Market Expert Raja Venkatraman Unveils Three Stock Picks for February 10
Market expert Raja Venkatraman, co-founder of NeoTrader, has recommended three stocks for trading on February 10, providing investors with strategic insights amid a bullish market sentiment. His analysis comes as Indian equity benchmarks extend their winning streak, supported by strong foreign inflows and positive global cues.
Stock Market Overview and Recent Performance
On February 9, Indian equity benchmarks continued their upward trajectory, with the Nifty opening firm near 25,840 and reaching an intraday peak above 25,920 before some profit-booking. The index closed comfortably above 25,850, reflecting resilient investor sentiment. The Sensex advanced over 480 points to settle around 84,065, while the Nifty gained nearly 174 points to finish at 25,867.
Broader markets outperformed the benchmarks, with the Nifty Midcap Index climbing 1.6% and the Smallcap Index surging 2.6%, indicating widespread buying across sectors. Optimism was bolstered by the interim trade framework with the US, which includes tariff reductions on select Indian goods, particularly benefiting export-oriented segments.
Technical Outlook and Market Trends
The market retains a positive bias despite some negative global cues, with trends suggesting continued upward momentum. Short-covering and volatility have been observed, but the market is attempting to stabilize for a trend recovery. Geopolitical tensions persist, but synergy is building between key indices like Nifty and Bank Nifty, while IT stocks take a breather.
Chart analysis shows prices exhibiting a slow and steady move to the upside, with a bullish bias emerging at lower levels. The Nifty has moved beyond 25,800, with Open Interest indicating market uncertainty. The next target for the Nifty is around 26,250, which could pose a challenge. Overall, the market is poised for sustained recovery, supported by encouraging newsflow and government initiatives to boost consumption.
Raja Venkatraman's Top Stock Recommendations
Here are the three stocks recommended by Raja Venkatraman for February 10, with detailed analysis and technical parameters.
Avanti Feeds Ltd (CMP: ₹1,103.80)
Why it's recommended: Avanti Feeds Ltd is India's leading integrated aquaculture company, specializing in shrimp feed manufacturing, hatcheries, farms, and shrimp processing for global export. A strong breakout above the value resistance zone around ₹900 augurs well for prices, with momentum expected to continue post-trade deal. A long body closing on Monday suggests continued buying interest.
- Key metrics: P/E Ratio: 26.24, 52-week high: ₹1,140.80, Volume: 2.63M
- Technical analysis: Support at ₹1,040, Resistance at ₹1,225
- Risk factors: Volatile raw materials (soybean, fishmeal) and freight costs; potential disease outbreaks in shrimp farms
- Buy: Above ₹1,105
- Stop loss: ₹1,070
- Target price: ₹1,185 (multiday)
Jamna Auto Industries Ltd (CMP: ₹135.14)
Why it's recommended: Jamna Auto Industries Limited (JAI) is India's leading manufacturer of automotive suspension systems, including leaf springs, parabolic springs, air suspensions, and lift axles for commercial vehicles. Strong Q3 earnings and budget impacts have allowed prices to absorb profit-taking, with recent dips staging a sharp revival. A long body candle on Wednesday suggests a push to higher levels.
- Key metrics: P/E: 25.11, 52-week high: ₹138.60, Volume: 4.17M
- Technical analysis: Support at ₹125, Resistance at ₹152
- Risk factors: Tightening liquidity, raw material price volatility, general economic sensitivity, regulatory changes
- Buy: Above ₹136
- Stop loss: ₹132
- Target price: ₹145 (multiday)
Inox Wind Ltd (CMP: ₹111.59)
Why it's recommended: INOX Wind Ltd. (IWL) is a leading, fully integrated Indian wind energy solutions provider, part of the INOXGFL Group, manufacturing Wind Turbine Generators (WTGs) and key components. A rounding pattern on daily charts has fueled recovery in recent months, with stabilization post-Budget and reduced tariff impacts expected to drive a rebound. A long-bodied candle on Monday augurs well for prices.
- Key metrics: P/E Ratio: 32.96, 52-week high: ₹198.14, Volume: 18.68M
- Technical analysis: Support at ₹105, Resistance at ₹130
- Risk factors: High debt requiring careful management despite recent profit growth, valuation concerns
- Buy: Above ₹112
- Stop loss: ₹107
- Target price: ₹125 (multiday)
Important Disclaimers and Final Notes
Raja Venkatraman is the co-founder of NeoTrader, with SEBI-registered research analyst registration number INH000016223. Investments in securities are subject to market risks, and investors should read all related documents carefully before investing. Registration granted by SEBI and certification from NISM do not guarantee performance or returns. The views and recommendations in this article are those of the individual analyst and do not represent Mint. Investors are advised to consult certified experts before making any investment decisions.
