Stocks to buy: Raja Venkatraman recommends three stocks for today — 22 January

livemint.com:

Subscribe to enjoy similar stories. It has been a week of unprecedented events that led to some sharp drawdown on the broader indices. As the trends began to slip, there was widespread chaos due to the complete lack of clarity.

The strong rebound in the wake of a historical global sell-off has sparked fear of the continuity of the uptrend. Both government and private banks faced a slump, and the automobile sector experienced a notable drop, severely affecting market sentiment. The small and mid-sized company indices suffered the most, falling deeper into the red and declining more rapidly than their larger counterparts.

The majority of the indices were in a sell-on rally mode led by large-scale volatility during the day, they eventually gave in to selling pressure due to various global and local factors that left investors anxious. By the end of the session, the Sensex fell by 1,235.08 points or 1.60% to settle at 75,838.36, and the Nifty dropped by 320.10 points or 1.37% to close at 23,024.65. A negative bias that is changing the trends in the market.

As we mentioned yesterday: “…The option data is hinting at 23,500, seeing some strong Call writing that is holding back the bullish exuberance….". The continued uncertainty broke the lower end of the range at 24,200, thus causing some downward reactions to unfold. With the sharp decline seen in the indices ahead of the Budget, we can conclude that the trends are going through a challenging phase.

The sharp decline since September 2024 continued to keep the pressure on the indices, thus forcing the market lower. The breach of the recent set of candles around the consolidation region has once again indicated the lack of participation for the next few days. As the hopes of a