Market Expert Raja Venkatraman Recommends Top Stock Picks for 23 January 2026
In a volatile market environment dominated by global political developments, market expert Raja Venkatraman, co-founder of NeoTrader, has shared his exclusive stock recommendations for 23 January 2026. His analysis comes at a critical juncture as Indian equities navigate turbulence and seek direction.
Market Context and Recent Performance
On 22 January 2026, domestic equities staged a sharp rebound after several weak sessions, buoyed by easing concerns about global trade and geopolitics. The Nifty opened with a gap-up, briefly dipped, and then traded in a narrow band before closing at 25,289.90, up 0.53%. This recovery was broad-based, led by the pharma, FMCG, and energy sectors, while midcap and smallcap indices also advanced by 0.84% to 1.41%.
Improved sentiment followed overnight rallies in global markets and supportive comments from US President Donald Trump at Davos, which reduced near-term tariff fears and triggered short-covering alongside renewed buying interest. However, the market has faced significant volatility, with indices bleeding and mid- and small-cap stocks suffering heavy damage amid heavy selling driven by Trump tariff jitters.
Technical Outlook and Key Levels
Technically, the Nifty is hovering near its 200-day DEMA around 25,150, a crucial level for sustaining momentum towards 25,600. Failure to hold above this zone could see declines towards 24,750–24,900. Metals and PSU banks displayed notable strength, but mixed signals across other sectors suggest traders should remain cautious and prioritize risk management amid likely volatility.
The trends are once again attempting a rebound near the recent lows at around 25,200-25,300. It will take some effort to move above 25,500, which was the last key support level. With no clarity emerging at the moment, a prudent approach is advised for market participants.
Raja Venkatraman's Top Stock Recommendations
Raja Venkatraman recommends three stocks for trading on 23 January 2026, with all buy trades based on equity rates and sell rates based on F&O. Here are his detailed picks:
HCL Technologies Ltd (HCLTECH)
Current Market Price: ₹1,703.10
Why it's recommended: HCL Technologies Ltd is a leading global technology company headquartered in Noida, India. As of early 2026, it is ranked among the top three India-headquartered IT services companies by revenue and market capitalization. After a strong rally since November, the prices slipped into consolidation. The sharp drop into the value region support around ₹1,590 recently witnessed a sharp rebound on the back of some strong volumes.
Key metrics: P/E Ratio: 39.88, 52-week high: ₹1,828.50, Volume: 1.85M
Technical analysis: Support at ₹1,650, resistance at ₹1,850
Risk factors: IT industry competition, macroeconomic uncertainty (recession threats, currency fluctuations), and potential impacts from changes in US immigration laws
Trading strategy: Buy above ₹1,705 | Stop loss: ₹1,650 | Target price: ₹1,798 (multiday)
Tata Steel Ltd (TATASTEEL)
Current Market Price: ₹189.10
Why it's recommended: Tata Steel Ltd is an Indian multinational steel manufacturer headquartered in Mumbai. It is a core member of the Tata Group and holds the distinction of being Asia's first integrated private steel company. A reaction into the TS & KS bands and a subsequent recovery forming a nice V-shaped revival. A strong long body candle around the TS & KS bands augurs well for some upside if the market rebounds.
Key metrics: P/E: 16.13, 52-week high: ₹191, Volume: 35.68M
Technical analysis: Support at ₹175, resistance at ₹210
Risk factors: Economic cycles, commodity price volatility, geopolitical issues, stringent ESG regulations, and supply chain disruptions
Trading strategy: Buy above ₹190 | Stop loss: ₹184 | Target price: ₹205 (multiday)
Bharat Electronics Ltd (BEL)
Current Market Price: ₹417.30
Why it's recommended: Bharat Electronics Ltd (BEL) is a leading Indian Navratna Public Sector Undertaking (PSU) under the Ministry of Defence. Established in 1954, it serves as a critical strategic partner to the Indian Armed Forces, specializing in advanced aerospace and defence electronics. After the recent pullback into the cloud, we can see a strong revival that has created a strong thrust, fuelling a surge on Thursday.
Key metrics: P/E Ratio: 53.74, 52-week high: ₹436, Volume: 19.76M
Technical analysis: Support at ₹400, resistance at ₹450
Risk factors: Slower-than-expected revenue growth, managing top-level attrition, and efficiently integrating operations
Trading strategy: Buy above ₹418 | Stop loss: ₹405 | Target price: ₹441 (multiday)
Important Disclaimers and Risk Factors
Raja Venkatraman is co-founder of NeoTrader. His SEBI-registered research analyst registration number is INH000016223. Investments in securities are subject to market risks. Readers are advised to read all related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors.
The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. Investors are advised to check with certified experts before making any investment decisions.
