Market Expert Ankush Bajaj Recommends Three Stocks for 29 January Trading
Renowned market analyst Ankush Bajaj has identified three promising stocks for investors to consider on Thursday, 29 January 2026. This recommendation comes as the Indian equity market shows signs of a relief bounce, with the Nifty 50 closing at 25,342.75 on 28 January, up by 167.35 points or 0.66%. However, Bajaj cautions that the broader technical structure remains cautious, indicating this may be a pullback rather than a confirmed trend reversal.
Detailed Stock Recommendations with Technical Insights
Ankush Bajaj's stock picks focus on sectors showing strength, particularly energy and infrastructure. Here are his top three recommendations for today's trading session:
- Oil India Ltd
- Why it's recommended: Oil India is exhibiting renewed strength, aligning with the broader uptrend in energy stocks. The stock benefits from steady buying interest, supported by firm crude oil prices and strong momentum in PSU energy companies. Price action suggests a continuation above the short-term base, maintaining a bullish bias.
- Technical view: As long as the stock holds above ₹484, it has the potential to move towards the ₹502 zone in the near term.
- Buy at: ₹490.50
- Target price: ₹502
- Stop loss: ₹484
- APL Apollo Tubes Ltd
- Why it's recommended: APL Apollo Tubes continues to trade in a constructive structure, bolstered by demand visibility in infrastructure and construction-linked segments. The stock is consolidating near support levels and showing signs of a fresh upside attempt, indicating accumulation at lower levels.
- Technical view: Sustaining above ₹2,072 keeps the setup positive, with potential for a move toward ₹2,125.
- Buy at: ₹2,091
- Target price: ₹2,125
- Stop loss: ₹2,072
- Coal India Ltd
- Why it's recommended: Coal India remains robust within the metals and energy space, supported by strong cash flows and steady institutional interest. The stock is holding higher supports and displaying continuation signals after recent consolidation.
- Technical view: Holding above ₹434 maintains the bullish structure and opens room for an upside move towards ₹456.
- Buy at: ₹444
- Target price: ₹456
- Stop loss: ₹434
Market Context and Sectoral Performance
The Indian equity market closed on a firm note in the latest session, with buying interest evident in commodity-linked and energy stocks. In contrast, FMCG and consumption-heavy sectors faced pressure. Sectorally, PSU stocks led the rally, with the PSE index surging 4.61%, driven by strong gains in energy and commodity names. The Energy Index jumped 4.18%, aided by a sharp rise in oil and gas counters, while the Oil & Gas Index advanced 3.40%. Metals also remained in focus, with the Metal Index climbing 2.34%, reflecting continued strength in global commodity prices. Media stocks added to the positive momentum, gaining 2.13%, indicating selective risk-on appetite in mid-cap spaces.
On the downside, defensives and consumption-oriented sectors saw profit booking. The FMCG index declined 0.71%, while Pharma slipped 0.22% and Healthcare edged lower by 0.20%, as investors rotated out of relatively expensive defensive plays into cyclical and value-driven sectors.
Stock-specific action was pronounced. Among the top gainers, BEL rallied sharply by 8.91%, followed closely by ONGC, which surged 8.32% on strong buying interest in energy stocks. Coal India gained 5.00%, while Hindalco added 3.78%, benefiting from strength in metals. Hero MotoCorp also posted healthy gains of 2.46%. On the losing side, Tata Consumer Products dropped 4.68%, Asian Paints declined 4.23%, and Maruti Suzuki fell 2.41%, reflecting selling pressure in consumption and auto names. Britannia and Sun Pharma also ended lower, slipping 2.30% and 1.73%, respectively.
Overall, the session reflected a clear shift toward cyclicals and PSU-heavy sectors, with investors favouring energy, metals, and government-linked stocks, while remaining cautious on FMCG and pharma amid valuation concerns.
Nifty Technical Analysis and Outlook
On the daily chart, the Nifty continues to trade below its key short-term averages, with the 20-day DMA and 40-day DEMA placed near 25,719 and 25,718, respectively, both well above the current close. This indicates that the short-term trend remains under pressure. The daily RSI is hovering around 40, suggesting weak momentum and only a mild recovery from oversold conditions. The MACD on the daily timeframe remains deeply negative at around –210, confirming that the broader trend is still bearish and that the recent upmove is more of a pullback than a structural shift.
However, the index is holding above the 20-HMA at 25,184 and the 40-HEMA at 25,277, which provides some near-term support and hints at base formation after the recent decline. The hourly chart paints a relatively better short-term picture. RSI on the hourly timeframe has improved to 57, indicating strengthening intraday momentum, while the hourly MACD has turned positive at around +11, reflecting a short-term bullish crossover. This suggests that buying interest has picked up at lower levels, helping the index rebound from recent lows.
As long as the Nifty sustains above the 25,200-25,250 zone, the pullback could extend further toward the 25,600-25,700 area, where stronger resistance is likely to emerge. Derivatives data, however, continues to signal caution. Total Call open interest stands at 99.1 million versus Put open interest of 81.9 million, resulting in a negative PE-CE differential of –17.2 million, indicating that call writers are still relatively more active. Fresh additions also favour the bearish camp, with Call OI rising by 40.9 million compared to a 33.3 million increase in Put OI, keeping the OI change trend bearish.
The 26,000 strike remains the key overhead resistance with the highest Call OI as well as the maximum addition, while the 25,000 strike holds the maximum Put OI, marking it as an important support zone for the current series. Fresh Put additions at 25,300 suggest traders are building some near-term support slightly above the psychological 25,000 mark.
Overall, while the sharp bounce has improved short-term sentiment and intraday momentum, the Nifty is still trading within a corrective framework on the daily charts. As long as the index remains below the 25,700-25,800 zone, rallies are likely to be treated as pullbacks rather than the start of a fresh uptrend. Sustained strength above this resistance band, along with improving daily momentum indicators, would be required to signal a more durable recovery. Until then, the market may continue to witness volatile, range-bound moves with a positive bias only in the very near term.
Ankush Bajaj is a Sebi-registered research analyst with registration number INH000010441. Investments in securities are subject to market risks. Investors are advised to read all related documents carefully before investing. Registration granted by Sebi and certification from NISM do not guarantee performance or returns. The views and recommendations in this article are those of the individual analyst and do not represent Mint. Consult certified experts before making investment decisions.
