Stocks To Buy Today, Jan 5: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Monday

The Nifty reached new all-time highs last week, settling at 26,328.55, while the Sensex rose 0.85% to 85,762.01. Indian stocks started the New Year on a high note, rising almost 1%. Individual investors in India will monitor the FY GDP growth figures after the final HSBC Services PMI and Composite PMI readings. This week's market outlook will be influenced by data on bank loan growth, deposit growth, and foreign currency reserves.

Nifty Outlook

"Nifty has delivered a convincing bullish breakout from its consolidation phase, registering fresh all-time highs and entering uncharted territory. The prevailing higher-low structure underscores persistent buying interest, with declines being swiftly absorbed near support levels-highlighting strong investor confidence. The 26,200-26,100 zone has now emerged as an immediate support band and will be crucial in preserving short-term stability," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"Aggressive put writing around at-the-money strikes reflects heightened optimism and conviction of a further decisive upside move. A sustained follow-through above 26,350 could trigger additional short covering, potentially propelling the index toward fresh record highs near 26,500. On the flip side, any pullbacks toward 26,100 are expected to attract buying interest, keeping the broader buy-on-dips strategy firmly intact in the near term," Dhupesh Dhameja added.

Bank Nifty Outlook

"Nifty Bank has delivered a convincing confirmation of its breakout from consolidation, posting fresh all-time highs and closing decisively above its recent four-week range. The ongoing higher-low price structure highlights sustained accumulation, with every dip being swiftly absorbed-underscoring strong investor confidence in the uptrend. The 59,500-59,700 band has now emerged as an immediate support area and will be critical in maintaining near-term stability," Dhupesh Dhameja added.

"Aggressive put writing near at-the-money strikes further reflects optimism and conviction of a continued upward move. A sustained follow-through above 60,200 could trigger fresh short covering, potentially driving the index toward new record levels around 60,500. On the downside, any retracement toward 59,500 is expected to attract buying interest, keeping the broader buy-on-dips strategy firmly in play over the near term," the analyst further added.

Stocks To Buy Today

On Monday, January 5, technical analyst Riyank Arora of Mehta Equities Ltd. recommended buying two stocks for profitable trading after the Nifty finished the previous session strongly, reaching its first all-time high of the year 2026 at 26,340.

Tata Consultancy Services

Buy | CMP: Rs 3,250.70 | SL: Rs 3,150 | Target: Rs 3,350 / Rs 3,420

TCS continues to trade with a positive bias, supported by steady buying near its support zone. The stock is forming a base above ₹3,150, and momentum indicators remain stable. A sustained move above ₹3,280 can push the stock toward ₹3,350 and ₹3,420. Traders may hold long positions with a stop-loss at ₹3,150.

ICICI Bank

Buy | CMP: Rs 1,355.40 | SL: Rs 1,315 | Target: Rs 1,400 / Rs 1,440

ICICI Bank remains one of the strongest performers in the banking space, maintaining a clear uptrend. The stock is trading above key moving averages with RSI firmly in the bullish zone. A breakout above ₹1,365 may accelerate upside toward ₹1,400 and ₹1,440. Maintain SL at ₹1,315.

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