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Jai Bala, CMT, Cashthechaos.com

“The markets have come to record highs. We have been pointing to that possibility since April of last year, but today’s price action, or rather yesterday and today’s price action are a little bit discouraging. The Nifty hasn’t seen follow through to the fresh record highs and the key pivotal from Reliance after clocking fresh record highs at ₹1,611, it’s caving in and that’s not an encouraging sign for the bulls. But that doesn’t impact the medium-term picture, we still maintain the 29,000 call that we have been holding since April 2025. But the short term could get a bit volatile.”

“But as long as Nifty can manage to hold about 25,690, I think it’s in a safe zone. But if 25,690 were to break, this new high might be a short-term bull trap. So, we don’t want to see the markets drop below 25,690, keep that as an important support level.”

Sudip Bandyopadhyay, Group Chairman, Inditrade Capital

“Definitely, it’s a very positive development from an IEX point of view. The coupling order was very, very damaging from their business growth point of view. The stock price was around ₹220 levels, and then it has seen a sharp correction. Leave aside today’s upside of 10%, but it was hovering at a level where it was definitely worth buying the stock from a long-term perspective. And I think if this coupling order is withdrawn and a fresh consultative process is initiated for some kind of market coupling going ahead, that will be an excellent for the exchange as well as all the market participants. The earlier one was brought in very abruptly and which created havoc with the share prices of the exchanges. So I think it’s a good development. Let’s wait for the final on this matter, hopefully on Friday.”

Dharmesh Kant, Head-Research, Chola Securities

“We were negative on Trent since they reported their September quarter earnings last year. From there, we have consistently maintained a negative stance and I have been on record about this, that the stock prices will correct to the valuation multiples and see 17 times is the growth they have reported. Having a 25-30% kind of a growth would be a herculean task for this company and to my mind, even if that is achievable, then also 40-45 is the PE multiple which this company will command. So having that in mind, you can always extrapolate the earnings multiple and then you can see the valuation. To my mind, for next two years, getting beyond ₹5,000 stock price would be very difficult for Trent. And this has to be looked in conjunction with V2 Retail. They came out with a same-store sales growth of only 2%. So, this kind of a business have a natural tendency to normalise over a period of time. After the first three to five years, they do well. And then 20%-22% is a tough task to maintain. So to my mind, I mean, people should not be jumping to buy it for investment purpose. Trading plays can still be there. And my fair valuation for Trent for FY27 earnings estimate is around ₹3,500.”

Jai Bala, CMT, Cashthechaos.com

“I’m mostly negative on most of the FMCG names, and negative in the sense I’m not going to be bullish, and Trent falls within that category. I would anticipate one more low below the December or the 2025 low for Trent. Post that, it has a bottoming out potential. So, I would expect Trent to hit somewhere about ₹3,800. And I would avoid all the FMCG names at current levels. I would treat any bounce within the entire FMCG pack as a counter-trend bounce rather than a start of a rally.”

Rupee ended at 90.17/$ against Monday’s close of 90.28/$

Shares of Indian Energy Exchange Ltd. (IEX) gained as much as 13% on after lawyer representing the Central Electricity Regulatory Commission (CERC) told the Electricity Appellate Tribunal’s (APTEL) that they are ready to take instructions from the tribunal to withdraw the July 23, 2025 order, which led to IEX’s shares falling nearly 30% in a single trading session.

The counsels have sought more time, and APTEL has set January 9 as the next date for the hearing.

The shares of IEX rose by around 8%.

The shares of Godfrey Philips slump further, declining by over 3%, along with ITC.

The shares of IIFL Finance rose by 3.25% or ₹21.00, rising to ₹666.45 per share.

On Tuesday, January 6, IDFC FIRST Bank announced the introduction of the Zero-Forex Diamond Reserve Credit Card, adding a product to its line of premium credit cards that focuses on lifestyle and foreign travel.

According to Pharmatrac data, total IPM value growth stood at a steady 10.6% for the month. Several large players showed double-digit growth — Torrent Pharma led with 17.2% growth, followed by Cipla at 15.5%, Sun Pharma at 15.2%, Lupin at 12.8%, and Zydus at 12.7%, while Dr Reddy’s grew 10.1% and Mankind Pharma posted 8.4% growth.

Sacchitanand Uttekar, VP- Research (Derivatives & Technicals), Tradebulls

G M Breweries

Petronet LNG Ltd. could face regulatory risks as regulatory and competitive dynamics could shift the bargaining power in favour of the company’s offtakers, brokerage firm Citi wrote in its note on Tuesday, January 6.

Shares of Kaynes Technology Ltd. slid as much as 6.5% on Tuesday, January 6, their steepest single-day drop in nearly a month, snapping a two-day winning streak.

Brokerage firm Jefferies, maintained its “buy” rating on the stock on Tuesday, but cut its price target to ₹5,940 from ₹7,780 earlier.

The Indian cement sector is likely to see a weak third quarter on profitability, but conditions should improve meaningfully in the fourth quarter, according to Pulkit Patni, India Industrials Analyst at Goldman Sachs.

On Tuesday, January 6, Ola Electric Mobility Ltd. shares fell as much as 8% from the day’s highs, ending a three-session winning streak.

Over the preceding three sessions, the stock had increased by 22%. Tuesday’s trading volumes were around half of Friday’s and Monday’s total turnover.

Shrikant Chouhan of Kotak Securities

Sacchitanand Uttekar, VP- Research (Derivatives & Technicals), Tradebulls

Trent

With the introduction of Fixed Deposits (FDs) in India, Amazon Pay has broadened its range of financial services beyond credit and payment options. Five banks—Shivalik Small Finance Bank, Suryoday Small Finance Bank, South Indian Bank, Slice, and Utkarsh Small Finance Bank—as well as two NBFCs—Shriram Finance and Bajaj Finance—partner to provide the service.

Nifty plummets below 26,150; Trent is the top Nifty loser

The shares of Mirc Electronics rose by 10%, making it one of the biggest gainers in the Midcap stocks.

The shares of Hindustan Zinc have surged by over 46.66% in 6 months.

The shares of Nalco surged along with other metal stocks.

The bank has updated its guidance for the current fiscal year 2025–2026 (FY26) and now anticipates stronger loan growth than previously anticipated, according to Amitava Chatterjee, Managing Director and Chief Executive Officer of Jammu & Kashmir Bank.

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