Stocks to buy: Raja Venkatraman recommends three stocks for today — 3 January
Subscribe to enjoy similar stories. On 2 January, the Indian stock markets saw significant gains, with key indices climbing by more than 1.5% each. The Sensex surged over 1,400 points, while the Nifty 50 broke the critical 23,950 threshold, surpassing the 200-day moving average (200-DMA).
This boost was fueled by positive activity in banking and IT sectors, anticipation of strong quarterly earnings, and a supportive technical landscape. Positive factors like better GST collection hinted at a potential emergence of encouraging Q3 numbers. Also Read: Mint Primer | Happy New Year: How stocks may swing in 2025 In the last article, we had said, “…short covering action that may follow based on global cues could help the market rise rapidly.
“ As anticipated, the strong thrust seen yesterday pushed the markets higher towards an encouraging closing. We have been highlighting the possibility of a restrained move. Yesterday, the strong revival from the lower levels gave hopes for the bullish cause.
Considering the nature of the market, we need to keep booking profits as the trends remain unclear. Option data hints that we need to concentrate on 24000 level that has been reclaimed once again. With the surpassing of 24200, we can now revise the stop to 24800 going into the next trading session.
With the last trading day of the week, we may experience some profit booking. Also Read: Weak rupee dented dollar returns for already wary foreign investors in 2024 • Coromandel: Buy above ₹1,965, stop ₹1,938, target ₹1,998 Speciality Chemical stocks have traded mixed and post the profit booking, buying trends are seen reviving from lower levels. With the average directional index (ADX) gaining momentum, the strong showing continues to
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