In today's dynamic stock market, expert insights are crucial for making informed investment decisions. Aakash K Hindocha, Deputy Vice President - WM Research at Nuvama Professional Clients Group, has shared his top buy recommendations for January 29, 2026, highlighting Coal India, Jindal Steel, and HCL Technologies as key picks. This analysis provides a detailed view on market indices and specific stocks to help traders and investors navigate the current financial landscape.
Market Index Overview: Nifty and Bank Nifty Trends
According to Hindocha, the Nifty index has shown a significant recovery of over 400 points from its lows earlier in the week. The index is currently facing minor resistance near the 25350 level, which serves as an initial pullback target. Sustained trading above this threshold could trigger further short covering, potentially pushing the index towards 25350 again. On the downside, dips below 25200 are expected to attract buying interest, indicating strong support in this zone.
Recent price action over the past two days suggests a follow-through momentum, as the 200-day moving average has been reclaimed. However, a decisive upward move is unlikely unless a weekly closing above 25660 is confirmed. In the lead-up to the Budget Session, the Nifty is projected to continue trading within a range of 25250 to 25600, reflecting cautious market sentiment.
Bank Nifty Performance and Outlook
Bank Nifty has outperformed the Nifty by a wide margin in the first two days of this week, despite breaking below its recent swing low earlier. A fresh round of covering is visible upon closing above the 59600 level, which could position the index to outperform against the Nifty in the coming sessions. This suggests renewed investor confidence in the banking sector, driven by technical factors and market dynamics.
Top Stock Recommendations for Buy Calls
Coal India (BUY)
Last Closing Price (LCP): 444
Stop Loss: 432
Target: 478
Coal India has completed 100% of its bullish flag target and is now advancing towards its 161.8% Fibonacci extension level. This momentum is supported by positive money flow, particularly in public sector undertakings (PSUs). The stock has closed at a fresh 52-week high, and with no immediate headwinds ahead of the Union Budget, it is poised to maintain its upward trajectory, targeting 478.
Jindal Steel (BUY)
Last Closing Price (LCP): 1119
Stop Loss: 1078
Target: 1200
After a prolonged 20-month sideways consolidation, Jindal Steel has broken out to all-time highs. Early signs of this breakout were evident from a 15-month consolidation pattern that emerged in September 2025. From the breakout point of 1100, an 8-10% follow-up move is anticipated, making it an attractive opportunity for investors seeking growth in the steel sector.
HCL Technologies (BUY)
Last Closing Price (LCP): 1729
Stop Loss: 1668
Target: 1830
HCL Technologies is gaining attention from both traders and investors due to a polarized support at a 5-year rising trendline, combined with a breakout from a 52-week sloping trendline correction. The stock has entered a comfortable setup, having sustained above the 200-day moving average for the past two months, indicating strong underlying strength and potential for further gains.
Disclaimer and Author Information
Disclaimer: The recommendations and views on the stock market, other asset classes, or personal finance management tips provided by experts are their own. These opinions do not represent the views of The Times of India.
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