Market analyst Ankush Bajaj has identified three stocks for investors to consider on Saturday, 3 January 2026. This recommendation follows a constructive close for the Indian equity markets on Friday, 2 January, which saw key indices gaining ground on renewed buying interest.
Market Sets Positive Tone Ahead of Stock Picks
The trading week ended on an optimistic note. The Nifty 50 index advanced by 182.00 points, or 0.70%, to settle at a fresh all-time high of 26,328.55. Similarly, the Sensex climbed 573.41 points, or 0.67%, to close at 85,762.01. This upward move signals improved market sentiment as it attempts to regain stability after a period of recent volatility.
Banking stocks played a significant role in the rally. The Bank Nifty index rose by 439.40 points, or 0.74%, to end the session at 60,150.95. This indicates selective accumulation in financial sector stocks following a phase of consolidation. Sectoral performance was largely supportive, led by the PSE index which surged 2.29%.
Ankush Bajaj's Three Stock Recommendations
Based on technical analysis and prevailing market momentum, Sebi-registered research analyst Ankush Bajaj recommends the following three stocks for purchase.
1. Coal India Ltd.
Bajaj notes that Coal India is exhibiting strong bullish momentum, benefiting from renewed investor interest in the energy and public sector undertaking (PSU) space. The stock is trading firmly above its key support levels.
Key technical metrics for Coal India include a daily RSI (14-day) of 82, indicating robust positive momentum. The MACD reading of +7 confirms a solid positive crossover, while an ADX of 28 reflects a developing trend strength. The technical view suggests that holding above the ₹421 level keeps the uptrend intact, with a potential upside target of ₹445. The recommended buy price is ₹427.90, with a stop loss set at ₹421.
Investors should note that the stock remains sensitive to global coal price movements, changes in energy policy, and seasonal variations in demand.
2. MCX (Multi Commodity Exchange of India Ltd.)
The analyst highlights healthy bullish momentum in MCX, driven by increased trading volumes and positive sentiment surrounding financial services stocks. The share price is consolidating above support zones with signs of an uptrend resumption.
The daily RSI for MCX stands at 66, suggesting solid positive momentum that is not yet in overbought territory. A MACD of +64 shows a strong positive crossover, reinforcing the bullish outlook. The ADX at 26 indicates a strengthening trend. The technical perspective states that holding above ₹2188 supports a continued uptrend, with an upside target of ₹2270. The recommended entry point is ₹2216, with a stop loss at ₹2188.
Potential risk factors include regulatory changes in commodity trading, volatility in exchange volumes, and broader market sentiment towards financial stocks.
3. NMDC Ltd.
NMDC is showing renewed bullish momentum as part of a broader recovery in the metals sector, according to Bajaj. The stock has held firmly above short-term support levels and is witnessing steady accumulation.
NMDC's daily RSI reads 70, reflecting strong positive momentum. The MACD at +2 confirms a fresh positive crossover, supporting the bullish outlook. An ADX of 23 suggests an emerging trend that could gain further strength. The technical view maintains that holding above ₹82.8 keeps the uptrend valid, with an upside target of ₹88. The suggested buy price is ₹84.5, with a stop loss placed at ₹82.8.
Key risks for NMDC involve fluctuations in global iron ore prices, updates to mining policies, and dynamics in export demand.
Nifty Technical Outlook and Market Wrap
The Nifty 50's breakout to a new record high has firmly shifted the short-term bias to bullish. The index is trading above all key moving averages, with momentum indicators aligning positively. The 14-period RSI has risen to 62, indicating healthy bullish momentum. Key support is now seen in the 26,200-26,100 zone, while upside targets are placed at 26,500 and 26,700.
In specific stock action on Friday, Coal India rallied 6.85%, NTPC gained 4.70%, and Hindalco advanced 3.44%. On the downside, ITC declined 3.79%, Nestle India eased 1.18%, and Kotak Bank slipped 1.02%, reflecting some profit-booking in heavyweight names.
Disclaimer: Ankush Bajaj is a Sebi-registered research analyst (INH000010441). Investments in securities are subject to market risks. The views and recommendations are those of the individual analyst and do not represent the views of Mint. Investors are advised to consult certified experts before making any investment decisions.
