Stocks to buy: Raja Venkatraman recommends three stocks for today—21 January
Subscribe to enjoy similar stories. Global markets displayed optimism on 20 January as Asian and European indices rallied ahead of Donald Trump’s inauguration as US president, lending support to Indian markets. Banking and telecom stocks drove the recovery, but investor sentiment remained cautious and volatile.
As markets gear up for a pre-Budget rally, all eyes are now on the Union Budget announcement scheduled for 1 February. Policymakers are expected to introduce measures to address the ongoing economic slowdown, with particular focus on strategies to navigate the current challenges. Read this | Mint Primer | Stormy Monday: What to expect, going ahead The Sensex closed higher on Monday, gaining 454 points to settle at 77,073.44, while the Nifty 50 rose 141 points to close at 23,344.75.
Among the top gainers were Kotak Mahindra Bank, Wipro, and Bajaj Finance, while SBI Life, Trent, and Shriram Finance led the decliners. One stock remained unchanged. The 23,000 support level continues to hold.
Global cues are expected to influence market trends this week, with currency fluctuations playing a significant role, as previously discussed. On higher timeframe charts, the Nifty is showing a doji pattern on the weekly charts, signalling indecision and tempering the bearish bias. While the week has begun with hints of recovery, traders should approach the market with caution given the tense and uncertain trading environment.
Option data indicates significant Call writing at the 23,500 level, capping bullish momentum. With trends lacking stability, market action is likely to remain limited in either direction. Although there are patches of positivity, they have not translated into sustained movement.
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