹580 in two to three months, and Shilpa Medicare Ltd (current price: ₹517) is recommended for buying at ₹512–520 with a target price of ₹600 in two to three months.
According to the technical analysis provided by Mint, Vijaya Diagnostic Centre has support at ₹1,225 and resistance at ₹1,500, with key metrics showing P/E of 76, 52-week high of ₹1,379.30, and volume of 238.2K. Syrma SGS Technology shows support at ₹1,080 and resistance at ₹1,300, with P/E of 76.69, 52-week high of ₹1,188, and volume of 2.27M. Shyam Metalics and Energy has support at ₹925 and resistance at ₹1,225, with P/E of 49.71, 52-week high of ₹1,001, and volume of 771.61K. TruAlt Bioenergy shows a cup-with-handle base breakout pattern with P/E of NA, 52-week high of ₹549.00, and volume of ₹28.61K. Shilpa Medicare demonstrates a cup base breakout with P/E of 45.21, 52-week high of ₹529.80, and volume of ₹147.76 crore. Risk factors identified include heavy geographic concentration for Vijaya Diagnostic Centre, customer reliance and working capital intensity for Syrma SGS Technology, commodity price volatility for Shyam Metalics and Energy, dependence on government policies for TruAlt Bioenergy, and regulatory risks for Shilpa Medicare.
As reported by Mint, the 23,200–23,300 zone continues to act as a well-tested support area for the Nifty 50. The 23,400 level is expected to act as a pivot as the market enters the new series. Market expert Raja Venkatraman notes that recent market behaviour continues to be heavily influenced by overseas developments, with the moves remaining tentative and lacking conviction. The Max Pain level has now slipped to 23,500, suggesting that near-term upside momentum remains capped in the absence of fresh tailwinds. The Put-Call Ratio (PCR) has moved above 1, indicating a build-up of puts and possible support zone forming around 23,300, where open interest concentration has shifted. Gift Nifty Live Chart shows a negative start with the Gift Nifty trading around 23,482.5 level, a discount of 121 points from the Nifty futures' previous close of 23,603.10. According to Ponmudi R, CEO of Enrich Money, Indian markets are expected to trade with a cautious undertone as prolonged geopolitical uncertainty continues to keep investors in a risk-off mode, with attention focused on the ongoing U.S.–Iran diplomatic process.
