Daily Derivatives Report 23rd January 2026 by Religare Broking Ltd
Market Outlook
With a gap-up opening, the Nifty inched higher towards the 25,400– 25,450 zones during the initial hours. However, it failed to sustain at higher levels as profit taking emerged, which dragged the index down to an intraday low of 25,168 before settling the day at 25289. On the daily chart, the index trades near its 200-DEMA, marking this level as a crucial make-or-break area for now. Any decisive break down below this level could further weaken market sentiment. On the upside, the 25,500 level continued to act as a strong overhead resistance, reinforcing a “sell on rise” approach.
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