
Stocks to buy: Raja Venkatraman recommends three stocks for today — 24 January

Summary
- Here are three stocks to buy as recommended by Raja Venkatraman of NeoTrader for Friday, 24 January.
Nifty 50 on 23 January: Recap
On 23 January, the Nifty and the Sensex indices retained their gains but finished below their intraday highs. This was largely due to a strong surge in IT and pharmaceutical stocks that improved market sentiment. However, declines in banking and oil and gas stocks capped the overall market rally. The market has been on a downward trajectory week by week. Overall, the trends are showing a steady rise, but a lot should be considered for an opportunity to short unless the Nifty decisively breaks through the resistance zone of 23,500-23,700.
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Indian stock markets: Way forward
At the moment, there is limited clarity but trends are showing signs of a revival as highlighted yesterday. However, absence of triggers continues to keep the entire market in the dark. The reaction to the results is triggering some momentum that is helping the traders participate in the market action at the moment. As lack of clarity continues to exist there exists great difficulty in sustaining the trends and moving higher.
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Hence, we need to step back and decide on the next course of action. The option data suggests that resistances in the Nifty have now moved to 25,000 where there is a steady call shorting that continues to curb any bullish tendency. Immediate supports continue to remain at 24,500 forcing the range to travel between 24,500 and 25,000 this week. As the put call ratio (PCR) has moved to 1.05 in the Nifty, indicating some bullishness stepping in while PCR at 0.55 in the Bank Nifty could be reaching oversold levels. Currently, the Bank Nifty has to clear the 50,000 mark. It seems to be in a better position it could take the lead to take the market higher.

Three stocks to buy, recommended by NeoTrader’s Raja Venkatraman:
• Zensar Technologies Ltd: Buy above ₹841| Stop ₹823 | Target ₹925
IT sector, after going through a rough patch, is now showing a resumption in the bullishness, and this stock is showing some signs of bottoming out with some steady buying at lower levels thus highlighting the genuine buying emerging. With momentum stepping up one can consider more possibility of continued upward bounce. Go long.
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• Dalmia Bharat Ltd: Buy above ₹1,830 | Stop ₹1,950 | Target ₹1,790
After forming a strong base at lower support levels, the trends are showing keen interest to move higher. The long body candles that are seen at this juncture are highlighting the possibility of more rise ahead. The RSI is demonstrating a cross above the neutral zone, and with the volume building up, one can consider for some upside.

• EID-Parry (India) Ltd: Buy above ₹845 | Stop ₹820 | Target ₹930
EIDPARRY, a mid-cap sugar manufacturer has been undergoing some volatile scenario in the last few days. The positive move seen on Thursday highlights that there is a shift seen in the negative outlook on the back of the government directive on sugar exports. As the possibility of revival emerges, one can consider going long and indicate some signs of further upside.
Raja Venkatraman is co-founder, NeoTrader.
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.