Nifty fell for the fourth session on Thursday amid selling pressure prominently in metals, IT, pharma and PSU banks. The Nifty has slipped below its rising trendline, clearly indicating a sudden increase in bearish bets.
Commenting on the current trends, analyst Rupak De, Senior Technical Analyst at LKP Securities, said that Nifty has slipped below the psychological support of 26,000 and has closed below the 50 EMA for the first time in three months, signifying a bearish shift in the trend. "A rising India VIX is also pointing to increased panic among market participants. Overall, the setup looks uncomfortable for the bulls. Selling pressure is likely to persist in the near term unless the Nifty moves back above 26,000. On the downside, the index might fall down towards 25,700 and 25,550," De said.
Buy IFB Agro at Rs 1,753.20 | Upside: 20%
Stop Loss: Rs 1,600
Target: Rs 2,100
IFB Agro Industries has delivered a decisive breakout above the key resistance zone near Rs 1,600, supported by strong bullish momentum and rising volumes, indicating fresh institutional participation. The stock is trading well above its short- and long-term moving averages, confirming a strong uptrend structure. The 20 EMA and 50 EMA are sloping upward, providing immediate support on minor pullbacks. RSI is positioned near 70, reflecting strong momentum without extreme overbought conditions. The breakout after a consolidation phase suggests trend continuation.
(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
Buy India Cements at Rs 476.20 | Upside: 10%
Stop Loss: Rs 449
Target: Rs 523
The India Cements stock has confirmed a bullish continuation by breaking above the rising trendline resistance near Rs 460, supported by strong price action and improved volumes. The stock is firmly trading above its 20, 50, and 200-day moving averages, indicating a well-established uptrend across timeframes. The short-term moving averages are stacked positively, suggesting sustained momentum. RSI is above 70, reflecting strong buying strength and trend dominance rather than exhaustion. The higher-high, higher-low structure remains intact, supporting further upside.
(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)Based on the latest market technical reports for Friday, January 9, 2026, analysts have identified two specific stocks with significant short-term upside potential. Despite the broader Nifty index showing some bearish momentum recently, these picks are highlighted for their strong technical breakouts.
1. India Cements (INDIACEM)
Technical analysts have issued a "Buy" recommendation for India Cements following a decisive breakout above its previous consolidation levels.
Buy Price: ~₹476.20
Target Price: ₹523
Stop Loss: ₹449
Potential Upside: ~10%
Technical Rationale: The stock has broken above a rising trendline resistance (near ₹460) with improved volumes. It is currently trading above its 20, 50, and 200-day moving averages, signaling a well-established uptrend.
2. IFB Agro Industries (Smallcap "Multibagger" Pick)
This smallcap stock is the "multibagger" candidate referred to in the market guides for Friday's trade, showing a higher potential for growth.
Buy Price: ~₹1,753.20
Target Price: ₹2,100
Stop Loss: ₹1,600
Potential Upside: Up to 20%
Technical Rationale: IFB Agro has delivered a clear breakout above a key resistance zone at ₹1,600. Strong institutional participation is indicated by rising volumes and an RSI (Relative Strength Index) near 70, which reflects strong momentum without yet being "overbought."
Market Context for January 9
Investors are advised to remain cautious as the Nifty 50 has recently slipped below the psychological 26,000 mark. While these specific stocks show independent strength, the broader market is experiencing volatility due to:
US Supreme Court rulings on potential tariffs (expected Friday).
Rising India VIX, indicating increased market panic.
FII Selling, which continues to put pressure on large-cap indices.
Would you like me to look up the latest support and resistance levels for the Nifty 50 to help you time your entry?
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