
Stocks to buy: Raja Venkatraman's top picks for 5 January
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:DABUR(Cmp ₹522.60)DABUR: Buy above ₹525, stop ₹507 target ₹580 (Multiday)RRKABEL (Cmp ₹1510.50)RRKABEL:Buy above ₹1515, stop ₹1470 target ₹1615 (Multiday)PAYTM(Cmp ₹1340.60)PAYTM: Buy above ₹1340, stop ₹1315 target ₹1385 (Intraday)Stock Market RecapIndian equity markets closed on a strong note on Monday, buoyed by firm global cues and robust buying in banking and metal counters. The Sensex advanced 573.41 points, or 0.67 percent, to settle at 85,762.01 after touching an intraday high of 85,812.27.
The Nifty gained 182 points, or 0.7 percent, to close at 26,328.55, briefly hitting a record peak of 26,340.10. Asian markets, including South Korea’s Kospi, Shanghai’s SSE Composite, and Hong Kong’s Hang Seng, traded positively, while U.S.
futures indicated a firm Wall Street opening.Large-cap buying remained evident, with Reliance Industries rising nearly 1 percent for the second straight session. Analysts noted that upbeat auto sales and sectoral updates point to stronger December-quarter earnings.
Domestic institutional investors continued steady purchases, cushioning against foreign outflows. Meanwhile, the rupee appreciated by 6 paise to 89.92 against the dollar, with RBI interventions keeping the 90 level intact amid balanced forex flows.Outlook for tradingBullish resolve is helping the Nifty sustain the strong upward drive but the trends are beginning to show some tiredness in the recent moves.
The sudden intraday collapse is attracting some bearishness.Currently, overall momentum and sentiment are buoyant, but the unexpected stretch of positive vibes has begun attracting some hesitation. The absence of any news triggers has curtailed the broader indices
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