Stock market recommendations: According to Bajaj Broking Research, the top stock picks for January 9, 2026 are Hindustan Unilever, and Tata Power. Here’s its view on Nifty and Bank Nifty:Index View: NiftyDomestic equity benchmarks witnessed a sharp correction over the last four sessions, giving up the entirety of last week’s gains as relentless FII outflows continued. The sell-off was fueled by escalating global uncertainties, particularly speculation over possible US military action in Venezuela and evolving developments related to Greenland. Market sentiment weakened further following comments by the US President on India’s procurement of Russian oil, which raised apprehensions about potential tariff actions against India. These combined global and trade-related concerns led to heightened risk aversion across markets.The index on Thursday’s session formed a sizable bearish candle with a lower high and a lower low, indicating an extension of the corrective decline for the fourth consecutive session. In the process, it also slipped below the rising trendline connecting recent swing lows and the 50-day EMA for the first time since 3 October 2025, highlighting a deterioration in short-term price structure.Looking ahead, sustained follow-through weakness could open further downside towards the 25,700–25,600 region. This zone represents a confluence of the previous month’s low and the 100-day EMA, making it an important medium-term support area.On the shorter-term horizon, momentum indicators suggest the market is in an oversold territory. Therefore, a technical pullback cannot be ruled out. However, for the corrective decline to pause, the index must close above the previous session’s high and decisively reclaim the 26,100 level. While key resistance remains at the 26,300 levels being the almost identical highs of the last two months.BANK NIFTYBank Nifty continues to outperform the Nifty, displaying clear relative strength during the current week it has rallied to a fresh all-time high of 60437. Going forward, the index is expected to remain in a consolidation phase within the 59,500–60,400 range. A decisive breakout above this range or a breakdown below it will provide clarity on the next directional move.On the downside, immediate support is seen at 59,500, while the key short-term support zone lies at 59,000–58,700. This area is significant as it represents a confluence of the 50-day EMA and the previous month’s low, making it a crucial level to watch.
Stock Recommendations:
Hindustan UnileverBuy in the range of Rs 2360-2390
The stock has generated a breakout above a falling trendline joining highs of the last 2 months signaling resumption of up move and offers fresh entry opportunity.On the downside key support is placed at 2300-2250 levels being the presence of recent trendline support and key retracement of the recent up move.We expect the stock to head towards 2520 levels being the 61.8% retracement of the previous major decline (2667-2245).Tata PowerBuy in the range of Rs 368-375
Tata Power continues to trade sideways on the daily timeframe, oscillating within a well-defined range of ₹370–₹410. The stock is currently forming a rectangle pattern, with consistent buying support emerging near the ₹370 zone.We expect the stock to rebound taking support at the lower band of the range of 370 and head higher towards the upper band of the range placed around 410 levels.On the lower side key support is placed at 355-350 levels being the key retracement of the recent up move.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
