Bajaj Broking Research Unveils Top Stock Picks for January 2026
In its latest market analysis, Bajaj Broking Research has identified Gokaldas Exports and Hindustan Unilever as the top stock recommendations for January 2026. This comes amid a volatile trading environment for Indian benchmark indices, with the firm providing detailed technical insights on Nifty and Bank Nifty movements.
Market Overview: Heightened Volatility and Global Pressures
Indian equity markets experienced significant turbulence in the recent week, characterized by a persistent downward bias. This negative momentum was largely driven by weak global cues and sustained selling pressure from Foreign Institutional Investors (FIIs). Volatility remained elevated throughout the period due to prevailing uncertainties, including concerns over US trade tariff policies and geopolitical issues related to Greenland.
The Indian rupee faced substantial pressure, with the USD/INR pair hitting a fresh record low of 91.74. This sharp depreciation of the domestic currency further weighed on market sentiment, contributing to the downside pressure on benchmark indices. However, geopolitical tensions showed some easing in the latter half of the week following developments at the World Economic Forum in Davos, Switzerland.
President Donald Trump announced that a framework plan had been finalized to address US interests in Greenland, reducing the likelihood of additional tariffs on European nations. The proposed framework is expected to include US mineral rights in Greenland and the deployment of the Golden Dome, a multi-layered missile defense system aimed at enhancing US national security.
Technical Analysis: Nifty and Bank Nifty Outlook
Nifty has formed a sizable bearish candle with a long lower shadow on the weekly chart, currently positioned around the 200-day Exponential Moving Average (EMA) at approximately 25,170 levels. Buying demand emerged near the key support zone of 25,000–24,800, which aligns with the prior breakout level and the lower band of the rising channel on the weekly timeframe.
Following a sharp decline of 1,400 points over just 12 sessions, the index has entered extreme oversold territory on the daily chart. A technical pullback appears likely in the near term, with immediate resistance hurdles at 25,400-25,500. Post the recent sharp decline, consolidation is expected within the 25,500–24,800 range. A move above 25,500 could open further upside towards the major breakdown area of 25,700.
Bank Nifty continues to outperform Nifty, displaying clear relative strength as it consolidates in the range of 58,700-60,400. The 58,700–59,000 zone remains a key short-term support. Although the index briefly dipped to 58,278.6 during Wednesday's session, it did not close near the lows, indicating buying interest at lower levels. This area also coincides with the lower end of the seven-week consolidation range and the 50-day EMA, making it a crucial support.
A decisive break below this zone could accelerate the downside towards 57,500-58,000. On the upside, resistance is placed around the previous all-time high of 60,200–60,400.
Stock Recommendations: Detailed Analysis
Gokaldas Exports
- Buy Range: ₹580-600
- Target: ₹645
- Return: 9%
- Stoploss: ₹558
- Time Period: 3 Months
The stock is seen rebounding after forming a base at the trendline support, joining previous major highs and signaling a Change of Polarity. On the downside, key support is placed at 570-560 levels, which represents the confluence of the bullish gap area from Thursday and key retracement of the last two sessions' pullback. The stock is expected to head towards 645 levels, corresponding to the recent breakdown area.
Hindustan Unilever
- Buy Range: ₹2,360-2,400
- Target: ₹2,560
- Return: 7.50%
- Stoploss: ₹2,270
- Time Period: 3 Months
The stock has generated a breakout above a falling trendline joining highs of the last two months, signaling a resumption of the upward move and offering a fresh entry opportunity. On the downside, key support is placed at 2,300-2,270 levels, which includes the presence of recent trendline support and key retracement of the recent up move. The stock is expected to head towards 2,520 levels, representing the 61.8% retracement of the previous major decline from 2,750 to 2,245.
Disclaimer: Recommendations and views on the stock market, other asset classes, or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India.
