As the Indian stock market navigates a week of consolidation after record highs, leading brokerage Nuvama has identified three standout buy opportunities for traders and investors. According to Aakash K Hindocha, Deputy Vice President - WM Research at Nuvama Professional Clients Group, the top buy calls for Monday, January 8, 2026, are ABB India, Fortis Healthcare, and Petronet LNG.
Market Outlook: Nifty and Bank Nifty Levels to Watch
The benchmark Nifty 50 index closed the week cumulatively lower by 0.7%, despite hitting fresh all-time highs at the start of the week. Hindocha maintains that the index remains poised to test the 26450 level. However, he notes that the support level will not be trailed higher unless the index achieves a decisive closing above 26250.
Any decline below Wednesday's low of 26060 is likely to attract buying interest, with the 26000 mark acting as a crucial support zone. This suggests a buy-on-dips strategy may be favorable in the near term.
Turning to the banking index, the Bank Nifty has completed its projected target range of 700-900 points, reaching 60400. This milestone triggered a profit-taking move of approximately 500 points. The analyst cautions that a close below the previous day's low could signal a short-term trend reversal. Until that happens, the index is expected to consolidate sideways within the 59800 to 60400 range.
Detailed Analysis of Top Stock Recommendations
ABB India (BUY)
Nuvama recommends a buy on ABB India at its Last Closing Price (LCP) of ₹5299. The suggested stop loss is ₹5130, with a price target of ₹5700.
The bullish call is based on a significant technical development. The stock has finally broken out from a prolonged 10-week sideways consolidation pattern, forming a bullish 'cup and handle' formation on its daily charts. While an intermediate resistance is noted just above the ₹5400 level, the robust chart structure indicates this barrier is likely to be overcome. Sustained momentum is expected upon a closing price above ₹5410, paving the way toward the stated target.
Fortis Healthcare (BUY)
For Fortis Healthcare, the buy recommendation is at an LCP of ₹941. Investors are advised to place a stop loss at ₹914 and aim for a target of ₹1030.
The stock's appeal stems from a dual technical setup. Firstly, it has recently found support at a key polarised trendline that has been influential for over 12 months. Secondly, the scrip has broken out from a 4-week sideways consolidation phase this week. This combination is anticipated to fuel a short-covering rally, potentially driving the price toward the ₹1030 level.
Petronet LNG (BUY)
Petronet LNG is the third buy pick with an LCP of ₹294. The recommended risk management parameters are a stop loss at ₹283 and a target of ₹320.
The stock initiated a breakout from a long-term 15-month falling trendline last month. This positive development has been reinforced this week as the stock price moved above its 200-day moving average (DMA). The analysis suggests that a strong consecutive close above these levels is now likely to attract further buying momentum, propelling the stock toward the target zone.
Key Takeaways for Investors
The overall market view indicates a cautiously optimistic stance with defined support and resistance levels for the indices. The stock-specific calls from Nuvama's expert are grounded in clear technical breakouts after extended periods of consolidation or trend changes. Investors are advised to strictly adhere to the specified stop-loss levels to manage risk effectively while positioning for the potential upside outlined in the targets.
(Disclaimer: The recommendations, opinions, and views expressed by the expert are their own and do not represent the views of The Times of India. Investors are advised to consult certified experts before making any investment decisions.)
