Ankush Bajaj Picks Top 3 Stocks to Buy Amidst Market Weakness
Overview
The Nifty 50 closed lower on January 13, 2026, continuing a weak undertone. Analyst Ankush Bajaj has recommended buying Multi Commodity Exchange (MCX), National Aluminium (NALCO), and Hindalco Industries, citing strong technical indicators and momentum for these individual stocks despite the broader market caution.
Stocks Mentioned
Market Overview
The Nifty 50 concluded January 13, 2026, with a loss of 57.95 points, closing at 25,732.30, a 0.22% decrease. This marks a continuation of the weak sentiment observed over recent sessions, exacerbated by a breakdown from a rising wedge pattern on the daily chart.
Stock Recommendations
Amidst this cautious market, analyst Ankush Bajaj has recommended buying three specific stocks. These include Multi Commodity Exchange of India Ltd (MCX), National Aluminium Co. Ltd (NALCO), and Hindalco Industries Ltd.
Technical Indicators for Picks
MCX exhibits renewed momentum post-consolidation. Its RSI stands at 60, indicating strong bullish undertones, complemented by a positive MACD crossover (+7) and an ADX at 17 suggesting a strengthening, early-stage trend. A hold above ₹2,258 targets ₹2,366.
NALCO is riding the metals rally, with an RSI of 56 pointing to sustained buying interest and a MACD at +1.20 signaling upward bias. Trading above ₹353 could propel it towards ₹365. The ADX at 24 reflects a stable, forming trend.
Hindalco Industries shows a robust uptrend structure. Its RSI at 61 signifies strong bullish momentum, while the MACD at +3 reinforces the positive setup. With an ADX at 38 confirming a well-defined trend, holding above ₹925 targets ₹954.
Broader Market Performance
On January 14, 2026, PSU banks led gains with the CNX PSU Bank index up 0.78%. Media and IT sectors also rose. However, infrastructure and realty stocks faltered, with CNX Infra down 1.14% and realty down 0.62%. Notable gainers included ONGC, Tech Mahindra, Hindalco, ICICI Bank, and SBI. Conversely, Trent, L&T, Reliance, Dr. Reddy’s, and Cipla exerted downward pressure on sentiment.
Nifty Technical Outlook
The Nifty index is trading below its 20-day and 50-day moving averages, indicating sustained bearish pressure. A breakdown from previous chart formations has extended the downside. The daily RSI at 41.16 shows a loss of strength, and the MACD remains deeply negative at -28.32, confirming bearish momentum.
The hourly chart reveals a minor recovery attempt, with the RSI improving slightly to 44.37. The hourly MACD has turned positive (+17.10), suggesting potential short-term relief. However, most key hourly averages remain in sell mode, indicating lingering overhead resistance.
Options Data Insights
Options data reveal a bearish bias, with total Call Open Interest exceeding Put Open Interest by 5.49 crore. The 25,750 strike shows maximum Call OI, acting as immediate resistance, while the 25,700 strike has maximum Put OI, indicating support.
The immediate bias remains tilted downwards unless the Nifty can reclaim key short-term resistance levels around 25,850.
