Quote on Weekly Market Wrap 09th January 2026 by Amol Athawale, VP-Technical Research, Kotak Securities
Below the Quote on Weekly Market Wrap 09th January 2026 by Amol Athawale, VP-Technical Research, Kotak Securities
In the last week, the benchmark indices corrected sharply. The Nifty ended 2.37 percent lower, while the Sensex was down by 2185 points. Among sectors, the Defence index gained 1.30 percent, whereas India Tourism, Oil & Gas, and Energy indices shed over 5 percent. During the week, the market slipped below the 20-day SMA (Simple Moving Average), and post-breakdown selling pressure intensified. Technically, on weekly charts, it has formed a long bearish candle and is comfortably trading below short-term averages, which is largely negative.
We are of the view that as long as the market trades below the 50-day SMA or 26,000/84900, the weak formation is likely to continue. On the downside, 25,600/83700 would act as an immediate support zone. Below this level, selling pressure is likely to accelerate. Further below, the market could slip to 25,400–25,300/83100-82800. On the upside, above 25,750/84200, we could see a quick pullback up to 25,850–25,900/84500-84700.
For Bank Nifty, the 20-day SMA at 59,500 would act as a key level for traders. Below this, the correction wave is likely to continue until 58,800–58,500. Conversely, above 59,500, it could bounce back up to 59,800–59,000.
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