Bajaj Broking Unveils Top Stock Recommendations for January 2026
In a recent market analysis, Bajaj Broking Research has identified Lloyds Metals and Energy and JSW Energy as its premier stock picks for January 30, 2026. This recommendation comes amid a backdrop of significant volatility in Indian equity markets, driven by key domestic and global events.
Market Overview: Nifty and Bank Nifty Face Turbulence
Indian equity markets experienced intense volatility over the past week, influenced by a mix of major developments. The presentation of the Union Budget, progress on the US–India trade agreement, and escalating geopolitical tensions between the US and Iran collectively kept investor sentiment on edge.
During the Budget session, the Nifty plummeted sharply to an intraday low of 24,572, as markets reacted negatively to a hike in the Securities Transaction Tax for the futures and options segment. However, sentiment shifted dramatically on Tuesday, with the index staging a robust rebound. The announcement of the US–India trade deal, which includes the US cutting reciprocal tariffs on Indian goods to 18%, triggered aggressive buying, pushing the Nifty to an intraday high of 26,341.
Despite this sharp upward movement, the index struggled to maintain higher levels. Profit booking at elevated zones, coupled with lingering global concerns, led to some erosion of gains. Consequently, the Nifty pared part of its advance and settled around the 25,600 mark by the close of Thursday’s session.
Technical Analysis and Support Levels for Nifty
According to Bajaj Broking, the Nifty has immediate support at the 25,450-25,400 levels, which represents the confluence of last week's high and the 20-day Exponential Moving Average. Holding above this support area is expected to maintain a positive bias, potentially opening upside targets towards 26,000 and 26,350 levels in the coming weeks.
The research firm advises that any pullback from current levels should be viewed as a buy-on-dips opportunity, with strong support firmly placed around the 25,000-25,200 marks. This zone is identified as the confluence of the 200-day EMA and the 80% retracement of the current up-move.
Volatility is likely to remain elevated in the near term, influenced by uncertain global cues and the upcoming RBI monetary policy announcement.
Bank Nifty Performance and Outlook
Bank Nifty also witnessed sharp volatility during the week, swinging within a broad range of nearly 4,000 points. Despite these heightened fluctuations, the index continued to outperform the broader market, surging to a fresh all-time high of 61,764 following the US–India trade deal announcement.
However, the rally lacked follow-through at higher levels as profit-taking emerged, causing Bank Nifty to surrender part of its gains and close Thursday's session around the 60,000 mark.
The index has immediate support at 59,500-59,200 levels, being the confluence of the 20- and 50-day EMA. Maintaining above this support area is expected to keep the bias positive, with upside targets towards 60,800 and 61,700 levels in the coming sessions.
Key short-term support is placed in the 58,500–58,000 zone, identified as the confluence of the 100-day EMA and the bullish gap area from Tuesday. Similar to Nifty, volatility is anticipated to stay high due to global uncertainties and the impending RBI policy decision.
Detailed Stock Recommendations
Lloyds Metals and Energy
- Buy Range: ₹1,240-1,270
- Target: ₹1,410
- Stop Loss: ₹1,160
- Expected Return: 14%
- Time Period: 6 Months
The stock witnessed a strong rebound from the key support area of 1,050-1,100 during the current week, which is the confluence of the 100-week EMA and the previous major low from April 2025. It has recently generated a breakout above the falling channel containing its recent decline and closed above short-term averages, supporting a positive bias. Bajaj Broking expects it to head towards 1,410 levels, representing the key retracement of the entire decline and the previous major high from December 2025. The daily 14-period RSI has generated a buy signal by moving above its nine-period average, further validating the positive outlook.
JSW Energy
- Buy Range: ₹463-475
- Target: ₹510
- Stop Loss: ₹445
- Expected Return: 9%
- Time Period: 3 Months
Buying demand is emerging from the 200-week EMA and the previous breakout area, signaling a change of polarity as previous resistance now acts as support. The stock has recently generated a breakout above a falling supply line and moved above the 20-day EMA, offering a fresh entry opportunity. Bajaj Broking anticipates the stock to head towards 510 levels, which corresponds to the 61.8% retracement of the previous decline.
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.
