Raja Venkatraman recommends three stocks for 10 July

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Stock market recap: Indian equities staged a modest rebound on Thursday after suffering their steepest fall in three months the previous day.

The Nifty 50 rose 0.34% to 23,962.80, while the Sensex gained 0.31% to 76,741.82, supported by persistent foreign inflows, with overseas investors net buying ₹19.63 billion on Wednesday.

On 9 July 2026, Indian equities staged a modest rebound after suffering their steepest fall in three months the previous day, as investors positioned ahead of Tata Consultancy Services’ quarterly earnings and tracked West Asia tensions. The Nifty 50 rose 0.34% to 23,962.80, while the Sensex gained 0.31% to 76,741.82, supported by persistent foreign inflows, with overseas investors net buying ₹19.63 billion on Wednesday.

Fourteen of sixteen sectors advanced, led by small-caps and mid-caps, which climbed 1.8% and 1.4% respectively. Heavyweights HDFC Bank and Reliance Industries added 0.9% and 0.4%, while pharma and healthcare stocks gained nearly 1% as investors rotated into defensive sectors. However, Dr Reddy’s Laboratories slumped 5.9% after delaying supplies of semaglutide due to API issues. TCS eased 0.4% ahead of its earnings release, while Trent and Titan remained in focus. Overall, the rebound reflected cautious optimism, tempered by geopolitical risks and earnings season anticipation.

As the market remains muted amid geopolitical tensions, it tested our patience on Thursday but did not give up the lower levels. However, the trend over the last few days shows that the Nifty held on and did not give up. In the last report we had mentioned, “From the charts above we can see that the trends are down into some strong set of supports yet again.”

On the charts, we note that after the recent consolidation, the trends have continued to keep us guessing throughout the week since Monday. Taking some cues from the Option data, we can add that the levels around 24000 that had steady Put writers have now ensured that the upward possibility gets more wings. With the PCR nearing 0.80 we can expect some trended move today. Stay alert.

The trend that is emerging clearly suggests that the dips seen last week managed to hold the support zone and the gap down opening was covered to ensure that the prices traded above the range area that developed in the last few days.

Hence, one should track the trends that are in progress as upmove needs to close above 24000 (Nifty Spot)to renew the bullish bias. Momentums on hourly charts are indicating that the prices after settling down seem to have witnessed a resumption of selling pressure. With the gradual and hesitant rise emerging from lower levels we can expect the rise to remain hesitant.

For undertaking shorts, we need to see Nifty move above 23800 which is the immediate support as per the Open Interest data. If we witness a 30-minute range breakout on Friday we can consider to trade on either side as the trends still remain tentative where we expect some resistances to kick in.

While the trends in the indices are still unclear there is plenty of action as far as the stocks are concerned.

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.

Raja Venkatraman is the co-founder of NeoTrader, where he heads the training division. He conducts both offline and live market workshops, seminars, and webinars. He has been workin...