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Below the Quote on Market Wrap 09th January 2026 from Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd

"Markets extended their decline on Friday, losing over half a percent in line with weak global cues. After an initial uptick, the Nifty soon came under sustained selling pressure and drifted lower through the session, eventually closing near the 25,683 level, down by around 0.75%. Selling was broad-based, with realty, financials and auto stocks emerging as key laggards. The broader markets also remained under pressure, as the midcap and smallcap indices declined sharply in the range of 0.74% to 1.74%, reflecting heightened risk aversion and cautious participation across segments.

Market sentiment stayed subdued amid elevated geopolitical and global trade-related concerns, particularly renewed uncertainty around potential U.S. tariff actions and related Supreme Court developments. Persistent foreign institutional selling and weakness across broader risk assets further compounded the negative bias, while heavyweights also added to the downside pressure.

From a technical perspective, the decline has disrupted the short-term up move in the Nifty, with the index now retesting its medium-term support zone near the 100 DEMA around the 25,600 level. A decisive break below this could invite further pressure towards the 25,450 and 25,300 levels. On the upside, reclaiming the short-term moving average, i.e., the 20 DEMA around 26,000, may prove challenging. In the current environment, a selective approach with controlled position sizing and balanced exposure on both sides is advisable."

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