Hindustan Zinc & SBI: Jainam Broking's Kiran Jani outlines trade setup, shares Nifty view

Kiran Jani, Head of Technical Research at Jainam Broking, on Thursday outlined key technical levels for benchmark Nifty50 and shared stock-specific trading ideas on Hindustan Zinc Ltd and State Bank of India (SBI).

Jani said that the 25,000–24,800 range would act as a strong support zone for Nifty and could be seen as an accumulation area. On the upside, he identified 25,300 as a crucial resistance level. "Only a decisive closing above the said level can trigger further upside," he told Business Today.

In the metals space, Jani said Hindustan Zinc remains his preferred pick from the segment. "The stock's rally can continue, but 'buy-on-dips' would be the strategy. Any dips towards Rs 680-660 would be a great opportunity to accumulate. Keep a strict stop loss below Rs 640. Looking at overall charts, the counter may hit Rs 900-1,000 levels. Hindustan Zinc is still our preferred stock, but 'buy-on-dips' would be the strategy," he stated.

With that being said, Vedanta Ltd-led Hindustan Zinc's offer-for-sale (OFS) opened for subscription today (January 29) following robust interest from institutional investors. Non-retail investors subscribed a total of 142.02 per cent, indicating strong demand. The OFS for non-retail investors had opened on January 28, with a floor price set at Rs 685 per share.

Sharing his view on SBI, Jani noted that the stock is currently in the overbought zone on charts. "The charts are in the overbought zone. Investors can hold this particular stock, but for fresh buying, one should wait for dips. Any decline towards Rs 1,020-1,000 would be a good opportunity to accumulate. Those holding should continue with their positions, and in the next six to eight months, we can expect a potential upside price target of Rs 1,200. For this, the stock must hold Rs 950-960. So, with a strict stop loss of Rs 950-960, 'buy-on-dips' would be the strategy for SBI," he said.

Meanwhile, domestic equity benchmarks were trading lower today as investors awaited the Union Budget 2026 presentation, scheduled for February 1. Market sentiment was also impacted by the US Federal Reserve's decision to keep interest rates unchanged in its latest policy review, along with a sharp fall in the Indian rupee to a record low.

The domestic currency hit the 92-mark against the US dollar amid weak equity market sentiment. Rising demand for the greenback and continued foreign portfolio investor (FPI) selling further pressured the rupee. At the open, the currency slipped to 92 per dollar, compared with its previous record low of 91.96 recorded last week. With the latest decline, the rupee has fallen 2.25 per cent so far this year.