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Published on 13-01-2026 12:32 pm

GEPL DATA POINTS: As highlighted in our earlier update, the NIFTY respected its immediate key resistance zone near 25,800. The index formed an intermediate high at 25,819 and subsequently faced selling pressure from higher levels, indicating the presence of supply in that zone.
According to the latest derivative data, we are now witnessing a short build-up in Call options along with a long build-up in Put options, suggesting that market participants are gradually shifting towards a mildly bearish to neutral bias in the near term. This positioning reflects caution rather than aggressive downside expectations.
The Put–Call Ratio (PCR) currently stands at 0.75, which is within a comfortable and balanced range. This indicates stable market sentiment and highlights the absence of panic-driven positioning on either side.
From an options open interest perspective, the highest Call OI is concentrated at the 25,900 and 25,800 strikes, with approximately 5.20 lakh and 4.86 lakh contracts respectively. This signifies a strong overhead supply, making the 25,800–25,900 zone a critical resistance area for the index. On the Put side, maximum OI is observed at the 25,700 strike (around 2.64 lakh contracts), followed by the 25,600 strike (nearly 2.73 lakh contracts), indicating a solid support base in the 25,500–25,600 zone.
Based on the current derivative positioning, the broader trading range for the NIFTY is expected to remain between 25,670 and 25,950. On an immediate basis, support is placed near 25,700, while resistance is seen around the 25,872–25,900 zone. A decisive breakout or breakdown beyond these levels would be required to confirm the next directional move in the index.

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Published on 13-01-2026 10:29 am

GEPL DATA POINTS: Nifty Futures continue to witness short build-up, clearly indicating that selling pressure remains dominant at higher levels. The derivative structure reflects a cautious-to-bearish undertone, suggesting limited upside in the near term.
In the options segment, call options have seen a combination of short build-up and long unwinding, highlighting strong resistance at higher strikes and a lack of aggressive buying interest. On the other hand, put options are witnessing long build-up, which indicates that market participants are expecting support at lower levels but are not positioning for a sharp upside move.
Open Interest (OI) data shows that on the call side, the highest concentration is at the 25900 strike (around 3.38 lakh contracts) followed by the 25800 strike (around 3.01 lakh contracts), reinforcing a strong resistance zone in the 25800–25900 band. On the put side, maximum OI is observed at the 25700 strike (around 3.21 lakh contracts) and 25600 strike (around 2.83 lakh contracts), marking these levels as key supports.
Based on the current derivative positioning, the broader trading range for Nifty Futures is expected to remain between 25585 and 25920. On the downside, immediate support is placed at 25700, followed by 25665, while on the upside, immediate resistance is seen at 25800, followed by 25860. A decisive move beyond this range would be required to establish the next directional trend.

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Published on 13-01-2026 10:07 am

Nifty Bank : 59450

Technical Outlook

Day that was:

Bank Nifty ended the day on a marginally positive note, at 59450 up 0.5%. Nifty PSU Bank Index relatively outperformed up 0.8%

Technical Outlook:

* Index opened the week on a subdued note, however supportive efforts emerged around 50-day EMA. As a result, the daily price action formed hammer like candle carrying lower shadow, indicating buying demand emerging from lower levels.

* In line with our view Index rebounded from the lower band of the rising channel coinciding with 50-day EMA, indicating strong support base. Going ahead, a follow through strength above previous session high would indicate resumption of up move and resolve higher towards 60400.

* Structurally, since October2025, Index has consistently arrested intermediate corrections in the vicinity of 50-day EMA. Mirroring this historical behaviour, the index has once again respected this key support and staged a strong rebound, indicating the probability of a similar constructive price resolution ahead.

* Nifty PSU Bank Index rebounded after taking support at 20- day EMA and 50% retracement of current up move (8230- 8856). Going ahead follow through strength above todays high will challenge recent high of 8850.

Intraday Rational:

* Trend- Supportive efforts from 50-day EMA

* Levels: Buy near 61.8% retracement of Monday upmove (59128-59811)

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Published on 13-01-2026 10:07 am

Nifty : 25790

Technical Outlook

Day that was…

Indian equities benchmark breaks its five-day losing streaks to close on a strong note ahead of India-US trade talks set for Jan 13. Nifty settled the day at 25790 up 0.42%. Broader market ended flat with Nifty midcap ended flat and Smallcap decline 0.5%. Sectorally, barring Realty and Pharma, all other indices closed flat to positive wherein Metals remain the top outperformer.

Technical Outlook:

* The index opened the week on a flat note and extended its decline in the first-half however, the index has displayed a faster retracement, with the entire decline being swiftly recovered during the subsequent up-move in latter half of the session. The daily price action formed strong bullish candle with lower shadow, indicating responsive buying interest from oversold territory.

* Index has staged a strong rebound from the 50% retracement of its prior sharp up-move(24605-26325) a level that also aligned with 100-day EMA, reinforcing significance of this support zone. Going ahead, holding above Monday’s panic low of 25473 would keep pullback options open. Failure to do so would lead to extended correction wherein strong support is placed at 25300. A decisive close above the previous session’s high would confirm resumption of uptrend and head towards millstone of 26100.

* Looking ahead, volatility is expected to stay elevated in the coming week amid geopolitical uncertainties, the commencement of the Q3 earnings season, and awaited clarity on the US–India trade deal.

* Structurally, Since Oct 2025, index has arrested multiple intermediate corrections in 3-4%. Subsequently, such correction offered incremental buying opportunity followed by gradual positive recovery in subsequent weeks. In the current scenario, the index has already corrected ~3.4% that hauled daily stochastic oscillator in oversold territory, indicating limited downside. Hence, one should avoid aggressive selling at current levels and focus on accumulating quality stocks backed by strong fundamentals as key support is placed at 25300 being 200 day-EMA and 61.8% retracement of preceding up-move (24580-26325)

* On the broader market front, Midcap index found supportive efforts from 50 % retracement of Sept-Nov rally placed around 58700 (which has been held on multiple occasions in last two months) that coincided with 100 days EMA, highlighting prevailing uptrend is intact. Going ahead, follow through strength to hammer like candle would reignite bullish momentum in the midcaps

Intraday Rational:

* Trend- Supportive efforts from 100-day EMA

* Levels: Buy near 80% retracement of Monday upmove (25573- 25899)

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Published on 13-01-2026 09:57 am

Market Outlook

The Nifty 50 started the week on a volatile note, witnessing selling pressure in the early sessions that dragged the index down to an intraday low of 25,473. However, a recovery in the latter half, helped the index rebound and close in the green at 25,790. On the daily chart, the index continues to trade below its key 50-DEMA, indicating that upside pressure remains capped and the broader trend still cautious. In the derivatives segment, significant put writing at lower strikes along with short covering in call options reflects improving market sentiment. However, as long as the index remains below the crucial 26,000 mark, the upside may face resistance and profit booking could emerge at higher levels, keeping the index in a cautious zone.

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