Indian stocks rebound on easing crude as analysts target auto and defence shares
Indian benchmarks recovered from early derivatives volatility to close higher on easing crude prices, while technical analysts identified buying opportunities in the auto, pharmaceutical, and shipbuilding sectors.
Indian equities staged a late-session recovery on Tuesday, shaking off monthly derivatives volatility to close in positive territory. The Nifty 50 climbed 115.50 points to finish at 24,334.55, while the Sensex added 286.98 points, or 0.37 percent, to settle at 77,656.09.
Final-hour buying was supported by easing crude oil prices and a firmer rupee. Sectoral gains were broad, with pharma, media, consumer durables, infrastructure, and public sector banks advancing. Conversely, energy, metals, and private banks faced selling pressure.
Adani Enterprises, Interglobe Aviation, Max Healthcare, Apollo Hospitals, and Adani Ports led the broader rally. The Nifty Midcap index rose 0.5 percent, though the Smallcap index ended marginally lower, reflecting mixed breadth across the broader market.
Amid this recovery, NeoTrader co-founder Raja Venkatraman highlighted three specific equities for potential upside over the next two months. His recommendations span the automotive, consumer health, and defence sectors, targeting technical breakouts and fundamental support levels.
Venkatraman issued a buy recommendation for Hyundai Motor India, suggesting entry above 2,237 rupees with a stop loss of 2,137 rupees and a target of 2,455 rupees. The stock, trading at 2,232.50 rupees with a price-to-earnings ratio of 37.15, has shown steady accumulation since June.
In the consumer goods space, Zydus Wellness is recommended for purchase above 528 rupees, with a stop loss of 497 rupees and a 585-rupee target. The stock, trading at 525.45 rupees, recently found support near the 500-rupee mark after absorbing weak first-quarter earnings.
Cochin Shipyard rounds out the list with a buy trigger above 1,520 rupees, a stop loss of 1,450 rupees, and a 1,660-rupee target. Trading at 1,518.50 rupees, the shipbuilder recently broke through key resistance levels on high volumes, capitalizing on defence sector resilience.
Looking ahead, market strategists note that the recovery from lower levels signals near-term strength, establishing 24,200 as a critical support zone for the Nifty. Despite lingering volatility, the prevailing sentiment favors buying on dips, with analysts watching for a breach of immediate resistance levels in the coming sessions.
