The Indian stock market could see action in select counters on Monday, January 19, as the December-quarter earnings season gathers pace. With several companies announcing quarterly results, brokerage houses are issuing fresh calls and target prices on a few stocks they believe could deliver strong returns from current levels. Motilal Oswal and Nuvama are positive about some stocks and believe they can go up. Here is a look at three shares that may remain in focus in Monday’s trade, along with the targets and key reasons cited by brokerages.
HDFC Asset Management In Focus
Motilal Oswal has expressed confidence in HDFC Asset Management Company, stating that the stock has room for meaningful upside in the coming period. The brokerage has set a target price of Rs 3,200, which is around 25% higher than the current market price.
According to the report, the company’s assets under management (AUM) are expected to grow at a compounded annual rate of about 18% between FY25 and FY28. Motilal Oswal also projects around 16% annual growth in revenue, EBITDA and profit over the same period. The stock could witness movement on Monday as investors track earnings-related momentum and brokerage commentary.
Just Dial Seen With Strong Upside
Nuvama remains positive on Just Dial and has retained its ‘Buy’ rating on the stock. The brokerage has set a target of Rs 1,100. From the current price of roughly Rs 722, this implies a potential upside of nearly 52%.
While the pace of revenue growth is not very high at present, the brokerage notes that profitability has improved in a short span. The company posted an EBITDA margin of 31.2%, which is seen as better than market expectations and indicates improving operational performance.
ICICI Lombard In focus
ICICI Lombard General Insurance is also in focus. The stock has been given a ‘Buy’ call with a target price of Rs 2,400, indicating a potential upside of around 27% from the current level. However, the report notes that the company’s earnings have faced some pressure due to a higher loss ratio in the motor insurance segment.
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Based on recent reports and expert technical analysis for Monday, January 19, 2026, market action is expected to center on specific stocks following strong Q3 results and positive technical breakouts.
Brokerages have highlighted the following three shares as key picks for the upcoming session:
1. RBL Bank
Brokerages like Bajaj Broking have turned bullish on RBL Bank following the latest quarterly earnings trend. The stock has shown resilience within the banking sector, which has been outperforming the broader Nifty recently.
Actionable Levels: Analysts suggest buying as it consolidates near key support levels, with momentum building for a potential breakout toward previous highs.
2. HCL Tech
Following a massive rally in the IT sector (with Infosys and Tech Mahindra leading on Friday), Religare Broking and other firms have flagged HCL Tech as a top buy for Monday. The IT sector is seeing renewed interest after positive revenue guidance from major players.
Outlook: Bullish. The stock is expected to see follow-through buying as investors rotate back into large-cap IT.
3. UPL (United Phosphorus Ltd)
UPL has appeared on multiple "Top Picks" lists for January 19 due to a technical reversal pattern. After a period of underperformance, the stock is showing signs of a "lower level recovery," attracting value buyers and short-term traders.
Target: Market experts are looking for an immediate bounce-back as it clears its short-term moving averages.
Honorable Mentions for Monday Action
Yes Bank: Likely to see high volume after reporting a 55% surge in profit over the weekend.
BHEL: A "Must-Watch" as its Board of Directors meets on Monday, January 19, to approve financial results. Technical analysts have set a target of ₹310 based on its current pennant pattern breakout.
Next Step: Would you like the specific Stop Loss and Target Price levels for any of these stocks to help with your entry strategy?
Disclaimer: Stock investments are subject to market risks. Please consult with a certified financial advisor before making any trading decisions.









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