NIFTY AlphaLowVol 30

If Nifty 50 decisively breaks below 24,900, correction toward 24,600–24,500 cannot be ruled out, In case of a bounce, the 25,350–25,450 zone may act as a hurdle, Bank Nifty needs to hold above 58,280 for upward march toward 59,000–59,400

* If Nifty 50 decisively breaks below 24,900, correction toward 24,600–24,500 cannot be ruled out
* In case of a bounce, the 25,350–25,450 zone may act as a hurdle
* Bank Nifty needs to hold above 58,280 for upward march toward 59,000–59,400

shorts/business/trading-plan-will-nifty-50-bank-nifty-break-the-previous-week-s-low

* If Nifty 50 decisively breaks below 24,900, correction toward 24,600–24,500 cannot be ruled out
* In case of a bounce, the 25,350–25,450 zone may act as a hurdle
* Bank Nifty needs to hold above 58,280 for upward march toward 59,000–59,400

Given the sell signals from momentum indicators and the fall below all key moving averages, if the Nifty 50 decisively breaks below 24,900 (the previous week’s low), a correction toward the 24,600–24,500 zone cannot be ruled out. However, in case of a bounce, the 25,350–25,450 zone may act as a hurdle. Meanwhile, the Bank Nifty needs to hold above 58,280 (previous week’s low) for an upward march toward the 59,000–59,400 zone. A breach below this level could bring immediate support into play at 58,100–58,000, followed by the next key support at 57,600, experts said.

On January 23, the Nifty 50 fell 241 points (0.95 percent) to close at 25,049, while the Bank Nifty slipped 727 points (1.23 percent) to 58,473. Market breadth was weak, with about 2,233 shares witnessing selling pressure against 702 advancing shares on the NSE.

Nifty Outlook and Strategy

Rajesh Bhosale, Technical Analyst at Angel One

During the week, the Nifty not only breached the key 89-DEMA but also slipped below the long-term support of the 200-DMA. Technically, after failing to sustain above the 26,300 zone earlier this month, prices have now broken below the November swing low, confirming a “Rounding Top” formation—an unfavourable development for bulls.

Over the past 15 days, the Nifty has corrected by more than 1,300 points, while the damage in the broader markets has been far more severe, with sharp sell-offs across individual stocks. On the indicator front, the smoothened RSI has entered oversold territory, slipping well below the 20 mark. Historically, such conditions have often led to sharp turnarounds; however, given the current broad-based selling pressure, attempting to catch a falling knife may prove risky.

It is prudent to wait for clear signs of reversal before initiating any aggressive long positions. As we head into the Budget week, volatility is expected to remain elevated, with the possibility of sharp swings on either side. Hence, traders need to remain highly selective and clearly define exit strategies.

In terms of levels, the sharp bounce seen from the 24,900 mark on Wednesday now acts as immediate support for the monthly expiry. A break below this could open the door toward the next major support zone of 24,600–24,500, where multiple bottoms were formed during the early phase of the October–November rally. On the upside, given the recent vertical fall, identifying strong resistance is challenging; however, the intra-week high zone of 25,350–25,450 is seen as immediate resistance, followed by a stronger hurdle near 25,600, which coincides with a cluster of moving averages and retracement levels.

Key Resistance: 25,250, 25,350

Key Support: 24,900, 24,800

Strategy: Sell Nifty Futures on a bounce around 25,200, with a stop-loss of 25,400, targeting 24,600.

Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities

The Nifty settled with a weekly loss of 646 points. On the weekly chart, it formed a long bearish candle with lower highs and lower lows compared to the previous week, clearly indicating increasing weakness at current levels.

The index has fallen below its 200-day simple moving average (SMA) of 25,143, further reinforcing the negative sentiment. To prevent a deeper correction, the Nifty must hold above the low of Wednesday’s Doji candle at 24,920 and decisively break above the downward-sloping trendline from the all-time high, located around 25,370, to signal a meaningful reversal.

A close below 24,900 could accelerate the decline, potentially targeting the 24,600–24,300 range. For the upcoming week, the Nifty is expected to trade within a broad range of 25,600–24,600, with a negative bias. The weekly RSI is trending lower and remains below its reference line, indicating continued bearish momentum.

