The Indian equity benchmarks plunged sharply on Thursday, January 8, 2026, mirroring a weak trend across global markets. The selloff was broad-based, dragging the benchmark indices to their worst single-day performance in over four months.
Market Bloodbath: Key Indices Tumble
The 30-share BSE Sensex nosedived by 780 points, or 0.92%, to settle at 84,180.96. Data from Capitalmarket shows this was the index's most severe percentage decline since August 26, 2025, when it had fallen 1.04%. The broader Nifty 50 index extended its losing streak for the fourth session in a row, decisively breaking below the 26,000 mark to close under 25,900.
Expert Take on Nifty 50 and Bank Nifty
Sumeet Bagadia, Executive Director at Choice Broking, attributed the downturn to worries over potential US tariffs and sustained selling by foreign portfolio investors (FPIs). He noted that the Nifty 50 formed a negative price bar on the daily chart, signaling fragile recovery attempts after a period of consolidation.
For Nifty 50, immediate resistance is seen in the 26,000–26,050 zone, while crucial support lies at 25,700–25,750. The near-term bias remains cautious. Bagadia's strategy suggests buying on dips near 25,900 for a target of 26,200, with a stop-loss at 25,850 on a closing basis.
The Bank Nifty also fell in sync with the weak broader sentiment. It failed to hold at higher levels, with selling pressure evident in PSU and private bank stocks. The banking index faces immediate resistance around 59,900–60,000, with key support at 59,300–59,400. The strategy here is to buy on dips near 59,650 for targets of 60,000-60,200, with a stop-loss at 59,500.
5 Breakout Stock Recommendations for Today
Amid the volatile conditions, Sumeet Bagadia has identified five stocks showing breakout potential. These are shares that have moved past their key resistance or support levels, often indicating a strong impending price move.
1. INOX India: Buy at ₹1,162.5, target ₹1,250, stop loss ₹1,121. The stock shows signs of a trend reversal, trading above all key EMAs and breaking a falling trendline.
2. Ramco Cements Limited: Buy at ₹1,082.5, target ₹1,160, stop loss ₹1,044. The stock is poised to break out from a sideways consolidation range of ₹1,035–1,100, supported by its 20-day EMA.
3. Netweb Technologies India: Buy at ₹3,397, target ₹3,635, stop loss ₹3,278. It has broken out of a short-term weekly consolidation, with firm support near its 20-week EMA.
4. Sobha: Buy at ₹1,570.1, target ₹1,680, stop loss ₹1,515. The stock is forming a rounding bottom pattern and has breached key resistance at ₹1,600 on decent volumes.
5. Onesource Specialty Pharma: Buy at ₹1,785.9, target ₹1,911, stop loss ₹1,723. Trading in a ₹1,728–1,800 range, it has rebounded from its 200-day EMA and breached a long-term falling trendline.
Disclaimer: This article is for educational purposes only. The views and recommendations are those of the analyst. Investors are advised to consult certified experts before making any investment decisions.
