The Sensex dropped 245 points, or 0.29%, to end at 83,382.71, while the Nifty 50 fell 67 points, or 0.26%, to settle at 25,665.60. The mid and small-cap segments outperformed. The BSE Midcap and Smallcap indices closed the day 0.16% and 0.25% higher, respectively.
On Thursday, stock exchanges were shut due to civic polls in Maharashtra.
Three stocks to buy today, Ankush Bajaj’s Recommendations
Buy: Punjab National Bank (PNB)
Why it’s recommended: PNB is sustaining its uptrend within the PSU banking pack, supported by strong price action and steady higher lows on the daily chart. The daily RSI at 68 indicates robust bullish momentum, showing that buyers remain firmly in control without yet entering an extreme overbought zone. The MACD reading near +1 signals a positive crossover, backing the continuation of the current rally. An ADX of 16 reflects an early but improving trend structure, suggesting that strength could further build if price sustains above nearby supports.
Key metrics:
RSI (14-day): 68 — strong bullish momentum
MACD (12,26): +1 — positive crossover, trend supportive
ADX (14): 16 — trend in the building phase
Technical view: Sustaining above ₹125.60 will keep the bullish bias intact and can pave the way for an upside move toward ₹135 in the near term.
Risk factors: Being a PSU bank, PNB is sensitive to news flow on asset quality, provisioning, and any changes in government/banking regulations.
Buy at: ₹128.65
Target price: ₹135
Stop loss: ₹125.60
Buy: NTPC Ltd
Why it’s recommended: NTPC remains in a strong upward trajectory, backed by consistent buying interest in power and utility names. The daily RSI at 65 reflects healthy bullish momentum, while the MACD at +5 shows a solid positive crossover, confirming sustained upside strength. The ADX at 28 indicates a well-established and strengthening trend, suggesting that the ongoing move is supported by strong underlying participation rather than just a short-term bounce.
Key metrics:
RSI (14-day): 65 — firm bullish zone
MACD (12,26): +5 — strong positive crossover
ADX (14): 28 — trend strength well established
Technical view: As long as the stock holds above ₹332, the structure remains bullish with potential for a move toward ₹383. Dips closer to support are likely to attract fresh buying.
Risk factors: Sensitive to regulatory changes in the power sector, fuel cost dynamics, and tariff-related announcements.
Buy at: ₹349
Target price: ₹383
Stop loss: ₹332
Buy: Bank of India (BANKINDIA)
Why it’s recommended: Bank of India is showing a constructive uptrend within the PSU banking space, aided by improving sentiment in rate-sensitive financials. The daily RSI at 65 points to strong bullish momentum, while the MACD at +2 confirms a positive crossover, indicating that buyers continue to dominate. The ADX at 20 signals an emerging trend with scope to strengthen further if prices sustain above key support zones.
Key metrics:
RSI (14-day): 65 — strong bullish momentum
MACD (12,26): +2 — positive crossover, supporting upside
ADX (14): 20 — developing trend with upside potential
Technical view: Holding above ₹143 keeps the bullish setup intact and opens room for an upside move toward ₹172 in the short term.
Risk factors: Exposed to movements in bond yields, credit growth, and asset quality metrics; any negative surprise on NPAs or provisioning can affect sentiment.
Buy at: ₹152.85
Target price: ₹172
Stop loss: ₹143
Market Recap
ndian equity benchmarks extended their losing streak for a second consecutive session on Wednesday, 14 January 2026, as the Nifty 50 settled at 25,665.60, declining by 66.70 points or 0.26%. The market remained under pressure throughout the day due to a combination of persistent selling by foreign institutional investors, rising crude oil prices, and growing uncertainty over international trade policies.
While the broader market indices like the Midcap and Smallcap 100 managed to close in the green, the frontline index was dragged down by heavyweights in the technology and consumer segments.
In the Nifty 50 pack, commodity-linked stocks and public sector lenders showed remarkable resilience against the broader weakness. Tata Steel (3.71%) led the gainers’ chart, followed by NTPC (3.36%), Axis Bank (2.88%), and Hindalco Industries (2.08%). On the flip side, high-valuation defensives and IT majors faced the brunt of the profit-booking; Asian Paints (-2.48%) emerged as the top loser, with TCS (-2.25%), Maruti Suzuki (-1.70%), and Tata Consumer Products Ltd (-1.62%) also ending deep in the red.
Sectoral performance highlighted a sharp divergence in investor sentiment. The Nifty Metal index (+2.70%) outperformed significantly, closing at an all-time high as industrial metal prices surged globally. This was closely followed by the Nifty PSU Bank index (+2.13%), which was bolstered by a strong set of quarterly earnings from state-run lenders. However, these gains were offset by the Nifty IT index (-1.08%), which struggled following cautious Q3 results, and the Nifty Realty index (-1.00%), which saw significant cooling.
Nifty Technical Outlook – 16 January
The Nifty ended Wednesday on a weak note, slipping 66.70 points or 0.26% to close at 25,665.60. On the daily chart, the index has now slipped below both its 20-day SMA at 25,996 and 40-day EMA at 25,923, confirming short-term pressure and keeping the near-term tone cautious.
Daily RSI has cooled to 39, edging closer to the oversold band, while MACD has turned decisively negative around –48, indicating that the recent decline is still in play and the trend remains corrective rather than bullish. Price is hovering near the lower end of the rising channel seen over the past several months, so while the broader uptrend is not yet broken, the index is clearly in a corrective leg within that structure.
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On the hourly time frame, however, there are early signs of a potential relief bounce. Nifty has formed a double bottom pattern around the 25,600 zone, and RSI on the hourly chart has stabilised near 42 after recovering from oversold territory.
The MACD remains in negative territory at about –45, but the downside momentum has started to slow. Immediate intraday resistance lies near the 20-hour EMA at 25,800; sustained trade and a close above this level could trigger a pullback towards 25,980–26,000, where the hourly moving averages and recent breakdown zone converge.
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Derivatives data still leans bearish. Total Call open interest stands at 14.76 crore versus 9.99 crore on the Put side, resulting in a negative PE–CE OI differential of –4.78 crore, which reflects a clear short bias. Fresh additions have been higher on Calls than Puts, with Call OI rising by 5.74 crore and Put OI by 4.02 crore, keeping the OI trend in the bearish camp. The 26,000 strike carries the highest Call OI as well as the biggest addition, marking it as a strong overhead resistance zone in the near term.
On the downside, the largest Put base and fresh additions are clustered at the 24,500 strike, suggesting that positional support for the series sits much lower, even though immediate price support is visible around 25,600.
Overall, the index remains in a short-term downtrend with scope for a technical pullback. As long as Nifty holds above 25,600 and manages to reclaim 25,800 on an hourly close, a relief rally toward 25,980–26,000 is possible. Failure to sustain above 25,600, however, could reopen the downside toward 25,400 and eventually 25,200. Traders may expect a choppy bounce-back attempt rather than a clean trend reversal unless the index closes convincingly back above the 26,000 mark.
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.
