Analyst Raja Venkatraman Picks Top 3 Stocks for Indian Investors Amid Market Turmoil
Overview
Market analyst Raja Venkatraman of NeoTrader has identified three stocks – Tata Elxsi, ICICI Bank, and Union Bank of India – for trading. This comes as Indian equities faced volatility on January 13, 2026, with the Sensex and Nifty50 closing lower amid profit booking and foreign fund outflows, despite initial optimism.
Market Struggles Amid Profit Booking
Indian equities experienced a dip on January 13, 2026, shedding early gains as investors booked profits across various sectors. Foreign fund outflows persisted, contributing to the cautious sentiment. The benchmark Sensex closed 250 points lower at 83,627.69, marking a 0.3% decline, while the Nifty50 settled at 25,732.30, down 0.22%.
The market had opened on a positive note, continuing Monday's rebound. However, initial optimism fueled by potential progress in India-US trade discussions waned. Selling pressure emerged in auto, information technology, and pharmaceutical counters. Heavyweight stocks like Larsen & Toubro, Dr. Reddy’s Laboratories, and Cipla saw declines of up to 2%, weighing down the indices. Select energy stocks, including ETERNAL and ONGC, provided some support with gains of nearly 3%. Persistent foreign selling capped the market's recovery momentum.
Analyst's Top Picks
Amidst this choppiness, Raja Venkatraman, co-founder of NeoTrader and a SEBI-registered research analyst, has recommended three stocks for investors to consider. These recommendations are based on technical analysis and market trends.
Tata Elxsi Ltd.
The global design and technology services company is recommended for its AI-first, design-led approach to developing next-gen solutions. Prices have moved higher recently, with positive technical indicators suggesting upward momentum. Investors are advised to buy above ₹ 5,800, with a stop loss at ₹ 5,685 and a target of ₹ 6,175 over a multiday period. Key metrics show a P/E ratio of 53.84, with a 52-week high of ₹ 6,733.50. Technicals suggest support at ₹ 5,500 and resistance at ₹ 6,500.
ICICI Bank Ltd.
India's second-largest private sector bank is favored for its strong position and recent technical setup. The stock is seen reacting to strong support levels around the cloud region, forming a rounding pattern. A strong long candle formation suggests potential upside if the broader market rebounds. The recommendation is to buy above ₹ 1,440, with a stop loss at ₹ 1,410 and a target price of ₹ 1,525 for a multiday horizon. Its P/E ratio stands at 20.74, with a 52-week high of ₹ 1,494.10. Support is pegged at ₹ 1,390 and resistance at ₹ 1,600.
Union Bank of India
This public sector bank is noted for its declining prices entering strong cloud support, holding steady near value support. A recent revival has surpassed the cloud region, signaling potential for upside. The buy recommendation is set above ₹ 166.50, with a stop loss at ₹ 163 and a target of ₹ 171. Key metrics include a P/E ratio of 7.06 and a 52-week high of ₹ 167.30. Technical analysis indicates support at ₹ 159 and resistance at ₹ 175.
Technical Outlook
The Nifty is currently testing support around the 25,500 level. Any upward move will face immediate resistance challenges around 25,900 and 26,100. A sustained move above this area could force a reassessment by bearish market participants. Supports have been revised to around 25,600. The Put Call Ratio for Nifty below 1 suggests a cautious approach from bulls. The market is navigating a critical phase as the week draws to a close, with opportunities for "buy on dips" strategy around key support levels.
