Indian equity markets are expected to begin the day on a mildly positive note, supported by firm cues from GIFT Nifty and a positive trend across Asian markets. While overall sentiment remains constructive, investors may turn cautious at higher levels, leading to some consolidation during the session.
Technically, the Nifty continues to trade above its short-term moving averages, keeping the near-term outlook positive. Immediate support is seen near 26,120, while resistance is placed in the 26,200–26,230 range. As long as the index holds above key support levels, the broader bullish bias is likely to stay intact.
Indian equity benchmarks ended the previous session on a mixed note. The BSE Sensex slipped marginally by 32 points, or 0.04 percent, to close at 85,188.60. In contrast, the Nifty 50 managed a modest gain of 16.95 points, or 0.06 percent, settling at 26,146.55.
The Nifty opened higher at 26,173.30 and touched an intraday high of 26,197.55 during early trade. However, selling pressure at elevated levels capped further upside, and the index moved in a narrow sideways range for most of the session before closing near the middle of the day’s range.
Sectoral performance was largely positive. Auto, realty, metals and IT stocks led the gains, while FMCG and pharma were the only sectors to end in the red.
Momentum indicators continue to signal a positive trend, with the index trading comfortably above short-term moving averages. However, the formation of a small bearish candle after the previous session’s strong bullish move suggests the possibility of near-term consolidation.
Immediate intraday support is placed at 26,120. A sustained move above this level is likely to keep the bullish bias intact. On the upside, resistance is seen between 26,200 and 26,230. A clear breakout above this zone could open the door for a move towards 26,325, while failure to cross resistance may trigger mild profit booking.
Intraday support: 26,120 | 26,050 | 25,965
Intraday resistance: 26,200 | 26,275 | 26,350
Positional support: 25,750 | 25,250
Positional resistance: 26,350 | 27,000
The Bank Nifty closed marginally higher at 59,711.55, gaining 129.70 points, or 0.22 percent, indicating a mildly positive undertone in banking stocks.
Technically, momentum remains neutral, but the index continues to trade above its short-term moving averages. The formation of a bullish candle and a close above the previous session’s level suggest a positive bias. Immediate support is placed at 59,550, while resistance is seen near 59,760. A decisive move on either side is likely to determine the next directional trend.
Intraday support: 59,550 | 59,400 | 59,200
Intraday resistance: 59,760 | 59,950 | 60,100
Positional support: 58,580 | 57,200
Positional resistance: 60,000 | 61,250
Institutional flows remained mixed. Foreign institutional investors were net sellers to the tune of ₹3,268.60 crore, while domestic institutional investors provided support with net buying of ₹1,525.89 crore.
As of 6:42 am, GIFT Nifty was trading at 26,316.50, up 25.50 points, indicating a positive opening for domestic equities.
US markets remained closed on January 1 due to the New Year’s Day holiday.
Asian markets opened on a positive note. Japan’s Nikkei 225 gained around 165 points to trade near 50,725, while Hong Kong’s Hang Seng Index rose about 352 points to around 25,972.50.
Crude oil traded with a positive bias near $60.98 in early trade. Gold was higher around $4,360.10, while silver also edged up to around $72.20.
The US dollar index traded slightly lower near 98.18. The Indian rupee was trading around 89.94 against the US dollar in early trade.
Prepared by: Research Desk, MyEquityLab.com
(SEBI Registration No: INH000023843)
