NeoTrader's Raja Venkatraman Recommends Three Stock Picks for January 13 Trading
NeoTrader's Raja Venkatraman recommends three stocks for January 13 trading: MedPlus Health Services (₹846.25), Asian Paints (₹2,896.40), and BSE Ltd (₹2,790.75). His picks come as Indian markets rebounded after a five-day losing streak, with specific entry points, stop losses, and target prices based on technical analysis patterns and positive momentum indicators.
*this image is generated using AI for illustrative purposes only.
Market expert Raja Venkatraman from NeoTrader has identified three key stock trading opportunities for January 13, as Indian equity markets show signs of recovery after breaking a five-day losing streak. His recommendations focus on stocks displaying strong technical patterns and positive momentum indicators.
Featured Stock Recommendations
MedPlus Health Services
MedPlus Health Services, India's second-largest pharmacy retail chain by revenue and store count, presents a compelling trading opportunity at current levels.
| Parameter: | Details |
|---|---|
| Current Price: | ₹846.25 |
| P/E Ratio: | 192.56 |
| 52-Week High: | ₹1,052.05 |
| Volume: | 202.27K |
| Buy Above: | ₹848.00 |
| Stop Loss: | ₹818.00 |
| Target Price: | ₹948.00 (2 months) |
| Support Level: | ₹797.00 |
| Resistance Level: | ₹975.00 |
The company utilizes an omni-channel platform allowing customers to purchase through physical stores. After consolidating for several months, prices moved higher on Monday with a large body candle formation, while the positive directional indicator shows emerging positive momentum.
Asian Paints
Asian Paints, India's largest paint and home décor company, shows technical strength around key support levels.
| Parameter: | Details |
|---|---|
| Current Price: | ₹2,896.40 |
| P/E Ratio: | 72.01 |
| 52-Week High: | ₹2,985.50 |
| Volume: | 1.74M |
| Buy Above: | ₹2,900.00 |
| Stop Loss: | ₹2,830.00 |
| Target Price: | ₹3,050.00 (2 months) |
| Support Level: | ₹611.00 |
| Resistance Level: | ₹690.00 |
The stock has formed a rounding pattern around cloud support region, with a strong long body candle around technical bands indicating potential upside momentum. The rising directional indicator suggests favorable conditions for initiating long positions.
BSE Ltd
BSE Ltd, Asia's first and oldest stock exchange, demonstrates strong technical breakout potential.
| Parameter: | Details |
|---|---|
| Current Price: | ₹2,790.75 |
| P/E Ratio: | 69.19 |
| 52-Week High: | ₹3,030.00 |
| Volume: | 7.69M |
| Buy Above: | ₹2,795.00 |
| Stop Loss: | ₹2,720.00 |
| Target Price: | ₹2,925.00 |
| Support Level: | ₹510.00 |
| Resistance Level: | ₹541.00 |
After a period of consolidation, the stock has surpassed the resistance region around ₹2,750.00 with strong upside momentum emerging. The ADX indicator shows increasing strength, supporting potential upward movement.
Market Recovery Context
Indian equity benchmarks staged a notable rebound on Monday, with the NSE Nifty recovering from intraday lows to close near session highs. The recovery was attributed to optimism surrounding ongoing India-US trade discussions, with officials signaling constructive progress. While broader markets lagged with midcap and smallcap indices showing mixed performance, large-cap stocks demonstrated resilience.
Technical Outlook
Venkatraman notes that the strong resolve to move higher has met with good demand, with levels returning to previous Wednesday's high. The analyst suggests maintaining a cautious but optimistic approach, looking for participation opportunities on dips while monitoring key resistance and support levels. He emphasizes that sector rotation will continue to create opportunities across different market segments.
Risk Disclosure: The recommendations carry inherent market risks including intense competition, regulatory changes, volatile raw material costs, and macroeconomic conditions. Investors should conduct thorough research and consult certified experts before making investment decisions.
20
