Ankush Bajaj Recommends Three Stocks for January 14 Trading
Market analyst Ankush Bajaj has identified three promising stocks for investors to consider on Wednesday, January 14. His recommendations come as the Nifty 50 closed lower by 57.95 points at 25,732.30 on the previous day, reflecting a 0.22% decline. The index continues to struggle below key short-term averages, confirming a weak undertone that has developed over recent sessions.
Market Context: Cautious Sentiment Prevails
The broader market displayed a mixed performance on January 14. PSU banks led the gains with the CNX PSU Bank index rising 0.78%. Media and IT sectors also advanced, posting gains of 0.76% and 0.65% respectively. However, infrastructure stocks faced pressure, dragging the CNX Infra index down by 1.14%. Realty stocks declined 0.62%.
Top gainers included ONGC, which surged 3.42%, followed by Tech Mahindra at 1.81%, Hindalco at 1.76%, ICICI Bank at 1.69%, and SBI at 1.31%. On the losing side, Trent dropped 3.30%, L&T fell 3.27%, Reliance declined 2.05%, Dr. Reddy's slipped 1.99%, and Cipla lost 1.15%.
Nifty Technical Outlook: Bearish Bias Persists
The Nifty currently trades below its 20-day and 50-day moving averages, indicating sustained bearish pressure. A breakdown from previous triangle and wedge formations has triggered further downside. The daily RSI sits at 41.16, showing weakened momentum, while the MACD remains deeply negative at -28.32. The ADX at 14.95 suggests a weak trend, potentially keeping the market range-bound.
Multiple short-term moving averages align in sell mode, reinforcing the bearish bias. However, longer-term averages like the 200-day EMA and SMA remain in buy mode, offering medium-term support around 25,100-25,150.
On the hourly chart, a minor recovery attempt is visible. The RSI has improved slightly to 44.37, though it still lacks decisive strength. The hourly MACD turned positive at +17.10, hinting at possible short-term relief. The ADX at 31.83 shows increasing trend strength due to recent moves.
Options data reveals a bearish bias with total call open interest at 20.74 crore and put open interest at 15.25 crore. The OI differential of -5.49 crore favors puts. Maximum call OI concentrates at the 25,750 strike, while maximum put OI sits at 25,700.
Three Stocks to Buy Today
Ankush Bajaj recommends these three stocks for January 14 trading:
1. Multi Commodity Exchange of India Ltd (MCX)
MCX shows renewed momentum after consolidating near short-term moving averages. The RSI at 60 indicates strong bullish undertones. The MACD at +7 confirms a positive crossover, supporting potential trend continuation. The ADX at 17 points to early trend development that is steadily strengthening.
Key Metrics:
- RSI (14-day): 60 – positive momentum building
- MACD (12,26): +7 – bullish crossover confirmed
- ADX (14): 17 – early trend development phase
Technical View: Holding above ₹2258 maintains the bullish structure, with potential to move toward ₹2366.
Risk Factors: Sensitive to commodity price volatility and trading volume fluctuations across exchange segments.
Buy at: ₹2293
Target price: ₹2366
Stop loss: ₹2258
2. National Aluminium Co. Ltd (NALCO)
NALCO continues to benefit from the broader metals rally with improving technical indicators. The RSI at 56 reflects sustained buying interest. The MACD at +1.20 suggests a positive crossover and upward bias. The ADX at 24 indicates a forming but stable trend.
Key Metrics:
- RSI (14-day): 56 – stable bullish momentum
- MACD (12,26): +1.20 – upward crossover
- ADX (14): 24 – strengthening trend
Technical View: Holding above ₹353 could lead to further gains toward ₹365.
Risk Factors: Highly sensitive to global aluminum pricing and export policy changes.
Buy at: ₹357.40
Target price: ₹365
Stop loss: ₹353
3. Hindalco Industries Ltd
Hindalco maintains a strong uptrend structure with building momentum. The RSI at 61 places the stock firmly in bullish territory. The MACD at +3 reinforces the ongoing positive setup. The ADX at 38 confirms a strong trend in motion, increasing continuation likelihood.
Key Metrics:
- RSI (14-day): 61 – strong bullish momentum
- MACD (12,26): +3 – continued strength
- ADX (14): 38 – well-defined trend
Technical View: Staying above ₹925 will likely lead to a move toward ₹954.
Risk Factors: Exposed to global metal price fluctuations and raw material cost pressures.
Buy at: ₹936.30
Target price: ₹954
Stop loss: ₹925
Summary and Levels to Watch
The overall market trend remains bearish to weakly neutral. Immediate resistance for Nifty sits at 25,750 and 25,843. Support zones begin at 25,700, with the next level at 25,550-25,500. A sustained move above 25,850 could trigger upside momentum, while failure to hold 25,700 may test lower levels near 25,500 and possibly 25,150.
Ankush Bajaj is a SEBI-registered research analyst with registration number INH000010441. Investments in securities carry market risks. Please read all related documents carefully before investing. Registration granted by SEBI and certification from NISM do not guarantee intermediary performance or assure returns. The views and recommendations expressed are those of the individual analyst and do not represent Mint's views. Investors should consult certified experts before making investment decisions.
