The Indian equity markets faced considerable pressure during the week ended January 9, with major benchmarks posting sharp declines amid rising concerns over potential US tariff measures and sustained foreign institutional investor outflows. Both the Sensex and Nifty 50 dropped 2.50% for the week, with the Sensex falling 2,186.00 points.

Market Technical Analysis

Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, observed that the Nifty 50's early-January optimism quickly shifted to caution as the index experienced five consecutive sessions of decline. The selling pressure was amplified by profit-taking in major stocks alongside global uncertainties.

The Nifty 50 concluded the week within the 25,700.00–25,900.00 range after breaking below crucial technical levels. Patel noted that the index's inability to sustain higher levels and subsequent sharp reversal highlighted exhaustion at elevated positions.

Short-Term Trading Recommendations

Despite the current weakness, Patel identifies three stocks showing promising technical setups for the next one to two weeks, each supported by specific chart patterns and momentum indicators.

ICICI Bank: Breakout Above Key Resistance

ICICI Bank has demonstrated a decisive breakout above monthly and weekly resistance pivots, supported by strong volume surge that validates the move's strength. The stock has also crossed above a long-standing falling trendline, confirming a shift from consolidation to upward expansion.

The technical indicators support the bullish outlook, with MACD generating a bullish crossover and RSI witnessing a trendline breakout. This alignment of price, volume, and momentum signals enhances the probability of trend continuation.

Endurance Technologies: Medium-Term Reversal Signs

Endurance Technologies is displaying encouraging signs of medium-term trend reversal after establishing a strong base near its 200-day exponential moving average. The stock has closed above weekly R1 pivot and weekly VWAP, indicating improved price strength and institutional acceptance.

Momentum indicators show MACD bullish divergence suggesting weakening selling pressure, while RSI sustaining above 50.00 confirms momentum shift favoring buyers.

JSW Energy: Inverse Head and Shoulders Breakout

JSW Energy has confirmed a bullish breakout from an inverse head and shoulders pattern, supported by strong volume surge that validates the formation's reliability. The current mild pullback is accompanied by low volumes, suggesting weak selling pressure and healthy retest behavior.

The weekly pivot support aligns closely with the pattern's neckline, strengthening the support zone and enhancing the probability of fresh upward movement.

Market Outlook

While momentum indicators remain weak, the Nifty 50 is approaching short-term oversold conditions, suggesting potential for technical rebound. However, any recovery faces strong resistance in the 25,800.00–26,000.00 range. Patel emphasizes the need for a cautious and selective strategy, requiring confirmation before initiating new directional positions in the current volatile environment.

ICICI Bank Group demonstrated strong institutional confidence during Q3 FY26 by increasing its equity stakes across six companies, with total investment value exceeding ₹2,500 crores. The strategic investments span multiple sectors including infrastructure, technology services, agribusiness, and chemical manufacturing.

Major Stake Increases and Investment Values

The ICICI Group's investment activity during the December 2025 quarter reflects a diversified approach across various market segments. The following table summarizes the key stake increases:

Infrastructure and Engineering Sector Investments

KNR Constructions Limited emerged as one of the significant beneficiaries, with ICICI Group increasing its stake from 1.70% to 4.30%. The company, with a market capitalization of ₹4,090.56 crores, specializes in engineering, procurement, and construction of infrastructure projects including roads, highways, flyovers, bridges, irrigation, and urban water infrastructure management across India.

Techno Electric & Engineering Company Limited also witnessed substantial interest, with the group's stake rising from 1.10% to 2.60%. With a market capitalization of ₹11,732.88 crores, the company focuses on engineering, procurement, and construction for power generation, transmission, and distribution projects, along with asset ownership, operations, maintenance, and wind energy solutions.

Technology Services and Agribusiness Expansion

Computer Age Management Services Limited (CAMS) saw its ICICI Group holding increase from 1.70% to 2.90%. The company, valued at ₹18,014.11 crores, provides technology-enabled services including mutual fund registrar, transfer agency, and account management, assisting asset management companies with digital platforms for investor transactions and compliance.

AWL Agri Business Limited received the largest investment by value, with ICICI Group's stake growing from 2.10% to 3.10%. The company, with a market capitalization of ₹29,021.82 crores, operates in processing and distribution of edible oils, wheat flour, rice, pulses, and sugar, serving households, HoReCa, institutional sectors, and exports to over 50 countries.

Chemical Manufacturing Investment

Gujarat Narmada Valley Fertilizers & Chemicals Limited maintained ICICI Group's continued confidence, with stake increasing from 8.10% to 8.40%. The company, valued at ₹7,048.01 crores, manufactures and markets fertilizers and industrial chemicals including urea, nitrophosphate, formic acid, acetic acid, methanol, and neem-based agricultural inputs.

Market Performance and Shareholding Patterns

As of December 2025, the shareholding patterns across these companies show diverse ownership structures. Promoter holdings range from 41.30% in Gujarat Narmada Valley to 56.94% in AWL Agri Business, while foreign institutional investor participation varies from 7.38% in KNR Constructions to 44.65% in CAMS. These strategic investments by ICICI Group reflect institutional confidence in the fundamental strength and growth prospects of companies across multiple sectors of the Indian economy.