Nuvama Analysts Pick 3 Top Stocks for January 8 Buy List

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AuthorKavya Nair|Published at:
Nuvama Analysts Pick 3 Top Stocks for January 8 Buy List
Overview

Nuvama's Aakash K Hindocha identifies ABB, Fortis, and Petronet as top buy recommendations for January 8, 2026. The report details bullish chart patterns and price targets for these stocks, alongside an outlook on Nifty and Bank Nifty index movements, noting key support and resistance levels.

Index Outlook: Nifty and Bank Nifty

Nuvama Professional Clients Group's Deputy Vice President Aakash K Hindocha has issued specific stock recommendations for January 8, 2026, identifying ABB, Fortis, and Petronet as prime buy opportunities. Hindocha also provided a forward-looking outlook on the Nifty and Bank Nifty indices.

The Nifty index concluded the current week 0.7% lower, despite achieving fresh all-time highs on Monday. Support is anticipated around the 26450 level, though a decisive close above 26250 is needed to signal further upward momentum. Dips below Wednesday's low of 26060 are expected to attract buyers, with 26000 acting as a significant support zone.

Bank Nifty reached its target range of 60400-60600 and subsequently saw about 500 points in profit-taking. A confirmed close below yesterday's low today could indicate a short-term trend reversal for the index. Without such a development, the index is likely to experience sideways consolidation between 59800 and 60400.

Stock Picks: ABB, Fortis, Petronet

Hindocha rates ABB a buy, citing a bullish cup and handle breakout on daily charts following a 10-week sideways consolidation. The current trading price is ₹5299, with a recommended stop-loss at ₹5130 and a target price of ₹5700. An intermediate resistance is projected just above ₹5400, which the analyst believes the stock is poised to overcome given its chart structure.

Fortis is recommended for purchase at ₹941, with a stop-loss set at ₹914 and a target of ₹1030. The stock has recently found support at a trendline that has been in play for the past 12 months. Furthermore, a four-week consolidation breakout this week suggests potential for a short-covering rally towards the ₹1030 mark.

For Petronet, the buy recommendation comes with a current price of ₹294, a stop-loss at ₹283, and a target of ₹320. The stock has achieved an initial breakout from a 15-month falling trendline, allowing it to trade above the 200-day moving average this week. A strong, consecutive close is anticipated to attract further buying momentum.

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