Bajaj Broking Research Unveils Top Stock Picks for January 2026
In its latest market analysis, Bajaj Broking Research has identified State Bank of India (SBI) and Jayaswal Neco Industries as the top stock recommendations for January 30, 2026. The brokerage firm provides detailed technical and fundamental insights alongside outlooks for key indices like Nifty and Bank Nifty, considering both domestic and global economic factors.
Nifty Index: Bullish Momentum with Consolidation Expected
Indian benchmark indices experienced a notable rebound during the current week, with the Nifty extending gains, reflecting sustained bullish momentum in domestic markets. Market sentiment remains positive, bolstered by optimism surrounding the India–EU Free Trade Agreement, which is anticipated to enhance trade prospects and support medium-term economic growth.
Globally, the US Federal Reserve maintained interest rates steady at 3.50%–3.75% in a 10–2 vote, citing stabilizing labor conditions, modest job growth, and elevated uncertainty, while upgrading its growth outlook to solid expansion.
Volatility is expected to remain high in the coming seasons due to the Union Budget on February 1, 2026, and volatile global cues. The index has bounced over 500 points in the last three sessions from the key support zone of 24,800–25,000, aligning with the lower end of the seven-month rising channel and the 52-week EMA.
Overall, the index is likely to consolidate in the range of 25,000–25,550, with stock-specific moves dominating. A move above 25,550 could open further upside towards 25,700-25,800 levels in the coming sessions. On the downside, immediate support is placed at 25,150 levels, while key support lies around 25,000-24,900 levels.
Bank Nifty: Outperformance with Elevated Volatility
Bank Nifty extended its outperformance, displaying clear relative strength and currently trading around 60,000 levels. Similar to Nifty, volatility is likely to stay elevated in the coming sessions due to the Union Budget and uncertain global cues.
In the short term, the index is expected to consolidate in the range of 60,400-58,500. Only a move above the recent high of 60,400 will open further upside towards 61,500 levels. Key support, as mentioned in earlier editions, is placed at 58,000-57,500 levels, being the confluence of the 100-day EMA and the major breakout area.
Stock Recommendations: Detailed Analysis
State Bank of India (SBI)
- Buy Range: ₹1030-1070
- Target: ₹1150
- Return: 11%
- Time Period: 12 Months
The stock has generated a breakout above a bullish rounding formation, offering a fresh entry opportunity. We expect the stock to maintain a positive bias and head towards 1150 levels in the coming quarters, based on the measuring implication of the rounding formation. The weekly MACD is in an uptrend, sustaining above its nine-period average, thus validating the positive bias.
Jayaswal Neco Industries
- Buy Range: ₹72-75
- Target: ₹86
- Return: 15%
- Time Period: 6 Months
Jayaswal Neco has corrected from its recent high of 94 and is currently trading near its medium-term trendline support, which also aligns with the 100-day EMA. Historically, the stock has found support near the 100-day EMA and staged rebounds from these levels, indicating strong buying interest and conviction.
Immediate support is placed in the 68–70 zone, coinciding with the key trendline support area. On the upside, the stock is expected to move towards the unfilled gap zone in the range of 80 and 86, which is likely to act as a resistance area. This zone also aligns with the 61.8% retracement of the previous swing, adding to its technical significance.
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.
