Stock market recommendations: According to Bajaj Broking Research, the top stock picks for January 16, 2026 are RBL Bank, and UPL. Here’s its view on Nifty and Bank Nifty:Index View: NIFTYBenchmark indices traded with a downward bias as investors remained cautious amid a risk-off environment. Persistent selling by foreign institutional investors (FIIs), coupled with escalating geopolitical tensions in regions including Venezuela, Greenland, and Iran, weighed on market sentiment. Additionally, investors are closely tracking the ongoing Q3FY26 earnings season and developments related to India–US trade negotiations. The combination of global uncertainties, geopolitical risks, and trade-related concerns led to elevated risk aversion, resulting in subdued market performance.The index traded with heightened volatility and formed a bearish candle during Wednesday’s session, marking a lower high and lower low. This price action indicates ongoing consolidation amid increased stock-specific movements, as the Q3FY26 earnings season gets underway.Nifty is currently consolidating near its 100-day exponential moving average (EMA). On the downside, Monday’s panic low of 25,473 is expected to serve as an immediate key support level. On the upside, the 25,950–26,050 zone is likely to act as immediate resistance, as it coincides with the 20-day EMA and the 61.8% Fibonacci retracement of last week’s decline.Overall Nifty is likely to consolidate in the range of 26000-25,500 only a breakout or a breakdown will signal the next directional moveBANKNIFTYBank Nifty continues to outperform the Nifty, displaying clear relative strength as it continues to consolidate around 60000 levels.Index during current week is seen rebounding from the lower band of the last five weeks range placed around 58700-59000. Going ahead a follow through strength above Wednesday’s high (59,796) will open upside towards the recent all time high of 60,430 levels in the coming week. Overall, we expect the index to extend the consolidation within the 58,700–60,400 range. A decisive breakout above this range or a breakdown below it will provide clarity on the next directional move.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:
RBL BankBuy in the range of ₹ 305-314
The stock is rebounding taking support at the previous major breakout area signaling a change of polarity thus offers fresh entry opportunity.On the downside key support is placed at 295-293 levels being the confluence of the recent breakout area and 100 days EMA.We expect the stock to head towards 335 levels being the recent high of October 2025. The UPLBuy in the range of 767-783
Buying demand emerging from the key support area of 750-760 being the recent trendline breakout area and 50 days EMA thus offers fresh entry opportunity.We expect the stock to head higher towards 845 levels being the 161.8% external retracement of the previous breather (812-761).On the lower side key support is placed at 735-740 levels being the confluence of the 100 days EMA and the recent breakout area.(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)
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