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Nifty seen in tight range; BSE, Lupin among Ajit Mishra's stock picks
Nifty prediction today: Continued profit booking and earnings-related reactions in select heavyweights may limit the pace of any immediate recovery in Nifty, said Ajit Mishra of Religare Broking.
Religare Broking's Ajit Mishra recommended BSE, Lupin, and HCLTech for Thursday's session Image Credit: Bloomberg
3 min read Last Updated : Jan 08 2026 | 8:21 AM IST
Nifty share price today, Jan 8
Markets ended Wednesday’s session on a subdued note, extending the ongoing corrective phase. The Nifty opened in negative territory and remained under pressure for most of the day, with only limited recovery attempts, eventually closing at the 26,140.75 level, down around 0.14 per cent. Sectoral performance was mixed, with IT and pharma stocks showing relative resilience, while auto and realty stocks faced selling pressure. Interestingly, broader indices outperformed the benchmark and gained around 0.5 per cent each, highlighting selective participation beyond frontline stocks.
Market sentiment continued to be shaped by mixed global cues and lingering geopolitical concerns, which kept risk appetite in check. In addition, rotational selling in select index heavyweights such as ITC, HDFC Bank and Reliance capped the upside and restrained the broader uptrend. In the absence of strong domestic triggers, trading activity remained largely stock-specific, with participants adopting a wait-and-watch approach ahead of upcoming earnings announcements and key macro developments.
Technically, the Nifty has moved closer to its first line of support, the 20-day daily exponential moving average (DEMA), following the recent dip. The index is likely to find near-term support in the 26,000–26,100 zone, with a stronger base placed around 25,800. However, continued profit booking and earnings-related reactions in select heavyweights may limit the pace of any immediate recovery. Participants are advised to focus on stock-specific opportunities and use market dips to gradually accumulate quality names within outperforming sectors.
BSE Limited share price exhibits a structurally strong technical setup, with prices sustaining above a rising long-term moving average, reaffirming the primary bullish trend. The BSE stock has recently broken out of a downward-sloping consolidation that followed a corrective phase, suggesting orderly profit-taking rather than a trend reversal. A decisive rebound from a well-defined support zone, supported by healthy volumes, indicates strong accumulation. From a risk–reward perspective, initiating long positions at current levels appears favorable.
IT stocks are showing signs of renewed momentum following a brief consolidation, with HCL Technologies share price moving in tandem with the broader sectoral trend. After emerging from a corrective phase, HCL Tech stock has demonstrated resilience by sustaining above its long-term 200-day exponential moving average (EMA). The formation of a fresh pivot along with a small-range breakout signals a continuation of the prevailing positive momentum. A supportive sectoral backdrop and a stable chart structure present traders with a renewed buying opportunity.
The pharma index is attempting a strong breakout after spending over a year in a corrective phase. Among leading pharma stocks, Lupin is exhibiting relative outperformance, having completed its correction with a decisive breakout from a prolonged consolidation phase. This price action indicates the beginning of a new upward trajectory, offering a fresh buying opportunity. Traders may consider accumulating the stock while strictly adhering to the specified target and stop-loss levels.
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Disclaimer: This article is by Ajit Mishra, Senior Vice President – research, Religare Broking. Views expressed are his own.
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