Bajaj Broking Flags SBI, Jayaswal Neco; Market Eyes Budget

Market Navigation Amidst Anticipation

Indian equity benchmarks are currently exhibiting a period of consolidation, with Nifty expected to trade within the 25,000 to 25,550 range. This cautious sentiment is amplified by the upcoming Union Budget on February 1, 2026, and ongoing global economic uncertainties. The Nifty recently experienced a rebound, adding over 500 points from its support zone around 24,800–25,000, aligning with the lower end of its seven-month rising channel and the 52-week EMA [cite: Source A]. Globally, the US Federal Reserve maintained its benchmark interest rate steady within the 3.50%–3.75% range, signaling stability in labor conditions and an improved growth outlook [cite: Source A]. However, heightened volatility is anticipated in the near term due to these domestic and international factors.

The Bank Nifty has demonstrated notable outperformance, currently positioned around the 60,000 mark. Analysts foresee consolidation for this index between 58,500 and 60,400, with significant support identified around the 57,500–58,000 levels, coinciding with the 100-day EMA and a major breakout area [cite: Source A]. Recent trading data shows Nifty closing at 25,418.90 and Bank Nifty at 59,957.85 on January 29, 2026, indicating trading within the projected ranges.

State Bank of India: Technical Breakout and Growth Prospects

Bajaj Broking Research has initiated coverage on State Bank of India (SBI) with a buy recommendation, setting a target of ₹1150, which represents an anticipated 11% return over the next 12 months. The brokerage suggests accumulating the stock within the ₹1030-1070 price band [cite: Source A]. This optimism stems from SBI's recent technical chart pattern, showing a breakout above a bullish rounding formation, a pattern often indicative of sustained positive momentum. The weekly MACD indicator supports this view, staying in an uptrend and holding above its nine-period average [cite: Source A].

As of late January 2026, SBI holds a market capitalization of approximately ₹9.72 trillion. Its Price-to-Earnings (P/E) ratio hovers around 11.53 to 12.5, reflecting its valuation against current earnings. The bank's Return on Equity (ROE) stands at a reported 17.2%. SBI's stock has shown resilience, with a year-over-year increase of 42.02% as of January 2026. Recent financial reports indicate its balance sheet size surpassed ₹66 lakh crore by March 2025. Foreign institutional investors have notably increased their stakes in Indian public sector banks, attracted by their rally and improving financials, with PSU banks outperforming private peers in loan growth.

Jayaswal Neco Industries: Support Level Play

Jayaswal Neco Industries is highlighted by Bajaj Broking Research for its technical confluence, with a buy recommendation set in the ₹72-75 range. The firm projects a 15% return, targeting ₹86 within six months [cite: Source A]. The rationale behind this recommendation is the stock's current trading position near its medium-term trendline support, which also aligns with the 100-day Exponential Moving Average (EMA). Historically, the stock has demonstrated a tendency to find support at these EMA levels and subsequently rebound [cite: Source A]. The target zone of ₹80-86 also aligns with a previous unfilled gap and a significant retracement level.

As of January 29, 2026, Jayaswal Neco Industries has a market capitalization of approximately ₹7,260 crore. Its TTM P/E ratio is reported at 19.44, which is below the industry average P/E of 23.52 for Industrials/Steel products. The company's Book Value per share is ₹26.50. Despite recent quarterly performance showing a slight YoY decline in net profit, the stock is positioned at a technical inflection point. A recent Memorandum of Understanding with the Maharashtra government to establish a ₹11.24 billion integrated steel plant signals potential future expansion, although past sales growth has been modest.