The Indian stock market witnessed a sharp correction during the week of January 3-9, 2026, with the Nifty 50 experiencing multiple consecutive sessions of decline after beginning the year near record highs. Market sentiment deteriorated amid renewed concerns over potential U.S. tariff actions, persistent foreign institutional investor (FII) outflows, and rising global uncertainties. Profit-booking in heavyweight stocks further intensified selling pressure, leading to a swift reversal from early-January optimism.

Market Performance Overview

The benchmark indices faced significant pressure during the review period, with key technical levels being breached:

Expert Market Outlook

Mehul Kothari, Deputy Vice President of Technical Research at Anand Rathi, believes the Indian stock market sentiment has turned cautious following the swift reversal from early-January optimism. According to Kothari, the Nifty 50 index witnessed a failed breakout followed by a sharp reversal, highlighting exhaustion at higher levels.

Nifty 50 Technical Analysis

Kothari explained that the index has moved back towards key support near the weekly low around 25,600, which is acting as an immediate reference point. A decisive breakdown below this level could extend the decline towards 25,400, representing the maximum near-term downside based on the broader price structure. Momentum indicators remain weak, though the index is nearing short-term oversold territory, suggesting the possibility of a technical bounce.

Bank Nifty Assessment

Regarding the banking sector, Kothari noted that the Bank Nifty continues to face strong resistance in the 60,500-61,500 zone, coinciding with long-term rising trendline resistance. The recent rejection near 60,500 has pulled the Bank Nifty back towards the 59,000 region, which now acts as key near-term support.

Stock Recommendations Under ₹200

Despite the challenging market environment, Kothari has identified two stocks under ₹200 that present attractive investment opportunities:

Recommended Stocks

Both recommendations come with clearly defined risk management parameters, offering investors structured entry and exit strategies. The suggested entry ranges provide flexibility for investors to accumulate positions during market weakness, while the target prices indicate potential upside opportunities.

Risk Management Approach

Kothari emphasized that the current market setup requires a cautious and selective approach, with confirmation needed before establishing fresh directional positions. The technical analysis suggests that any recovery in the broader market is expected to face strong resistance, making stock selection and risk management crucial for investment success.

Investors are advised to adhere strictly to the recommended stop-loss levels to limit potential downside risk while allowing room for the identified upside targets to materialize in the current volatile market environment.

NMDC Limited has announced a significant leadership appointment following directives from the Ministry of Steel, Government of India. The state-owned mining enterprise has entrusted additional responsibilities to one of its existing directors to ensure operational continuity.

Leadership Appointment Details

Shri Vinay Kumar, who currently serves as Director (Technical) at NMDC Limited, has been assigned the additional charge of Director (Commercial). This appointment comes through Ministry of Steel Order No. S-14013/2/2025-BLA-Part(1) dated January 9, 2026.

Appointment Terms and Conditions

The additional charge arrangement has been structured with specific temporal parameters to ensure clarity and accountability. Kumar will hold both positions simultaneously for an initial period of three months, with the appointment scheduled to conclude on April 6, 2026.

The Ministry of Steel has indicated that this arrangement will continue until further orders are issued, whichever comes first. This provision allows for flexibility in the appointment duration based on organizational requirements and government directives.

Regulatory Compliance

NMDC Limited has fulfilled its disclosure obligations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company communicated this appointment to all major stock exchanges where its shares are listed, including BSE Limited, National Stock Exchange of India Limited, and The Calcutta Stock Exchange Limited.

The announcement was signed by Pravin Shekhar, Company Secretary & Compliance Officer, ensuring proper authorization and documentation of this corporate development. This leadership arrangement demonstrates NMDC's commitment to maintaining operational efficiency while adhering to regulatory requirements and government directives.