Indian equity benchmarks extended their losing streak for the fifth consecutive trading session on Friday, 9 January 2026, succumbing to a trifecta of headwinds. Renewed apprehensions surrounding potential US tariffs, caution ahead of the Q3 results season for 2026, and persistent foreign capital outflows collectively dampened investor sentiment, leading to a broad-based sell-off.
Market Indices Close in the Red
According to the latest exchange data, the Nifty 50 index concluded the day's trade at 25,683.30 points, marking a decline of 0.75% from its previous close of 25,876.85 points. The 30-share BSE Sensex settled at 83,576.24 points, down 0.72% from Thursday's finish of 84,180.96 points.
Analysts at Bajaj Broking Research pointed out that the Nifty formed a bearish engulfing pattern on the weekly chart, indicating profit booking at higher levels. "The index gave up its entire previous week's gains and closed below the last month low, highlighting a downward bias," they noted. However, they added that momentum indicators suggest the market is in oversold territory, making a technical pullback a possibility. For a sustained recovery, the index needs to decisively reclaim the 26,000 level.
Precious Metals Show Mixed Trend
While equities struggled, precious metals presented a mixed picture. Data from the Multi-Commodity Exchange (MCX) showed that gold prices for the February 2026 contract edged 0.04% higher to ₹138,875 per 10 grams. In contrast, silver prices for the March 2026 contract fell 0.29% (₹723 per kg) to ₹252,002 per kg.
Commenting on the outlook, SEBI-registered commodity expert Anuj Gupta stated, "The latest US-Iran news regarding military deployment around the Iran borders is expected to speed up a rally in gold and silver prices." This geopolitical tension could provide support to safe-haven assets in the coming sessions.
Expert Stock Recommendations for Monday
Despite the weak broader market trend, several analysts have identified specific stocks that present potential buying opportunities based on technical setups. Here are the key recommendations from experts for trading on Monday.
Sumeet Bagadia of Choice Broking recommended two stocks:
1. Ashok Leyland Ltd (ASHOKLEY): Buy at ₹188, target ₹202, stop loss ₹181. The stock shows signs of trend recovery after a pullback to support, with all key EMAs trending upwards.
2. Ipca Laboratories Ltd (IPCALAB): Buy at ₹1,575, target ₹1,685, stop loss ₹1,520. The stock has broken out from a rounding base pattern, indicating a shift from consolidation to an upward move.
Ganesh Dongre of Anand Rathi suggested three stocks:
3. Reliance Industries Ltd (RELIANCE): Buy at ₹1,475, target ₹1,510, stop loss ₹1,450. A bullish reversal pattern suggests potential for a price retracement upwards.
4. Steel Authority of India Ltd (SAIL): Buy at ₹144, target ₹154, stop loss ₹138. The stock shows reversal price action formation at a key support level.
5. Gujarat Pipavav Port Ltd (GPPL): Buy at ₹186, target ₹194, stop loss ₹182. The stock exhibits a strong bullish continuation pattern.
Shiju Kuthupalakkal of Prabhudas Lilladher recommended three stocks for intraday trading:
6. The Ramco Cements Ltd (RAMCOCEM): Buy at ₹1,093, target ₹1,140, stop loss ₹1,070. The stock has improved its bias by moving past key moving averages.
7. Aarti Pharmalabs Ltd (AARTIPHARM): Buy at ₹761.75, target ₹807, stop loss ₹744. A steady rise with significant volume participation suggests further upside.
8. Asian Paints Ltd (ASIANPAINT): Buy at ₹2,825, target ₹2,950, stop loss ₹2,770. The stock has indicated a bullish candle formation after a period of consolidation.
Investors are advised to monitor global cues, especially developments on US trade policies and the Iran situation, alongside the beginning of the Q3 earnings season for domestic direction. Market participants should consult with certified experts and employ strict risk management strategies, as conditions can change rapidly.
