Heavy selling pressure pulled the 30-share Sensex down 780 points, or 0.92%, to close at 84,180.96. According to Capitalmarket data, this marked the index’s sharpest one-day fall since August 26, 2025, when it had dropped 1.04%.
Stock market outlook
Nifty 50
On 8 January 2026, the Nifty 50 extended its weakness for a fourth consecutive session, slipping below the 26,000 level amid broad-based selling and negative global cues.
Speaking on the Nifty 50 outlook, Sumeet Bagadia, Executive Director at Choice Broking, said, " Concerns over potential U.S. tariffs and continued foreign investor outflows weighed on sentiment. On the daily chart, the index formed a negative single-day price bar, highlighting bearish undertones after recent consolidation and signaling that the recovery attempt remains fragile.
Selling pressure persisted throughout the session, with notable weakness in metals, IT, PSU banks, and auto stocks, while only a few counters showed resilience. Immediate resistance is placed around 26,000–26,050, while key support lies at 25,700–25,750. Overall, the near-term bias remains cautious, with consolidation likely in the absence of fresh bullish triggers."
Key Resistance: 26000-26050
Key Support: 25700-25750
Strategy: Buy on dips near 25900 levels for the target of 26200 level
Stop-Loss: 25850 on closing basis
Bank Nifty
Bank Nifty extended its weakness in line with broader markets, trading with subdued momentum amid persistent selling pressure and risk-off sentiment, on Thursday.
Meanwhile, on the Bank Nifty outlook, he added, " The index failed to sustain higher levels throughout the session, reflecting participant hesitation after multiple tests of key support areas. Selling pressure was evident across major banking stocks, particularly PSU banks and select private lenders, indicating continued caution in the banking space.
On the daily chart, Bank Nifty formed a negative price bar, underscoring bearish sentiment and a fragile recovery attempt after prior consolidation. Intraday recovery attempts remained capped near overhead resistance, highlighting sustained supply pressure. Immediate resistance is placed around 59,900–60,000, while 59,300–59,400 remains a crucial support zone. Overall, the near-term bias stays cautious and weak, with consolidation likely without fresh bullish triggers."
Key Resistance: 59900-60000
Key Support: 59300-59400
Strategy: Buy on dips near 59650 levels for the target 60000-60200 levels .
Stop-Loss: 59500 on closing basis
Breakout stocks to buy today
Breakout stocks are those stocks that move past their established support or resistance levels. Breakouts often signal that a stock may be poised for a strong price move.
Amid ongoing market conditions, Sumeet Bagadia has recommended five breakout shares to buy today - INOX India, Ramco Cements Limited, Netweb Technologies India, Sobha, and Onesource Specialty Pharma.
1] INOX India: Buy at ₹1162.5, target ₹1250, stop loss ₹1121
INOXINDIA is currently trading near ₹1,162.5 and is showing early signs of a trend reversal after taking support at its 20-day EMA. The formation of a strong bullish candle indicates renewed buying interest. Additionally, the stock has broken above its falling trendline, signaling a potential continuation of the bullish trend. It is trading above its 20-day, 50-day, and 200-day EMAs, which confirms strong underlying momentum. Accumulation support is observed near ₹1,134. Short-term traders may consider buying at current levels, with an upside target of ₹1,250 and a stop loss placed at ₹1,121, while adhering to disciplined risk management practices.
2] Ramco Cements Limited: Buy at ₹1082.5, target ₹1160, stop loss ₹1044
RAMCOCEM is trading within a broad range of ₹1,100– ₹1,035 and has recently rebounded from lower levels after taking support at its 20-day EMA, indicating strong buying interest and base formation at lower levels. Currently trading around ₹1,082.5, the stock appears to be on the verge of breaking out of this sideways consolidation, suggesting the potential for an upside expansion in momentum. Immediate support is placed near ₹1,100. The stock is trading above all key EMAs, and an RSI reading of 64.29 supports trend continuation. Short-term traders may consider buying, with an upside target of ₹1,160 and a stop loss at ₹1,044.
3] Netweb Technologies India: Buy at ₹3397, target ₹3635, stop loss ₹3278
NETWEB is trading around ₹3,397 and has recently broken out of a short-term weekly consolidation, indicating renewed buying interest and strengthening bullish momentum. The stock is taking firm support near its 20-week EMA, reflecting sustained demand at lower levels. Any pullback is expected to find support around ₹3,300, while immediate resistance is placed near ₹3,500. Short-term traders may consider initiating long positions at current levels, with a stop loss at ₹3,278 and an upside target of ₹3,635, while maintaining disciplined risk management.
4] Sobha: Buy at ₹1570.1, target ₹1680, stop loss ₹1515
SOBHA is trading at ₹1,570.1 and is showing signs of strength as it gradually forms a rounding bottom pattern along with a higher high–higher low structure. This price action is supported by sustained volumes, indicating strong buying interest and accumulation. On the downside, immediate support is placed near ₹1,550. With the key resistance at ₹1,600 decisively breached, the near-term outlook remains positive. Short-term traders may consider buying at current levels, with a stop loss at ₹1,515 and an upside target of ₹1,680, while maintaining disciplined risk management.
5] Onesource Specialty Pharma: Buy at ₹1785.9, target ₹1911, stop loss ₹1723
ONESOURCE is trading within a broad range of ₹1,728– ₹1,800 and has recently rebounded from lower levels after taking support at its 200-day EMA, indicating strong buying interest and base formation at lower levels. Currently trading around ₹1,785.90, the stock appears to be on the verge of breaking out of this sideways consolidation and has also breached its long-term falling trendline, reflecting a potential shift in the broader trend. Immediate support is placed near ₹1,737. The stock is trading above all key EMAs, and an RSI reading of 59.33 supports trend continuation. Short-term traders may consider buying at current levels, with an upside target of ₹1,911 and a stop loss at ₹1,723.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.For today, January 9, 2026, Sumeet Bagadia, Executive Director at Choice Broking, has identified five stocks showing bullish breakout potential despite the broader market's cautious sentiment.
Below are the specific recommendations with their entry prices, targets, and stop-loss levels.
Sumeet Bagadia's Breakout Stock Recommendations
| Stock Name | Action | Buying Price | Target Price | Stop Loss |
| INOX India | Buy | ₹1,162.50 | ₹1,250 | ₹1,121 |
| Sobha | Buy | ₹1,570.10 | ₹1,680 | ₹1,515 |
| Netweb Technologies | Buy | ₹3,397.00 | ₹3,635 | ₹3,278 |
| Ramco Cements | Buy | ₹1,082.50 | ₹1,160 | ₹1,044 |
| Onesource Specialty Pharma | Buy | ₹1,785.90 | ₹1,911 | ₹1,723 |
Market Context & Outlook
The recommendations come at a time when the Indian benchmark indices have faced significant pressure. On January 8, the Nifty 50 slipped below the 26,000 mark, closing at 25,683.30, while the Sensex dropped nearly 780 points.
Nifty 50 Strategy: Bagadia suggests a "buy on dips" strategy near the 25,900 level, targeting 26,200, with a strict stop-loss at 25,850 on a closing basis.
Technical Triggers: Stocks like INOX India and Sobha are showing resilience. INOX India is currently trading above its key EMAs (20, 50, and 200-day), while Sobha has recently breached a key resistance level of ₹1,600, signaling further upside.
Note: Always perform your own due diligence or consult with a certified financial advisor before making investment decisions, as market conditions can change rapidly.
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