Bajaj Broking Identifies Top Stock Picks for January 2026
Bajaj Broking Research has released its latest stock market recommendations. The firm highlights RBL Bank and UPL as the top stock picks for January 16, 2026. This analysis comes at a time when investors are navigating a complex market environment.
Market Overview: Nifty and Bank Nifty Performance
Benchmark indices showed a downward bias recently. Investors remained cautious due to a risk-off environment. Persistent selling by foreign institutional investors added pressure. Escalating geopolitical tensions in Venezuela, Greenland, and Iran further weighed on sentiment.
Market participants are closely tracking the Q3FY26 earnings season. Developments in India–US trade negotiations also demand attention. The mix of global uncertainties and trade concerns has elevated risk aversion. This led to subdued market performance overall.
Nifty traded with heightened volatility during Wednesday's session. It formed a bearish candle, marking a lower high and lower low. This price action signals ongoing consolidation. Stock-specific movements are increasing as the earnings season progresses.
Nifty is currently consolidating near its 100-day exponential moving average. Monday's panic low of 25,473 serves as immediate key support. On the upside, the 25,950–26,050 zone acts as immediate resistance. This area aligns with the 20-day EMA and the 61.8% Fibonacci retracement of last week's decline.
Overall, Nifty is likely to consolidate in the range of 25,500 to 26,000. A breakout or breakdown will signal the next directional move.
Bank Nifty Shows Relative Strength
Bank Nifty continues to outperform Nifty. It displays clear relative strength while consolidating around 60,000 levels. The index rebounded from the lower band of its last five-week range, placed around 58,700–59,000.
Follow-through strength above Wednesday's high of 59,796 could open upside towards the recent all-time high of 60,430. The index is expected to extend consolidation within the 58,700–60,400 range. A decisive breakout above or breakdown below this range will provide clarity on the next move.
The key short-term support zone lies at 59,000–58,700. This area represents a confluence of the 50-day EMA and the previous month's low. It remains a crucial level to monitor.
Stock Recommendations: RBL Bank and UPL
Bajaj Broking Research provides detailed recommendations for two stocks.
RBL Bank
- Buy Range: ₹305–314
- Target: ₹335
- Return: 9%
- Stoploss: ₹291
- Time Period: 3 Months
The stock is rebounding after taking support at the previous major breakout area. This signals a change of polarity and offers a fresh entry opportunity. Key downside support is placed at ₹295–293 levels. This zone represents the confluence of the recent breakout area and the 100-day EMA. The stock is expected to head towards ₹335, which is the recent high from October 2025.
UPL
- Buy Range: ₹767–783
- Target: ₹845
- Return: 9%
- Stoploss: ₹734
- Time Period: 3 Months
Buying demand is emerging from the key support area of ₹750–760. This zone includes the recent trendline breakout area and the 50-day EMA. It offers a fresh entry opportunity for investors. The stock is expected to head higher towards ₹845. This target aligns with the 161.8% external retracement of the previous breather from ₹812 to ₹761. Key lower support is placed at ₹735–740 levels. This area combines the 100-day EMA and the recent breakout zone.
Disclaimer: Recommendations and views on the stock market, other asset classes, or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India.
