Bajaj Finance, SBI, Airtel & More: Axis Securities Reveals Its Top 15 Stock Picks For January 2026

The Indian equity market is moving from a period of consolidation to one that is driven by earnings visibility and steady domestic development, according to the Axis Top Picks report for January 2026. With the Nifty 50 growing by 10.5% and the Nifty Smallcap 250 index falling by 5.6%, the study reflects 2025 as a difficult year in which the Indian market lagged global counterparts for the first time since the COVID-19 period. Despite these obstacles, a structural change took place when domestic institutional investors (DIIs) contributed $88.8 billion to the market, substantially offsetting the $18.7 billion taken out by foreign institutional investors (FIIs) and highlighting the rising maturity and confidence of the domestic investor base.

Stocks To Buy In January 2026

HDFC Bank, Bajaj Finance, Bharti Airtel, Avenue Supermarts, State Bank of India, Max Healthcare, Kirloskar Brothers, Kalpataru Projects, APL Apollo Tubes, Mahanagar Gas, Inox Wind, Prestige Estates, Ujjivan Small Finance Bank, Chalet Hotels, and Sansera Engineering are the top stock picks by Axis Securities for the month.

Nifty Outlook

"In the bull case, we value NIFTY at 21x, translating into a Dec'26 target of 29,500. Our bull case assumption is based on the Goldilocks scenario, which assumes an overall reduction in volatility and a successful soft landing in the US market. The market is keenly watching the global growth scenario in 2026 under Trump's presidency, in which uncertainty related to tariffs is likely to be reduced compared to 2025," commented the research analysts of Axis Securities.

"Furthermore, private Capex, which has been sluggish for the last several years, is expected to receive a much-needed boost in the upcoming years, with the expectation of policy continuity. Backed by expectations of political stability, policy continuity, fiscal prudence, an improving private Capex cycle, rural revival, and a soft landing in the US market, Nifty earnings are likely to grow at 13%+ CAGR for FY23-28. This would augur well for capital inflows into emerging markets (EMs) and increase the market multiples in the domestic market," they further added.

"In the bear case, we value NIFTY at 17x, translating into a Dec'26 target of 24,000. We assume the market will trade at above-average valuations, led by the likelihood of a policy shift in the Trump regime. Moreover, we presume that inflation will continue to pose challenges in the developed world. The global market has not seen such elevated interest rates in the recent past. Hence, the chances of going wrong have increased significantly," commented the research analysts of Axis Securities.

"Nonetheless, the direction of currency, oil prices, and global trade developments will likely put pressure on export-oriented growth in 2026. Moreover, the question mark on the global growth has significantly increased after the imposition of Trump tariffs. These developments will likely bring down the market multiple in the near term. However, based on the recent developments, the chances of this scenario playing out have reduced significantly," they stated.

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