Key Resistance: 25,100, 25,250

Key Support: 24,900, 24,750

Strategy: Sell Nifty Futures around 25,170 with a stop-loss of 25,300, targeting 24,900–24,800.

Anshul Jain, Head of Research at Lakshmishree Investments

The Nifty swept the September 2024 highs and the last two months’ all-time highs, but the move resolved with a bearish Marubozu candle, signalling a classic liquidity grab rather than a breakout. Price tested the unmitigated weekly fair value gap around current levels but failed to generate any bullish reaction, confirming that supply remains firmly in control. This rejection keeps the broader trend bearish and suggests acceptance at lower prices.

A breakdown below last week’s low would likely trigger a fresh wave of liquidation toward the prior weekly swing low, where demand may attempt to stabilise prices. The earlier breakdown zone has now flipped into a strong supply area, and any rebound into this region is expected to attract aggressive selling pressure.

Importantly, the daily and weekly 10-, 20- and 50-EMAs have rolled over and are stacked bearishly, acting as a ceiling on all recovery attempts. Momentum remains negative, with no signs yet of absorption or trend exhaustion.

Key Resistance: 25,300, 25,425

Key Support: 24,919, 24,574

Strategy: Sell Nifty Futures on rallies to 25,150, with a stop-loss of 25,200, targeting 24,800.

Bank Nifty - Outlook and Positioning

Rajesh Bhosale, Technical Analyst at Angel One

On the weekly chart, prices have convincingly broken below the crucial support zone of 58,800–58,750, clearly indicating that control has shifted toward sellers. Alongside this, the repeated inability of buyers to reclaim the 20-EMA near 59,400 highlights the presence of strong overhead resistance. With prices now trading below both the 20- and 50-EMA, the technical setup points to significant headwinds for buyers.

As outlined above, the broader expectation remains for prices to probe lower levels, initially testing 58,000 and eventually the 57,500–57,300 zone. Participants may look to utilise any rallies to initiate short positions. In terms of levels, the 20-WEMA around 58,200 can be seen as an immediate support reference, followed by a stronger support at 57,500. On the upside, the prior support zone of 58,700–58,800 is likely to act as immediate resistance, followed by a stronger resistance in the 59,400–59,500 band.

Key Resistance: 58,800, 59,000

Key Support: 58,100, 57,800

Strategy: Sell Bank Nifty Futures on a bounce around 59,000, with a stop-loss of 59,500, targeting 57,500.

Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities

Bank Nifty closed with a significant weekly decline of 1,622 points. On the weekly chart, it formed a long bearish candle with lower highs and lower lows compared to the previous week, closing below last week’s low, indicating weakness at current levels.

From a technical standpoint, a sustained move above 59,000 could attract fresh buying interest, potentially pushing the index toward the 59,550–60,000 range. Conversely, a decisive break below 58,300 may lead to further selling pressure, dragging the index down to the 58,000–57,500 levels.

In the current week, Bank Nifty is expected to trade within a broad range of 60,000–57,500, with a negative bias. Additionally, the weekly RSI remains in negative territory and is positioned below its reference line, signalling continued bearish momentum.

Key Resistance: 58,650, 58,900

Key Support: 58,300, 58,050

Strategy: Sell Bank Nifty Futures around 58,650 with a stop-loss of 58,800, targeting 58,200–58,050.

Anshul Jain, Head of Research at Lakshmishree Investments

Bank Nifty ended the week with a decisive bearish Marubozu candle, closing firmly below the liquidity leg low near 58,712. This breakdown shifts short-term order flow in favour of bears and confirms acceptance below a key reference level. The failure to reclaim this zone suggests that the recent move was not a false breakdown but a continuation of corrective pressure. As long as the index sustains below 58,712, pullbacks are likely to face supply and selling interest.

The next downside magnet lies near the 20-week moving average, which has historically acted as a mean reversion level during corrective phases. A deeper retracement could extend toward the overlapping monthly swing low, where structural demand is expected to emerge.

Momentum indicators are trending lower, supporting downside continuation in the near term. That said, FII index shorts are at record highs, increasing the risk of sharp bear traps. Any swift reclaim above the breakdown level could trigger aggressive short covering; therefore, positional bears must remain cautious.

