Indian equity benchmarks carried forward their winning momentum through the week ended July 31, with the Nifty reclaiming the 24,400 mark and touching an intraday high of 24,429.40 on Friday, though profit booking in the final hour pared some gains. The rally was broad-based across most sectors except FMCG and IT, supported by robust June-quarter earnings and optimism ahead of the US Federal Reserve's policy decision. Market expert Raja Venkatraman from NeoTrader has recommended three stocks for trading on August 3, focusing on technical analysis and current market conditions.
The Leela (CMP ₹494.60) is recommended as a long position with a buy above ₹495 and stop loss at ₹465, targeting a ₹575 over two months. As reported by NeoTrader, India's largest institutionally owned pure-play luxury hospitality company has seen firm upmove in June 2026 after spending nearly 12 months in a consolidating phase since listing. The stock showed promising long body candle formation despite market sell-off, indicating genuine buying interest. Key metrics include P/E ratio of 59.89, 52-week high of ₹511, and volume of 2.2 million, with technical analysis showing support at ₹400 and resistance at ₹640.
Torrent Pharmaceuticals (CMP ₹5,123.10) is recommended as a long position with a buy above ₹5,125 and stop loss at ₹4,875, targeting a ₹5,650 over two months. According to NeoTrader, the leading Indian multinational pharmaceutical company specializing in cardiovascular, central nervous system, and gastro-intestinal therapies has shown strong breakout above the cloud region with support from TS & KS bands. The stock has a P/E ratio of 91.35, 52-week high of ₹5,140.70, and volume of 1.43 million, with technical analysis showing support at ₹4,750 and resistance at ₹5,600.
Mahindra & Mahindra (CMP ₹3,398.50) is recommended as a long position with a buy above ₹3,400 and stop loss at ₹3,200, targeting a ₹3,700 over two months. As reported by NeoTrader, the auto sector stock has shown potential for recovery with strong technical indicators. The company operates in the automotive sector with significant market presence, and technical analysis suggests the stock has formed a pattern that could lead to upward movement if market conditions remain favorable.
According to NeoTrader, the Nifty has managed to hold above the 24,100 Fibonacci resistance zone and is now testing the 24,300 zone that could open the door towards 24,500. The market showed strong bullish undercurrent with gap-up opening to the August series and large moves bringing steady buying participation. Over 100 stocks hit 52-week highs, highlighting bullish sentiment, while the rupee strengthened for the third consecutive day, closing at 95.64 per USD. Technical indicators suggest near-term strength with resistance around 24,400 and support near 24,100, with the gap region around 24,050 acting as revised support zone. Bank Nifty faces pressure below 55,500, with analysts noting that the index needs to clear 59,000 for broader sector recovery.
