Fri Jan 16 04:00:00 UTC 2026: ### Indian Stock Market Analysis: Expert Bullish on Select Sectors Amidst Global Commodity Rally

The Story:
An analysis by Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors, suggests a bullish outlook on select Indian stocks, particularly those tied to commodities like copper and aluminum. The analysis focuses on technical indicators and recent market performance, offering insights into potential upside targets for Hindustan Copper, NALCO, Union Bank of India, Vedanta, IndusInd Bank, and MCX India. The report emphasizes key support and resistance levels for Nifty 50 and Bank Nifty, providing a trading perspective for the coming week.

Key Points:

  • Hindustan Copper: Approaching prior swing high of Rs 575, with potential to reach Rs 600-650 upon breaking this level.
  • NALCO: Upside momentum expected to continue as long as the stock doesn’t close below the prior day’s low, with targets of Rs 400 or higher.
  • Nifty 50: Key levels to watch are 25,470 – 25,850. A close above 25,850 signals an upside breakout, while a close below 25,470 is a concern.
  • Bank Nifty: Consolidating near the 50-period EMA support between 58,800-59,800. A break above 59,800 can lead to targets of 60,400 and 61,000.
  • Vedanta: Overbought after a 13% rally since January 2026, but dips can be used to buy as long as the stock doesn’t close below the prior day’s low, with targets of Rs 730 or higher.
  • Union Bank of India: Positive bias remains as long as the stock holds above Rs 165, with upside targets of Rs 190 or higher.
  • MCX India: As long as the key support of Rs 2,180 remains protected, every decline can be used to buy with targets of Rs 2,600 and Rs 2,800.

Critical Analysis:
N/A

Key Takeaways:

  • Global commodity rallies in metals like gold, silver, aluminum, and copper are significantly impacting related stocks like Hindustan Copper and NALCO.
  • Technical analysis plays a crucial role in identifying potential entry and exit points for traders and investors.
  • PSU banks continue to show strong performance compared to private banks, indicating a potentially sustained outperformance trend.
  • Monitoring key support and resistance levels is critical for navigating market volatility and making informed trading decisions.

Impact Analysis:
N/A

Read More