Key Resistance: 58,712, 59,000

Key Support: 58,100, 57,312

Strategy: Sell Bank Nifty Futures on rallies to 58,850, with a stop-loss of 59,150, targeting 58,250.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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Trading Plan: Will Nifty 50, Bank Nifty break the previous week’s low?

Given the sell signals from momentum indicators and the fall below all key moving averages, if the Nifty 50 decisively breaks below 24,900 (the previous week’s low), a correction toward the 24,600–24,500 zone cannot be ruled out. However, in case of a bounce, the 25,350–25,450 zone may act as a hurdle. Meanwhile, the Bank Nifty needs to hold above 58,280 (previous week’s low) for an upward march toward the 59,000–59,400 zone. A breach below this level could bring immediate support into play at 58,100–58,000, followed by the next key support at 57,600, experts said.

On January 23, the Nifty 50 fell 241 points (0.95 percent) to close at 25,049, while the Bank Nifty slipped 727 points (1.23 percent) to 58,473. Market breadth was weak, with about 2,233 shares witnessing selling pressure against 702 advancing shares on the NSE.

Nifty Outlook and Strategy

Rajesh Bhosale, Technical Analyst at Angel One

During the week, the Nifty not only breached the key 89-DEMA but also slipped below the long-term support of the 200-DMA. Technically, after failing to sustain above the 26,300 zone earlier this month, prices have now broken below the November swing low, confirming a “Rounding Top” formation—an unfavourable development for bulls.

Over the past 15 days, the Nifty has corrected by more than 1,300 points, while the damage in the broader markets has been far more severe, with sharp sell-offs across individual stocks. On the indicator front, the smoothened RSI has entered oversold territory, slipping well below the 20 mark. Historically, such conditions have often led to sharp turnarounds; however, given the current broad-based selling pressure, attempting to catch a falling knife may prove risky.

It is prudent to wait for clear signs of reversal before initiating any aggressive long positions. As we head into the Budget week, volatility is expected to remain elevated, with the possibility of sharp swings on either side. Hence, traders need to remain highly selective and clearly define exit strategies.

In terms of levels, the sharp bounce seen from the 24,900 mark on Wednesday now acts as immediate support for the monthly expiry. A break below this could open the door toward the next major support zone of 24,600–24,500, where multiple bottoms were formed during the early phase of the October–November rally. On the upside, given the recent vertical fall, identifying strong resistance is challenging; however, the intra-week high zone of 25,350–25,450 is seen as immediate resistance, followed by a stronger hurdle near 25,600, which coincides with a cluster of moving averages and retracement levels.

Key Resistance: 25,250, 25,350

Key Support: 24,900, 24,800

Strategy: Sell Nifty Futures on a bounce around 25,200, with a stop-loss of 25,400, targeting 24,600.

Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities

The Nifty settled with a weekly loss of 646 points. On the weekly chart, it formed a long bearish candle with lower highs and lower lows compared to the previous week, clearly indicating increasing weakness at current levels.

The index has fallen below its 200-day simple moving average (SMA) of 25,143, further reinforcing the negative sentiment. To prevent a deeper correction, the Nifty must hold above the low of Wednesday’s Doji candle at 24,920 and decisively break above the downward-sloping trendline from the all-time high, located around 25,370, to signal a meaningful reversal.

A close below 24,900 could accelerate the decline, potentially targeting the 24,600–24,300 range. For the upcoming week, the Nifty is expected to trade within a broad range of 25,600–24,600, with a negative bias. The weekly RSI is trending lower and remains below its reference line, indicating continued bearish momentum.

Key Resistance: 25,100, 25,250

Key Support: 24,900, 24,750

Strategy: Sell Nifty Futures around 25,170 with a stop-loss of 25,300, targeting 24,900–24,800.

Anshul Jain, Head of Research at Lakshmishree Investments

The Nifty swept the September 2024 highs and the last two months’ all-time highs, but the move resolved with a bearish Marubozu candle, signalling a classic liquidity grab rather than a breakout. Price tested the unmitigated weekly fair value gap around current levels but failed to generate any bullish reaction, confirming that supply remains firmly in control. This rejection keeps the broader trend bearish and suggests acceptance at lower prices.

