Market Commentary (closing) for 23rd January 2026 by Bajaj Broking Research
Below the Market Commentary (closing) for 23rd January 2026 by Bajaj Broking Research
Market Closing Commentary
The market failed to build on the previous session’s sharp rebound and closed lower on January 23, with volatility persisting and widespread selling emerging amid a weaker rupee and continued FII outflows.
At the close, the Sensex declined 769.67 points (0.94%) to 81,537.70, while the Nifty fell 241.25 points (0.95%) to 25,048.65. For the week, both the Sensex and the Nifty registered losses of around 2.5% each.
Selling pressure was broad-based, with all sectoral indices ending in the red. Capital goods, power, realty, PSU banks, and media stocks bore the brunt, shedding 2–3% as investors adopted a cautious stance and reduced exposure across the board.
The broader market underperformed the benchmarks, with the midcap index sliding 1.8% and the small-cap index dropping 1.95%.
Meanwhile, the Indian rupee remained under pressure, hitting a fresh intraday record low of 91.97 against the US dollar before settling at 91.96, weaker than the previous close of 91.62.
Nifty Outlook
Nifty on the weekly chart has formed a sizable bearish candle with a lower high and lower low highlighting continuation of downward bias for the third week in a row. Pullback attempt during the week meet with strong selling pressure as the index closed around the 52 weeks EMA.
Nifty is currently placed around the lower band of the rising channel of the last seven months which also coincides with the 52 weeks EMA placed around 25,000-24,800 levels. A breach below the same will signal extension of the decline towards 24600-24,500 levels.
Weekly stochastic is approaching oversold territory after 1400 points decline in just 14 sessions. Hence, holding above the support area of 25,000-24,800 will lead some consolidation in the range of 24,800-25,500 in the coming weeks. On the higher side 25,400-25,500 will act as immediate resistance for the coming weeks.
Bank nifty Outlook
The Bank Nifty on the weekly chart has formed a sizable bearish candlestick pattern with a lower high and a lower low signaling corrective bias. The index closed below the 50 days EMA signaling corrective bias.
The index has generated a breakdown below last 7 weeks consolidation range (58800-60400) highlighting weakness. A follow through selling pressure will open further downside towards 57,600 and 57000 levels in the coming weeks
On the higher side 59,000 will act as immediate resistance, only a move above that will open further upside towards 59,600 levels.
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