Stocks to buy: Raja Venkatraman's top picks for 2 December

Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman: Asahi India: (current market price - ₹1057.90) - Buy above ₹1060, stop loss ₹1030, target price ₹1130 (Multiday) Why it’s recommended: Asahi India Glass Ltd is a leading integrated glass solutions company in India, manufacturing and supplying a variety of glass products for the automotive and building and construction industries. After some recent reaction and dip down into the TS & KS bands have once again seen buying interest stepping in. While momentum did take a breather the metal sector is back in action and this stock is showing some strong moves. Consider going long. Key metrics: P/E: 84.53, 52-week high: ₹1072.95, Volume: 442.67M. Technical analysis: Support at ₹975, resistance at ₹1150. Risk factors: Cyclical nature of its key end-user industries (automotive and real estate), high operational costs, and ongoing large capital expenditures. Buy : above ₹1060. Stop loss: ₹1030. Target price: ₹1130in 2 months. HCL Tech: (current market price: ₹1642.90) - Buy above ₹1645, stop loss ₹1620, target price ₹1689 (Intraday) Why it’s recommended: HCL Tech headquartered in Noida, India, is a global technology company that provides IT and engineering services, digital transformation, and software products. With IT sector holding firm we can observe that the rise int his counter has resumed after a brief halt. As momentum saw some upward charge towards the close of yesterday’s trading session taking support on the Kumo cloud consider going long. Key metrics: P/E: 36.80, 52-week high: ₹2011, Volume: 2.03M. Technical analysis: Support at ₹1580, resistance at ₹1800. Risk factors: Macroeconomic and regulatory changes in key markets like the US and Europe, intense competition in the global IT industry, currency fluctuations. Buy: Above ₹1645. Stop loss: ₹1620. Target price: ₹1689. Jubilant FoodWorks (current market price: ₹609.35) - Buy above ₹611, stop loss ₹601, target price ₹625 (Intraday) Why it’s recommended:Jubilant FoodWorks Ltd (JFL) is India's largest food service company, holding master franchise rights for various international brands. This counter has been getting ready for some upward drive after some sharp decline. The recovery seen supported by some volumes is generating some momentum to the upside. The RSI is seen slowly inching higher as we can see the buying interest stepping in on the intraday timeframe. Go long. Key metrics: P/E: 181.02, 52-week high: ₹796.75 Volume: 1.07M. Technical analysis: Support at ₹585, resistance at ₹625. Risk factors: Market volatility, regulatory changes, risks from significant related-party dealings and cargo concentration. Buy : above ₹611. Stop loss: ₹601. Target price: ₹625. Stock market recap On 1 December, Monday, Indian equity markets opened on a strong footing, with both benchmarks scaling fresh lifetime highs, buoyed by robust GDP growth data and optimism around potential interest rate cuts. The Sensex surged over 360 points to touch 86,159.02, while the Nifty 50 advanced 120 points to a record 26,325.80, surpassing their previous peaks from late November. However, profit-booking at elevated levels and mixed global cues capped the rally, leading to a mild pullback by the close. The Sensex eventually settled at 85,706.67, down 13.71 points or 0.02%, while the Nifty slipped 12.60 points or 0.05% to finish at 26,202.95. Sectoral performance was mixed, with Kotak Mahindra Bank and Adani Ports rising up to 2%, while Titan, Bajaj Finance, and Sun Pharma declined nearly 1% each. Market breadth turned slightly negative, as advances were outpaced by declines, reflecting cautious investor sentiment despite strong domestic fundamentals. Outlook for Trading Markets have been unable to keep pace with the trends and the lack of participation is clearly visible. The rise to new highs have not been clearly met with enthusiasm thus giving a sense of discomfort amongst the participants. While the higher levels are being decoded in this event ridden month the focus is on how will India navigate the uncertainty. The upcomgin events especially the RBI policy will hold some critical answers to out questions. The sharp reaction at higher levels on a Monday morning is not the best way to start the week. However, the fall was so swift that the trends remained suppressed all through the day. The next set of handover from the global cues will have a say in the trends ahead. As we head into the next trading session, we can retain the bullish stance that we have been maintaining. However, with the expiry due the possibility that the trends shall be volatile is definitely on the cards. In such scenario Nifty spot at 26300 will remain a key level to watch out for as Nifty once again rises to the challenge to cross 26400. On the daily charts, Nifty displayed a sell off reaction as it approached the median line channel, underscoring the importance of the 26,400-spot level. This zone now represents an inflection point for the index, where traders will keenly watch whether the momentum can sustain and push the market higher or whether resistance will cap further gains. The technical setup suggests that the market is at a decisive juncture, and the coming sessions will be critical in determining the next directional move. The option data across both Nifty and Bank Nifty clearly states that the selling pressure has emerged at higher levels thus forcing us to reconsider. After some sustenance of PCR above 1, the Put-Call Ratio (PCR) slipped below 1, a clear indication that traders are positioning themselves for some shorting or a consolidation of the upward momentum. Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223. 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 guarantees performance of the intermediary or provide any assurance of returns to investors.