A breakdown below last week’s low would likely trigger a fresh wave of liquidation toward the prior weekly swing low, where demand may attempt to stabilise prices. The earlier breakdown zone has now flipped into a strong supply area, and any rebound into this region is expected to attract aggressive selling pressure.

Importantly, the daily and weekly 10-, 20- and 50-EMAs have rolled over and are stacked bearishly, acting as a ceiling on all recovery attempts. Momentum remains negative, with no signs yet of absorption or trend exhaustion.

Key Resistance: 25,300, 25,425

Key Support: 24,919, 24,574

Strategy: Sell Nifty Futures on rallies to 25,150, with a stop-loss of 25,200, targeting 24,800.

Bank Nifty - Outlook and Positioning

Rajesh Bhosale, Technical Analyst at Angel One

On the weekly chart, prices have convincingly broken below the crucial support zone of 58,800–58,750, clearly indicating that control has shifted toward sellers. Alongside this, the repeated inability of buyers to reclaim the 20-EMA near 59,400 highlights the presence of strong overhead resistance. With prices now trading below both the 20- and 50-EMA, the technical setup points to significant headwinds for buyers.

As outlined above, the broader expectation remains for prices to probe lower levels, initially testing 58,000 and eventually the 57,500–57,300 zone. Participants may look to utilise any rallies to initiate short positions. In terms of levels, the 20-WEMA around 58,200 can be seen as an immediate support reference, followed by a stronger support at 57,500. On the upside, the prior support zone of 58,700–58,800 is likely to act as immediate resistance, followed by a stronger resistance in the 59,400–59,500 band.

Key Resistance: 58,800, 59,000

Key Support: 58,100, 57,800

Strategy: Sell Bank Nifty Futures on a bounce around 59,000, with a stop-loss of 59,500, targeting 57,500.

Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities

Bank Nifty closed with a significant weekly decline of 1,622 points. On the weekly chart, it formed a long bearish candle with lower highs and lower lows compared to the previous week, closing below last week’s low, indicating weakness at current levels.

From a technical standpoint, a sustained move above 59,000 could attract fresh buying interest, potentially pushing the index toward the 59,550–60,000 range. Conversely, a decisive break below 58,300 may lead to further selling pressure, dragging the index down to the 58,000–57,500 levels.

In the current week, Bank Nifty is expected to trade within a broad range of 60,000–57,500, with a negative bias. Additionally, the weekly RSI remains in negative territory and is positioned below its reference line, signalling continued bearish momentum.

Key Resistance: 58,650, 58,900

Key Support: 58,300, 58,050

Strategy: Sell Bank Nifty Futures around 58,650 with a stop-loss of 58,800, targeting 58,200–58,050.

Anshul Jain, Head of Research at Lakshmishree Investments

Bank Nifty ended the week with a decisive bearish Marubozu candle, closing firmly below the liquidity leg low near 58,712. This breakdown shifts short-term order flow in favour of bears and confirms acceptance below a key reference level. The failure to reclaim this zone suggests that the recent move was not a false breakdown but a continuation of corrective pressure. As long as the index sustains below 58,712, pullbacks are likely to face supply and selling interest.

The next downside magnet lies near the 20-week moving average, which has historically acted as a mean reversion level during corrective phases. A deeper retracement could extend toward the overlapping monthly swing low, where structural demand is expected to emerge.

Momentum indicators are trending lower, supporting downside continuation in the near term. That said, FII index shorts are at record highs, increasing the risk of sharp bear traps. Any swift reclaim above the breakdown level could trigger aggressive short covering; therefore, positional bears must remain cautious.

