Stock market recommendations: According to Bajaj Broking Research, the top stock picks for January 23, 2026 are Gokaldas Exports, and Hindustan Unilever. Here’s its view on Nifty and Bank Nifty:Index View: NIFTYIndian benchmark indices witnessed heightened volatility during the last week, with markets trading under a persistent downward bias. The negative momentum was primarily influenced by weak global cues and sustained selling by Foreign Institutional Investors (FIIs). Volatility remained elevated throughout the week due to prevailing global uncertainties, particularly concerns surrounding US trade tariff policies and geopolitical issues related to Greenland. These factors contributed to cautious investor sentiment and limited risk appetite across equity markets. Additionally, the Indian rupee came under significant pressure, with USD/INR hitting a fresh record low of 91.74. The sharp depreciation of the domestic currency further weighed on market sentiment, adding to the downside pressure on benchmark indices.Geopolitical tensions eased somewhat during the latter half of the week following developments at the World Economic Forum in Davos, Switzerland. President Donald Trump stated that a framework plan had been finalized to address US interests in Greenland, thereby reducing the likelihood of imposing additional tariffs on European nations that had previously opposed the proposed annexation of the Arctic island. The proposed framework is expected to include US mineral rights in Greenland as well as the deployment of the “Golden Dome,” a multi-layered missile defense system designed to enhance US national security.Nifty is forming a sizable bearish candle with a long lower shadow in the weekly chart and is currently placed around 200 days EMA placed around 25170 levels. Buying demand during the week has emerged near the key support zone of 25,000–24,800. This area aligns with the prior breakout level and the lower band of the rising channel on the weekly timeframe.Following a sharp 1,400-point decline over just 12 sessions, the index has entered extreme oversold territory on the daily chart. A technical pullback appears likely in the near term, with immediate resistance hurdles at 25,400-25,500.Post the recent sharp decline. We expect some consolidation within the 25,500–24,800 range. Only a move above 25500 will open further upside towards the major breakdown area of 25,700.BANK NIFTYBank Nifty continues to outperform the Nifty, displaying clear relative strength as it continues to consolidate in the range of 58700-60400.The 58,700–59,000 zone remains a key short-term support. Although the index briefly dipped to 58,278.6 on Wednesday session, it did not close near the lows, indicating buying interest at lower levels. This area also coincides with the lower end of the seven-week consolidation range and the 50-day EMA, making it a crucial support.A decisive break below this zone could accelerate the downside towards 57500-58,000. On the upside, resistance is placed around the previous all-time high of 60,200–60,400.
Stock Recommendations:
Gokaldas ExportsBuy in the range of ₹ 580-600
Stock is seen rebounding after a base at the trendline support joining previous major highs signaling a Change of Polarity.On the downside key support is placed at 570-560 levels being the confluence of the bullish gap area of Thursday and key retracement of last 2 sessions pullback.We expect the stock to head towards 645 levels being the recent breakdown area. Hindustan UnileverBuy in the range of 2360-2400
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 2300-2270 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 (2750-2245).(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)
