Stocks to buy: Raja Venkatraman recommends top picks for 23 January
Market expert Raja Venkatraman shares his top stocks to buy today, 23 January. Discover his exclusive picks and analysis to inform your investment strategy.
The market caught a fever as the Trump effect dominated the proceedings, thus causing some turbulence. As trends try to make their way ahead, the damage control that is required by market participants is quite demanding.
Three stocks to trade as recommended by Raja Venkatraman of NeoTrader:
Best stocks to buy today (All Buy trades are rates of Equity & Sell rates are based on F&O)
HCL Technologies Ltd: Buy above ₹1,705 | Stop ₹1,650 | Target ₹1,798 (multiday)
Tata Steel Ltd: Buy above ₹190 | Stop ₹184 | Target ₹205 (multiday)
Bharat Electronics Ltd: Buy above ₹418 | Stop ₹405 | Target ₹441 (multiday)
Stock-market today
On 22 January 2026, domestic equities staged a sharp rebound after several weak sessions, buoyed by easing concerns about global trade and geopolitics. The Nifty opened with a gap-up, briefly dipped, and then traded in a narrow band before closing at 25,289.90, up 0.53%. The recovery was broad-based, led by the pharma, FMCG, and energy sectors, while midcap and smallcap indices also advanced by 0.84% to 1.41%. Improved sentiment followed overnight rallies in global markets and supportive comments from US President Donald Trump at Davos, which reduced near-term tariff fears and triggered short-covering alongside renewed buying interest.
Outlook for trading
Technically, the Nifty is hovering near its 200-day DEMA around 25,150, a crucial level for sustaining momentum towards 25,600. Failure to hold above this zone could see declines towards 24,750–24,900. Metals and PSU banks displayed notable strength, but mixed signals across other sectors suggest traders should remain cautious and prioritize risk management amid likely volatility.
As mentioned above, all indices were seen bleeding, and mid- and small-cap stocks suffered heavy damage amid heavy selling on the back of Trump tariff jitters, as US President Donald Trump unleashed a fresh round of punishing tariffs. A relief emerging from a trade deal that can emerge in the next few days, this could lead to a strong rebound.
Another area from which this signal is also emerging is the Heiken Ashi candle chart. Chart 1 shows the week setup. We can note that the trend, according to this style of charting changed in the last week.
We now evaluate trends after the sharp drop into confluence of supports (1 & 2) that is a combination of the trendline support and Fibonacci support levels that can help a rebound. We also note that there is a small body red candle that appeared after the last few days of bearishness.
So it is that the market thought about what was going on for two weeks and then decided to revisit the decline. This is why I wrote in last week's letter that we were at an inflexion point. The candle body demands that we revisit our bias and be alert ahead.
The markets suffered a rout once again in the week just ended, dropping another 1,000 points over the last seven trading sessions. With no clarity that is emerging at the moment, we should participate with a prudent approach. The trends are once again attempting a rebound near the recent lows at around 25,200-25,300. The trends are clearly indicating that it will take some effort to move above 25,500, which was the last key support level.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
HCLTECH (Cmp ₹1,703.10)
Why it’s recommended: HCLTech (HCL Technologies Ltd) is a leading global technology company headquartered in Noida, India. As of early 2026, it is ranked among the top three India-headquartered IT services companies by revenue and market capitalization. Post some strong Q3. After a strong rally since November, the prices slipped into consolidation. The sharp drop into the value region support around 1590 recently witnessed a sharp rebound on the back of some strong volumes. Look to initiate a multi-week buy; the prices have resolutely moved higher, forming a large body candle. The positive DI is also inching higher intraday timeframe. Go long.
Key metrics:
P/E Ratio: 39.88
52-week high: ₹1,828.50,
Volume: 1.85M
Technical analysis: Support at ₹1,650, resistance at ₹1,850.
Risk factors: IT industry competition, macroeconomic uncertainty (recession threats, currency fluctuations), and potential impacts from changes in US immigration laws.
Buy: above ₹1,705.
Stop loss: ₹1,650.
Target price: ₹1,798 (2 months)
TATASTEEL (Cmp ₹189.10)
Why it’s recommended: Tata Steel Ltd is an Indian multinational steel manufacturer headquartered in Mumbai. It is a core member of the Tata Group and holds the distinction of being Asia’s first integrated private steel company. A reaction into the TS & KS bands and a subsequent recovery forming a nice V-shaped revival. A strong long body candle around the TS & KS bands augurs well for some upside if the market rebounds. A rise in the DI indicates that we can look to initiate a long opportunity here for a push to higher levels. Go long now.
Key metrics:
P/E: 16.13,
52-week high: ₹191,
Volume: 35.68M.
Technical analysis: Support at ₹175 | Resistance at ₹210.
Risk factors: Economic cycles, commodity price volatility, geopolitical issues, stringent ESG regulations, and supply chain disruptions.
Buy: Above ₹190
Stop loss: ₹184
Target price: ₹205 (2 months)
BEL (Cmp ₹417.30)
Why it’s recommended: Bharat Electronics Ltd (BEL) is a leading Indian Navratna Public Sector Undertaking (PSU) under the Ministry of Defence. Established in 1954, it serves as a critical strategic partner to the Indian Armed Forces, specializing in advanced aerospace and defence electronics. After the recent pullback into the cloud, we can see a strong revival that has created a strong thrust, fuelling a surge on Thursday. Ahead of the results, we can note that the momentum is encouraging, which could fuel a strong upside.
Key metrics:
P/E Ratio: 53.74
52-week high: ₹436
Volume: 19.76M
Technical analysis: Support at ₹400 | Resistance at ₹450.
Risk factors: Slower-than-expected revenue growth, managing top-level attrition, and efficiently integrating operations.
Buy: above ₹418.
Stop loss: ₹405.
Target price: ₹441.
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.
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