Key Resistance: 58,712, 59,000

Key Support: 58,100, 57,312

Strategy: Sell Bank Nifty Futures on rallies to 58,850, with a stop-loss of 59,150, targeting 58,250.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Short-term moving averages trended down, Momentum indicators showing sell signal, elevated VIX signalling caution, Convincing fall below 24,900 can open door for 24,600–24,500, Immediate resistance is placed at 25,160, followed by 25,350–25,450

* Short-term moving averages trended down
* Momentum indicators showing sell signal, elevated VIX signalling caution
* Convincing fall below 24,900 can open door for 24,600–24,500
* Immediate resistance is placed at 25,160, followed by 25,350–25,450

shorts/business/trade-setup-for-january-27-top-15-things-to-know-before-the-opening-bell-2

* Short-term moving averages trended down
* Momentum indicators showing sell signal, elevated VIX signalling caution
* Convincing fall below 24,900 can open door for 24,600–24,500
* Immediate resistance is placed at 25,160, followed by 25,350–25,450

The Nifty 50 could not see follow-up buying and shed nearly 1 percent on January 23, falling decisively below the 200 DEMA, accompanied by above-average volumes. Short-term moving averages trended down, with momentum indicators showing a sell signal and an elevated VIX signalling caution. Experts expect the benchmark index to consolidate, with support at the previous week’s low of 24,900. A convincing fall below this level can open the door for 24,600–24,500, which would act as a crucial support zone. On the higher side, the immediate resistance is placed at 25,160, followed by 25,350–25,450, which remains a key hurdle, experts said.

<img class="alignnone size-full wp-image-13790689 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260126112357_Image625012027.jpg" alt="Image625012027" width="1281" height="646" />

Here are 15 data points we have collated to help you spot profitable trades:

1) Key Levels For The <a href="https://www.moneycontrol.com/indian-indices/nifty-50-9.html" target="_blank">Nifty 50</a> (25,049)

Resistance based on pivot points: 25,264, 25,340, and 25,463

Support based on pivot points: 25,017, 24,941, and 24,818

Special Formation: The Nifty 50 formed a long bearish candle on the daily charts after neutral candlestick pattern formation in the previous couple of sessions, indicating weakness. With Friday’s correction, the index traded below all key moving averages, with short-term moving averages trending downward. The momentum indicators maintained a sell signal, with the RSI at 29.12 (oversold zone), while the MACD remained below the signal line as well as the zero line, with weakness in the histogram. All this indicates continued bearish momentum and limited upside in the near term.

2) Key Levels For The <a href="https://www.moneycontrol.com/indian-indices/nifty-bank-23.html" target="_blank">Bank Nifty</a> (58,473)

Resistance based on pivot points: 59,142, 59,391, and 59,794

Support based on pivot points: 58,337, 58,088, and 57,686

Resistance based on Fibonacci retracement: 59,366, 59,620

Support based on Fibonacci retracement: 57,800, 56,988

Special Formation: The Bank Nifty also reported a long red candle on the daily timeframe following Doji candlestick pattern formation, signalling control of bears. The index decisively broke the 58,800 zone, which had acted as a support multiple times in the past, and closed below the lower Bollinger Bands. The index fell below the 50-day EMA, with short-term moving averages trending downward. The momentum indicators also weakened, with the RSI falling to 38.98 and the MACD declining below the zero line with further weakness in the histogram. All this indicates sustained selling pressure and a bearish bias in the short term.

<img class="alignnone size-full wp-image-13790691 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260126112505_Image725012026.jpg" alt="Image725012026" width="1281" height="646" />

3) <a href="https://www.moneycontrol.com/markets/fno-market-snapshot" target="_blank">Nifty Call Options Data</a>

According to the monthly options data, the maximum Call open interest was seen at the 25,500 strike (with 1.68 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 25,300 strike (1.32 crore contracts) and 25,400 strike (1.13 crore contracts).

Maximum Call writing was observed at the 25,300 strike, which saw an addition of 73.99 lakh contracts, followed by the 25,200 and 25,500 strikes, which added 61.72 lakh and 54.08 lakh contracts, respectively. The maximum Call unwinding was seen at the 24,650 strike, which shed 14,300 contracts, followed by the 24,600 and 24,550 strikes, which shed 11,505 and 8,840 contracts, respectively.

<img class="alignnone size-full wp-image-13790692 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260126112601_Image1025012026.jpg" alt="Image1025012026" width="1259" height="338" />

4) <a href="https://www.moneycontrol.com/markets/fno-market-snapshot" target="_blank">Nifty Put Options Data</a>

On the Put side, the 24,500 strike holds the maximum Put open interest (with 88.96 lakh contracts), which can act as a key support level for the Nifty in the short term. It was followed by the 25,000 strike (76.8 lakh contracts) and the 24,700 strike (68.06 lakh contracts).

