Best stocks to buy today: Raja Venkatraman recommends three stocks for 2 May

Here are three stocks to buy on Friday, 2 May

Buy ICICI Lombard General Insurance (current market price ₹1876.50)

• Why it’s recommended: ICICI Lombard General Insurance (ICICIGI) is a leading player in the insurance sector, offering a diverse range of products and services. With its strong market presence, innovative offerings, and focus on digital transformation, ICICIGI is well-positioned to capitalize on the growing demand for insurance in India, making it an attractive long opportunity.
• Key metrics: P/E: 36.85; 52-week high: ₹1,892; Volume: 223.14M
• Technical analysis: Support at ₹1,780; Resistance at ₹1,900
• Risk factors: Regulatory changes, competition in the insurance market, and macroeconomic factors could impact growth. Additionally, fluctuations in claim ratios and investment income may pose challenges.
• Buy at: CMP and dips to ₹1,840
• Target price: ₹1,980-2,025 in 1 month
• Stop loss: ₹1,820

Buy JB Chemicals & Pharmaceuticals (current market price ₹1612.40)

• Why it’s recommended: JB Chemicals & Pharmaceuticals (JBCHEPHARMA) is a prominent player in the pharmaceutical sector, known for its strong product portfolio and consistent financial performance. With a focus on innovation and expanding its global footprint, the company is well-positioned to benefit from the growing demand for healthcare solutions.
• Key metrics: P/E: 40.02; 52-week high: ₹2,030; Volume: 277.40 K
• Technical analysis: Support at ₹1,650; Resistance at ₹1,750
• Risk factors: Dependency on regulatory approvals, pricing pressures in the pharmaceutical industry, and fluctuations in raw material costs could impact margins. Additionally, global economic conditions may influence demand.
• Buy at: CMP and dips to ₹1,580
• Target price: ₹1,725-1,760 in 1 month
• Stop loss: ₹1,560

Also Read | Mint Primer: What IT companies’ Q4 show means for investors

Buy Bharti Airtel (BHARTIARTL current market price ₹1864.50)

•  Why it’s recommended: Bharti Airtel is one of India's leading telecommunications companies, offering a wide range of services including mobile, broadband, and enterprise solutions. With its strong market presence, innovative offerings, and focus on 5G expansion, Bharti Airtel is well-positioned to benefit from the growing demand for digital connectivity.
• Key metrics: P/E: 60.12; 52-week high: ₹1904; Volume: 9.14M
• Technical analysis: Support at ₹1700; Resistance at ₹2250
• Risk factors: Dependency on regulatory policies, competition in the telecom sector, and fluctuations in ARPU (Average Revenue Per User) could impact growth. Rising infrastructure costs and geopolitical tensions may also pose challenges.
• Buy at: CMP and dips to ₹1830
• Target price: ₹1990-2050 in 1 month
• Stop loss: ₹1815

Also Read: FPIs bet on limited Nifty movement amid simmering India-Pakistan tensions

Stock Markets on Wednesday

Indian benchmark indices, Sensex and Nifty 50, ended a choppy trading session nearly unchanged as market sentiment remained subdued due to geopolitical tensions and cautious guidance from Bajaj Finance. By the close, the Sensex slipped 0.06% (46.14 points) to 80,242.24, while the Nifty inched down 0.01% (1.75 points) to finish at 24,334.20.

Although the domestic market has rebounded by 10% from its April lows—driven by strong foreign institutional inflows and India's perceived relative insulation from global trade disputes—escalating geopolitical concerns have tempered risk appetite.

Outlook for Trading

The market did its best over the last seven days to climb higher, but has not managed. However, the trends have managed to arrest any kind of selling pressure that emerged thus indicating that the overall markets continue to remain positive. A small body candle once again highlights the contemplation that we witnessed in Nifty clearly aimed to erase the nervousness in Nifty that had been holding back the revival.

After some volatile movements, the Nifty managed to give a better closing. Important support to watch out for is a range that is getting built based on the option data between 24200 and 24500, hinting at some strong Put writing emerging. Based on PCR data, the negative bias is not ruled out yet, and the short covering action that may follow based on global cues could help the market rise rapidly.

As a rise is being attempted, resistance remains at 24500 with the Max Pain Point at 24300 continuing to be a supporting part. The levels around 24500 would be the next hurdle that the index should attempt to conquer on the way up.

The indices seem to have been caught in a range and this can create some confusion at the moment. The positive trends that are emerging at lower level are highlighting that the potential to step up is increasing by the day. As the highs around 24500 are continuing to be challenged the probability of scaling beyond this zone looks probable.

We have been witnessing some consolidation and the range bound around 24250 to 24350 is witnessing some strong Put writing. The base that is getting built is hinting at the Max Pain Point around 24350 would be a key level to watch out for. A move above this area is needed hence it would be a testing phase for the trends ahead. Some heavy Put writing has emerged at 24300. The Put Call Ratio (PCR) has now moved to 1 in Nifty and Bank Nifty giving a sense of discomfort to the bullish camp as we head into the next trading session.

View all stories by Raja Venkatraman here.

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.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.