Market Expert Raja Venkatraman Recommends Three Stocks for 29 January Trading
Market sentiment remained indecisive on Wednesday as persistent volatility prevented any clear directional breakout. With the broader outlook still shadowed by uncertainty, investors should adopt a cautious, data-driven approach rather than chasing momentum in this unforgiving trend. Raja Venkatraman, co-founder of NeoTrader, has identified three specific stocks that present potential trading opportunities for 29 January based on technical analysis and market positioning.
Detailed Analysis of Recommended Stocks
Venkatraman's recommendations come at a time when Indian equity markets extended their upward momentum on 28 January, buoyed by optimism surrounding the India-European Union free trade agreement and supportive global cues. The Sensex climbed 487 points (0.6%) to close at 82,344.68, while the Nifty50 advanced 167 points (0.66%) to settle at 25,342.75, marking a continuation of the previous session's gains.
BANKINDIA: Public Sector Banking Opportunity
Current Price: ₹167.34
Bank of India (BOI) is a major Indian public sector bank, established in 1906 and nationalized in 1969, offering a wide range of retail, corporate, and rural banking services. With prices consolidating into strong cloud supports, a nice rounding pattern has emerged, fueling a strong surge on Wednesday. The upthrust seen here could result in some continued upward drive. The revival has surpassed the cloud region and a strong upside has emerged in the last trading session.
Key Technical Parameters:
- Buy above: ₹167
- Stop loss: ₹160
- Target price: ₹179 (multiday timeframe)
- Support level: ₹145
- Resistance level: ₹170
Fundamental Metrics:
- P/E Ratio: 6.99
- 52-week high: ₹168.40
- Volume: 15.12 million shares
Risk Factors: Slower-than-expected revenue growth, managing top-level attrition, and efficiently integrating operations remain key challenges for the banking sector.
AIAENG: Engineering Sector Play
Current Price: ₹3907.20
AIA Engineering Ltd. is an Indian company specializing in the design and manufacture of high chromium wear-resistant parts for grinding equipment used in the cement, mining, thermal power, and aggregate industries. A sharp dip into the cloud support region and a revival from thereon is fueling some recovery momentum. A slow rise in DI on the intraday timeframe indicates that traders can look to initiate long positions for a push to higher levels.
Key Technical Parameters:
- Buy above: ₹3910
- Stop loss: ₹3800
- Target price: ₹4125 (multiday timeframe)
- Support level: ₹3700
- Resistance level: ₹4200
Fundamental Metrics:
- P/E Ratio: 34
- 52-week high: ₹4170
- Volume: 30,590 shares
Risk Factors: Intense competition, raw material price fluctuations, and a premium valuation that requires sustained high growth to justify current price levels.
APLAPOLLO: Tubes Manufacturer Analysis
Current Price: ₹2091
APL Apollo Tubes (APAT) reported a healthy operating performance in the third quarter of FY26. Following a recent decline, the TS & KS supports have managed to fuel some upside, and encouraging newsflow has added more positive momentum to prices. The ADX and DMI indicators are now showing strong trended action. The volume surge seen is hinting at potential upward traction, with charts suggesting robust action that invites buying participation.
Key Technical Parameters:
- Buy above: ₹2091
- Stop loss: ₹2830
- Target price: ₹2250 (multiday timeframe)
- Support level: ₹1600
- Resistance level: ₹1750
Fundamental Metrics:
- P/E Ratio: 78.75
- 52-week low: ₹1521.20
- Volume: 836,450 shares
Risk Factors: Financial disclosures, high working capital requirements, regulatory scrutiny, and sector-specific dependencies present challenges for the company.
Market Context and Trading Outlook
A bullish undercurrent drove markets higher on Wednesday as investor faith in the growth story was reaffirmed, stoking positive sentiment during the trading session. Following a significant recovery from lower levels, traders are now anticipating trended price action to emerge. However, careful observation of how the path forward unfolds is essential as markets pace themselves heading into the next series.
The long-bodied candle revival from channel support continues to pave the way for further upside. Technical trends are finally providing the much-awaited assurance of a market recovery. Trading remained relatively sedate as trends stayed indifferent, though high intraday volatility saw the Nifty swing 150 points in mere minutes. Despite this, the market successfully surpassed last Friday's high as positive cues began to emanate.
With volumes picking up once again, traders should place special emphasis on the upcoming Sensex expiry. Daily charts indicate that prices have reached a strong resistance zone at the current close and will require fresh tailwinds to fuel a sustained move higher. A potential follow-through on Thursday could open the doors for a further 300-point rally toward the heavy cloud resistance formed after the sharp decline at the week's start.
While overhead supply will continue to test investor confidence, the swift recovery from lower levels signals that previous highs will likely be challenged again as the market carves out a bullish structure. Nifty has sustained itself above the 25,000 mark and successfully cleared 25,150, paving a path toward 25,400, which now stands as the next major hurdle for bullish momentum.
Open Interest trends are currently signalling renewed strength, making a 30-minute range breakout a crucial metric for traders to monitor before initiating long positions. Pullbacks should continue to be treated as opportunities for accumulation. However, as markets head into resistance zones, inconsistent price action and profit-booking could emerge once more.
The Option Chain still reflects certain levels of caution and limited market participation. Nifty is now contesting the 25,500 resistance mark, while Bank Nifty aims to clear 60,000, as technical data hints at bullishness persisting through the week.
Raja Venkatraman is co-founder of NeoTrader. His SEBI-registered research analyst registration number is INH000016223. Investments in securities are subject to market risks. Read all related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantees performance of the intermediary or provides 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.