The maximum Put writing was placed at the 24,700 strike, which saw an addition of 21.93 lakh contracts, followed by the 24,600 and 25,050 strikes, which added 15.83 lakh and 8.22 lakh contracts, respectively. The maximum Put unwinding was seen at the 25,200 strike, which shed 41.08 lakh contracts, followed by the 25,000 and 25,300 strikes, which shed 23.75 lakh and 18.43 lakh contracts, respectively.

<img class="alignnone size-full wp-image-13790693 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260126112631_Image1125012026.jpg" alt="Image1125012026" width="1253" height="338" />

5) <a href="https://www.moneycontrol.com/markets/fno-market-snapshot" target="_blank">Bank Nifty Call Options Data</a>

According to the monthly options data, the maximum Call open interest was seen at the 60,000 strike, with 19.01 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 59,500 strike (13.98 lakh contracts) and the 59,000 strike (11.29 lakh contracts).

Maximum Call writing was observed at the 59,200 strike (with the addition of 4.63 lakh contracts), followed by the 59,000 strike (4.25 lakh contracts) and 59,500 strike (3.51 lakh contracts). The maximum Call unwinding was seen at the 60,000 strike, which shed 1.4 lakh contracts, followed by the 57,000 and 59,700 strikes which shed 10,830 and 5,520 contracts, respectively.

<img class="alignnone size-full wp-image-13790694 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260126112704_Image1225012026.jpg" alt="Image1225012026" width="1254" height="344" />

6) <a href="https://www.moneycontrol.com/markets/fno-market-snapshot" target="_blank">Bank Nifty Put Options Data</a>

On the Put side, the 58,000 strike holds the maximum Put open interest (with 8.71 lakh contracts), which can act as a key support level for the index. This was followed by the 58,500 strike (8.03 lakh contracts) and the 57,000 strike (6.06 lakh contracts).

The maximum Put writing was placed at the 57,500 strike (which added 1.83 lakh contracts), followed by the 57,800 strike (1.59 lakh contracts) and the 58,400 strike (1.12 lakh contracts). The maximum Put unwinding was seen at the 59,000 strike, which shed 4.36 lakh contracts, followed by the 59,500 and 58,900 strikes, which shed 2.32 lakh and 1.5 lakh contracts, respectively.

<img class="alignnone size-full wp-image-13790695 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260126112739_Image1325012026.jpg" alt="Image1325012026" width="1263" height="341" />

7) <a href="https://www.moneycontrol.com/markets/fno-market-snapshot" target="_blank">Funds Flow (Rs crore)</a>

<img class="alignnone size-full wp-image-13790875 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260126183940_Image2625012026.jpg" alt="Image2625012026" width="700" height="423" />

8) <a href="https://www.moneycontrol.com/markets/fno-market-snapshot" target="_blank">Put-Call Ratio</a>

The Nifty Put-Call ratio (PCR), which indicates the mood of the market, fell to 0.7 on January 23, compared to 0.87 in the previous session.

The increasing PCR, or being higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling in Calls is higher than selling in Puts, reflecting a bearish mood in the market.

<img class="alignnone size-full wp-image-13790698 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260126112841_Image825012026.jpg" alt="Image825012026" width="1231" height="502" />

9) <a href="https://www.moneycontrol.com/indian-indices/india-vix-36.html" target="_blank">India VIX</a>

The India VIX, which measures expected market volatility, rallied 6.31 percent to 14.19, the highest closing level since June 19, 2025. Short- and medium-term moving averages trended upward, signalling further uncertainty and caution for bulls.

<img class="alignnone size-full wp-image-13790700 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260126112912_Image925012026.jpg" alt="Image925012026" width="1281" height="646" />

10) <a href="https://www.moneycontrol.com/markets/fno-market-snapshot" target="_blank">Long Build-up (9 Stocks)</a>

A long build-up was seen in 9 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.

<img class="alignnone size-full wp-image-13790880 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260126184337_Image3125012026.jpg" alt="Image3125012026" width="700" height="648" />

11) <a href="https://www.moneycontrol.com/markets/fno-market-snapshot" target="_blank">Long Unwinding (112 Stocks)</a>

112 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding.

