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Published on 23-01-2026 11:35 am

BUY BANK NIFTY 59100 PUT JAN ABOVE 258 SL BELOW 175 TGT 290-340-388. 27 JAN

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Published on 23-01-2026 10:43 am

Nifty

Nifty witnessed sharp intraday swings and eventually formed a Spinning Top candlestick near the anticipated demand zone of 25040, indicating heightened indecision after a corrective phase. This level was defended convincingly, as the recovery enabled the index to close above its 200 DEMA placed near 25160, reinforcing the importance of this support zone in the near term. On the upside, the index faces a critical hurdle at 25585, corresponding to the Bearish Belt Hold candlestick resistance. This zone continues to reflect strong supply pressure and short-term trend deterioration. Any meaningful change in trend will be technically valid only if Nifty decisively breaches and sustains above 25585 on a closing basis. Structurally, the recent candlestick formation has emerged near the lower boundary of a broader Broadening Pattern, a region that typically precedes sharp directional moves. However, a clear reversal confirmation on the daily scale is still awaited, keeping the broader setup neutral to cautiously optimistic. From an internal structure perspective, the corrective wave analysis highlights 25040 as a potential termination zone, where demand is expected to overpower supply. This aligns well with options data, which indicates a range shift towards 25500–25000 for the final leg of the current series. The data reflects a mild bullish bias, suggesting a strong support pocket within this zone and raising the probability of sharp, volatile swings that could eventually culminate in a reversal. Nifty witnessed sharp intraday volatility and formed another Spinning Top candlestick near the anticipated demand zone above its 200 DEMA at 25160, highlighting elevated indecision following the recent corrective phase. The 200 DEMA was defended convincingly, with the index managing to close above this level, thereby reinforcing its importance as a key near-term support. On the upside, 25585 continues to act as a critical resistance, coinciding with the earlier Bearish Belt Hold formation and reflecting persistent supply pressure and short-term trend deterioration. Any meaningful change in trend will be technically valid only if Nifty decisively breaches and sustains above 25585 on a closing basis. Structurally, the recent candlestick formation has appeared near the lower boundary of a broader Broadening Pattern, a zone that often precedes sharp directional moves, though a clear daily reversal confirmation is still awaited, keeping the broader setup neutral to cautiously optimistic. From an internal wave structure perspective, 25040 remains a potential termination zone of the corrective phase, where demand is expected to overpower supply, aligning well with options data that indicates a range shift towards 25500–25000 for the current series with a mild bullish bias and the likelihood of sharp, volatile swings that could eventually culminate in a reversal.

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Published on 23-01-2026 10:40 am

BANKNIFTY

* The banking index halted its three-session decline and stabilized, closing above the 50-DEMA, indicating early signs of recovery.

* The index opened with an upside gap but surrendered initial gains amid heightened volatility before rebounding to close near opening levels.

* Broad-based strength was observed across constituents, barring IndusInd Bank and ICICI Bank, while IDFC First Bank and Canara Bank leading advances.

* Immediate resistance is placed near 60,000, while key support lies around 58,400

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Published on 23-01-2026 10:39 am

Nifty

* Nifty bounced back sharply today and closed higher after a series of weak sessions, as relief on global trade and geopolitical fronts helped improve risk sentiment.

* From a technical perspective, the Nifty is hovering around its long-term moving average, the 200-day DEMA near the 25,150 level.

* Sustaining above this zone will be crucial for further recovery towards 25,600 mark; otherwise, the decline may resume with the next support placed in the 24,750–24,900 range.

* In this environment, participants should align their positions with a strong focus on risk management, given the likelihood of continued choppiness in the near term.

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Published on 23-01-2026 10:36 am

Securities in Ban for F&O Trade: BANDHANBNK, SAMMAANCAP

Sector Performance:

NIFTY AUTO index grew by 0.58% driven by Ashok Leyland Ltd. (+2%) and Maruti Suzuki India Ltd. (+2%)

NIFTY FMCG index declined by -0.24% driven by Radico Khaitan Ltd. (-1.9%) and United Spirits Ltd. (-1.85%)

NIFTY IT index grew by 0.47% driven by Tech Mahindra Ltd. (+2.9%) and LTIMindtree Ltd. (+1.57%)

NIFTY METAL index grew by 2.63% driven by Welspun Corp Ltd. (+6.9%) and Hindustan Zinc Ltd. (+3.55%)

NIFTY CHEMICALS Index grew by 0.69% driven by Solar Industries India Ltd. (+0.7%) and Linde India Ltd. (+0.3%)

NIFTY PSU BANK index grew by 0.15% driven by Bank Of India (+3.6%) and Indian Bank (+0.77%)

NIFTY PRIVATE BANK index grew by 0.45% driven by The Federal Bank Ltd. (+3.5%) and Kotak Mahindra Bank Ltd. (+2.08%)

NIFTY REALTY index grew by 1.53% driven by Oberoi Realty Ltd. (%) and The Phoenix Mills Ltd. (%)

NIFTY CONSUMER DURABLES index grew by 1.46% driven by Dixon Technologies (India) Ltd. (+2.7%) and Havells India Ltd. (+1.47%)

NIFTY OIL & GAS index grew by 1.11% driven by Mahanagar Gas Ltd. (+3.3%) and GAIL (India) Ltd. (+0.29%)

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