Whalesbook
Bajaj Broking Identifies Top Stock Picks
Bajaj Broking Research has pinpointed Hindustan Unilever and Tata Power as its premier stock selections for January 9, 2026. These recommendations emerge amidst a challenging market environment, with domestic benchmarks experiencing a significant downturn.
Market Correction Deepens
Indian equity indices witnessed a steep sell-off over the past four sessions, erasing all of the prior week's gains. This correction was primarily fueled by sustained outflows from foreign institutional investors (FIIs). Global uncertainties, including speculation about U.S. military actions and geopolitical developments concerning Greenland, exacerbated market sentiment.
Comments from the U.S. President regarding India's procurement of Russian oil further heightened apprehensions about potential U.S. tariff actions, contributing to a pronounced risk aversion. The Nifty formed a bearish candle on Thursday, indicating a continuation of the corrective decline. It also slipped below its rising trendline and the 50-day Exponential Moving Average, signaling a deteriorating short-term price structure. Sustained weakness could push the index towards the 25,700–25,600 support zone, a confluence of previous lows and the 100-day EMA.
Nifty Outlook and Support Levels
Momentum indicators suggest the market is oversold, opening possibilities for a technical pullback. However, for the decline to pause, the Nifty must decisively reclaim the 26,100 level, with resistance firmly established at 26,300. Key resistance remains at the 26,300 level, representing recent multi-month highs.
Bank Nifty Outperforms
In contrast to the broader market, the Bank Nifty has shown clear relative strength, rallying to an all-time high of 60437 this week. The index is anticipated to trade within a consolidation range of 59,500–60,400. A decisive move above or below this range will dictate its future direction. Immediate support lies at 59,500, with a crucial short-term support zone identified between 59,000 and 58,700, coinciding with the 50-day EMA and previous month's low.
Stock Recommendation: Hindustan Unilever
Hindustan Unilever is recommended for purchase within the ₹2360-₹2390 range. The stock has seen a breakout above a two-month falling trendline, suggesting a resumption of its upward move. The target price is set at ₹2520, offering a potential 6% return, with a stop loss at ₹2290. Key support is noted between ₹2300-₹2250, aligning with trendline support and retracement levels. The target of ₹2520 represents the 61.8% retracement of the prior major decline.
Stock Recommendation: Tata Power
Tata Power is advised for buying in the ₹368-₹375 range, with a target of ₹405 and a stop loss of ₹349. This recommendation carries a three-month time horizon, projecting a potential 9% return. The stock has been trading sideways, forming a rectangle pattern, with consistent buying interest near the ₹370 zone. An upward rebound towards the upper band of the range around ₹410 is expected. Key support is situated between ₹355-₹350.