Three stocks to buy today, Ankush Bajaj’s recommendations:
Buy: Multi Commodity Exchange of India Ltd (MCX)
Why it’s recommended: MCX is showing signs of renewed momentum after consolidating around short-term moving averages. The RSI at 60 suggests strong bullish undertone, while the MACD at +7 confirms a positive crossover, supporting a potential trend continuation. The ADX at 17 indicates that the trend is still in its early stages, but strengthening steadily. Price action remains well-positioned for a breakout toward higher levels.
Key metrics:
RSI (14-day): 60 — positive momentum building
MACD (12,26): +7 — bullish crossover confirmed
ADX (14): 17 — early trend development phase
Technical view: Holding above ₹2258 keeps the bullish structure intact, with potential for a move toward ₹2366.
Risk factors: Sensitive to volatility in commodity prices and trading volumes across exchange segments.
Buy at: ₹2293
Target price: ₹2366
Stop loss: ₹2258
Buy: National Aluminium Co. Ltd (NALCO)
Why it’s recommended: NALCO continues to ride the broader metals rally with improving technical indicators. The RSI at 56 points to sustained buying interest, while the MACD at +1.20 suggests a positive crossover and upward bias. The ADX at 24 reflects a forming but stable trend. The stock is trading comfortably above recent support levels, suggesting more upside is possible.
Key metrics: RSI (14-day): 56 — stable bullish momentum
MACD (12,26): +1.20 — upward crossover
ADX (14): 24 — strengthening trend
Technical view: A hold above ₹353 could lead to further gains toward ₹365.
Risk factors: Highly sensitive to global aluminum pricing and export policy changes.
Buy at: ₹357.40
Target price: ₹365
Stop loss: ₹353
Buy: Hindalco Industries Ltd
Why it’s recommended: Hindalco is maintaining a strong uptrend structure with momentum building up. The RSI at 61 places the stock in bullish territory, and the MACD at +3 reinforces the ongoing positive setup. The ADX at 38 confirms a strong trend in motion, increasing the likelihood of continuation. The price structure remains favorable for a push toward higher resistance.
Key metrics: RSI (14-day): 61 — strong bullish momentum
MACD (12,26): +3 — continued strength
ADX (14): 38 — well-defined trend
Technical view: Staying above ₹925 will likely lead to a move toward ₹954.
Risk factors: Exposed to fluctuations in global metal prices and raw material cost pressures.
Buy at: ₹936.30
Target price: ₹954
Stop loss: ₹925
Market momentum snapshot – 14 January 2026
PSU banks led the gains with the CNX PSU Bank index up 0.78%, while media and IT sectors rose 0.76% and 0.65% respectively. On the flip side, infrastructure stocks dragged, with CNX Infra falling 1.14% and realty down 0.62%.
Top gainers included ONGC (+3.42%), Tech Mahindra (+1.81%), Hindalco (+1.76%), ICICI Bank (+1.69%), and SBI (+1.31%). However, Trent (-3.30%), L&T (-3.27%), Reliance (-2.05%), Dr. Reddy’s (-1.99%), and Cipla (-1.15%) weighed on sentiment. Overall, the market showed a cautious tone with stock-specific action driving movement.
Nifty Technical View – January 14, 2026
Daily Chart Analysis
Nifty is currently trading well below its 20-day and 50-day moving averages, signaling sustained bearish pressure. A notable breakdown from the previously observed triangle and wedge formations has triggered a downside extension. The RSI on the daily timeframe has weakened to 41.16, suggesting loss of strength, while the MACD remains deeply negative at –28.32, indicating bearish momentum. The ADX at 14.95 still shows a weak trend, meaning the market could stay range-bound unless new directional triggers emerge.
Multiple moving averages—EMA and SMA across 10, 20, and 50-day periods—are all aligned in ‘Sell’ mode, reinforcing the bearish bias. However, longer-term averages such as the 200-day EMA and SMA are still in ‘Buy’ mode, providing some medium-term cushion around the 25,100–25,150 zone.
Hourly Chart Analysis
The hourly chart shows a minor recovery attempt, but the index remains under pressure overall. The RSI has marginally improved to 44.37, but it still reflects a lack of decisive strength. Interestingly, MACD on the hourly chart has turned positive (+17.10), suggesting a possibility of short-term relief or pullback. The ADX at 31.83 shows trend strength picking up, likely due to recent directional moves.
Price action is caught between short-term EMAs and SMAs. While the 10-EMA ( ₹25,712) is showing early signs of a buy signal, most other key averages including 20, 30, 50, and 100-hour EMAs and SMAs are still in sell mode, reflecting lingering overhead resistance.
Options Data Snapshot
- Total Call OI: 20.74 Cr
- Total Put OI: 15.25 Cr
- OI Differential (PE–CE): –5.49 Cr → Bearish Bias
- Max CE OI Strike: 25,750
- Max PE OI Strike: 25,700
- OI Change Bias: CE additions outpace PE, maintaining short-term bearish sentiment.
The options data aligns with the technical picture—continued call writing at 25,750 and 25,800 suggests those levels are now strong resistance, while put writing support appears to be moving lower.
Summary & levels to watch
- Trend: Bearish to weakly neutral
- Immediate Resistance: 25,750 / 25,843
- Support Zone: 25,700 → next at 25,550–25,500
- Upside Trigger: A sustained move above 25,850 (and reclaiming 26,000)
- Downside Trigger: If 25,700 fails, expect test of 25,500 and possibly lower levels near 25,150
Unless the Nifty manages to regain ground above key short-term resistances, the bias remains tilted to the downside. While there are early signals of a minor bounce on the hourly chart, the daily setup is yet to confirm any strong reversal.
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
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Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
