January 2, 2026: Bajaj Broking Reveals Top Stock Buys for HUGE Returns! 🚀 Nifty & Bank Nifty Outlook Included!

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AuthorVihaan Mehta|Published at:
January 2, 2026: Bajaj Broking Reveals Top Stock Buys for HUGE Returns! 🚀 Nifty & Bank Nifty Outlook Included!
Overview

Bajaj Broking Research has unveiled its top stock recommendations for January 2, 2026, identifying Canara Bank and Nykaa as prime 'buy' opportunities. Canara Bank is targeted at ₹175 for a 13% return in three months, while Nykaa is set for ₹292, expecting an 11% gain. The firm also provided an outlook for Nifty, anticipating a range-bound movement within 25,700–26,300 with an upward bias, and noted Bank Nifty's outperformance, suggesting continued strength within its 58,500–60,100 band.

The Lede

Bajaj Broking Research has identified Canara Bank and Nykaa as top 'buy' stock recommendations for January 2, 2026, forecasting significant returns within three months. The brokerage also provided a technical outlook for Nifty and Bank Nifty indices, indicating expected trading ranges and potential directional moves.

These recommendations are based on detailed technical analysis, focusing on price patterns, moving averages, and momentum indicators to guide investors in the early trading sessions of 2026.

Index View: Nifty

The Nifty index is expected to remain range-bound, trading between 25,700 and 26,300, with an upward bias. The index is at a technical inflection point; a decisive move above 26,300 could target 26,500. Immediate support is at 26,000, with a stronger demand zone between 25,700–25,800, coinciding with the 50-day EMA and recent swing lows. Maintaining this support cluster is crucial for the positive momentum and broader bullish structure.

Index View: Bank Nifty

Bank Nifty is outperforming Nifty and is building a base within the 58,500–60,100 band. A breakout above 59,500 could drive the index towards its lifetime high around 60,100. The strong up-move is supported by an ascending price channel, indicating persistent accumulation. Support is robust between 58,300–58,600, aligning with the 50-day EMA. Holding this support keeps the medium-term bullish structure intact.

Stock Recommendation: Canara Bank

A 'Buy' is recommended for Canara Bank in the ₹153-₹155 range, targeting ₹175 for a 13% return in three months. The stock shows a strong uptrend with a multi-month breakout and higher high–higher low formation, indicating sustained buying interest. Prices are above major weekly moving averages with rising volumes. Support is at ₹145 and ₹140; resistance is at ₹170 and ₹175. Corrective declines are viewed as accumulation opportunities. The RSI is above 70 (overbought), but the broader trend remains intact.

Stock Recommendation: Nykaa

Nykaa is a 'Buy' recommendation within ₹260-₹265, targeting ₹292 for an 11% return in three months. The stock trades above key moving averages and has formed a base on the weekly chart, showing price stability and a strengthening higher high–higher low structure. Support is at ₹245 and ₹240; resistance is near ₹275, with potential to reach ₹292. ADX at 28 signals a strengthening trend, and RSI at 63 indicates bullish dominance.

Impact

These stock recommendations from Bajaj Broking Research provide actionable investment ideas for Indian investors. Specific targets for Canara Bank and Nykaa offer benchmarks for potential gains, potentially influencing investor sentiment and trading activity for these companies. The broader index outlook provides market context, suggesting that individual stocks with strong technicals can yield returns even amidst potential index consolidation. The analysis highlights the value of technical indicators for short-to-medium term trading strategies.

Impact Rating: 8/10

Difficult Terms Explained

  • Range-bound: Price moving within defined upper and lower limits.
  • Upward Bias: Likelihood of price moving higher.
  • Technical Inflection Point: Price level where trend is expected to change.
  • Bullish Trigger: Signal indicating potential upward price movement.
  • Demand Zone: Price range with strong buying interest.
  • 50-day EMA: Average price over 50 days, weighted towards recent prices; helps identify trends.
  • Swing Lows: Lowest point between two higher lows; represents support.
  • Retracement: Temporary pullback after a significant price move.
  • Bullish Structure: Chart pattern suggesting likely upward market movement.
  • Outperform: Performing better than a benchmark or peer group.
  • Relative Strength: Performance of an asset compared to the market or another asset.
  • Base-building: Price consolidation phase before potential upward move.
  • Intermediate Supply Zone: Price range where selling pressure may halt upward movement.
  • Lifetime High: Highest price ever reached by an asset.
  • Ascending Price Channel: Prices moving between two parallel upward-sloping trendlines.
  • Accumulation: Investors steadily buying a stock anticipating price increase.
  • Multi-month Breakout: Significant upward price move after months of consolidation.
  • Higher High–Higher Low Formation: Sequence of price movements where each peak and trough is higher than the previous one, indicating an uptrend.
  • Momentum Indicators: Tools measuring speed and strength of price movements.
  • RSI (Relative Strength Index): Measures speed/change of price movements; identifies overbought/oversold conditions.
  • Overbought Condition: Security price risen too far, too fast, possibly due for correction.
  • Fibonacci Extension: Technical tool to identify potential price targets based on Fibonacci sequences.
  • ADX (Average Directional Index): Measures trend strength, not direction.
  • Bullish Dominance: Buying pressure significantly stronger than selling pressure.
Disclaimer:This content is for educational and informational purposes only and does not constitute investment, financial, or trading advice, nor a recommendation to buy or sell any securities. Readers should consult a SEBI-registered advisor before making investment decisions, as markets involve risk and past performance does not guarantee future results. The publisher and authors accept no liability for any losses. Some content may be AI-generated and may contain errors; accuracy and completeness are not guaranteed. Views expressed do not reflect the publication’s editorial stance.