<img class="alignnone size-full wp-image-13790879 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260126184253_Image3025012026.jpg" alt="Image3025012026" width="700" height="700" />

12) <a href="https://www.moneycontrol.com/markets/fno-market-snapshot" target="_blank">Short Build-up (72 Stocks)</a>

72 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions.

<img class="alignnone size-full wp-image-13790878 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260126184139_Image2925012026.jpg" alt="Image2925012026" width="700" height="612" />

13) <a href="https://www.moneycontrol.com/markets/fno-market-snapshot" target="_blank">Short-Covering (20 Stocks)</a>

20 stocks saw short-covering, meaning a decrease in OI, along with a price increase.

<img class="alignnone size-full wp-image-13790877 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260126184100_Image2825012026.jpg" alt="Image2825012026" width="700" height="700" />

14) <a href="https://www.moneycontrol.com/markets/fno-market-snapshot" target="_blank">High Delivery Trades</a>

Here are the stocks that saw a high share of delivery trades. A high share of delivery reflects investing (as opposed to trading) interest in a stock.

<img class="alignnone size-full wp-image-13790876 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260126184020_Image2725012026.jpg" alt="Image2725012026" width="700" height="729" />

15) <a href="https://www.moneycontrol.com/markets/fno-market-snapshot" target="_blank">Stocks Under F&amp;O Ban</a>

Securities banned under the F&amp;O segment include companies where derivative contracts cross 95 percent of the market-wide position limit.

Stocks added to F&amp;O ban: Nil

Stocks retained in F&amp;O ban: Sammaan Capital

Stocks removed from F&amp;O ban: Bandhan Bank

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Trade setup for January 27: Top 15 things to know before the opening bell

The Nifty 50 could not see follow-up buying and shed nearly 1 percent on January 23, falling decisively below the 200 DEMA, accompanied by above-average volumes. Short-term moving averages trended down, with momentum indicators showing a sell signal and an elevated VIX signalling caution. Experts expect the benchmark index to consolidate, with support at the previous week’s low of 24,900. A convincing fall below this level can open the door for 24,600–24,500, which would act as a crucial support zone. On the higher side, the immediate resistance is placed at 25,160, followed by 25,350–25,450, which remains a key hurdle, experts said.



Here are 15 data points we have collated to help you spot profitable trades:

1) Key Levels For The Nifty 50 (25,049)

Resistance based on pivot points: 25,264, 25,340, and 25,463

Support based on pivot points: 25,017, 24,941, and 24,818

Special Formation: The Nifty 50 formed a long bearish candle on the daily charts after neutral candlestick pattern formation in the previous couple of sessions, indicating weakness. With Friday’s correction, the index traded below all key moving averages, with short-term moving averages trending downward. The momentum indicators maintained a sell signal, with the RSI at 29.12 (oversold zone), while the MACD remained below the signal line as well as the zero line, with weakness in the histogram. All this indicates continued bearish momentum and limited upside in the near term.

2) Key Levels For The Bank Nifty (58,473)

Resistance based on pivot points: 59,142, 59,391, and 59,794

Support based on pivot points: 58,337, 58,088, and 57,686

Resistance based on Fibonacci retracement: 59,366, 59,620

Support based on Fibonacci retracement: 57,800, 56,988

Special Formation: The Bank Nifty also reported a long red candle on the daily timeframe following Doji candlestick pattern formation, signalling control of bears. The index decisively broke the 58,800 zone, which had acted as a support multiple times in the past, and closed below the lower Bollinger Bands. The index fell below the 50-day EMA, with short-term moving averages trending downward. The momentum indicators also weakened, with the RSI falling to 38.98 and the MACD declining below the zero line with further weakness in the histogram. All this indicates sustained selling pressure and a bearish bias in the short term.



3) Nifty Call Options Data

According to the monthly options data, the maximum Call open interest was seen at the 25,500 strike (with 1.68 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 25,300 strike (1.32 crore contracts) and 25,400 strike (1.13 crore contracts).

Maximum Call writing was observed at the 25,300 strike, which saw an addition of 73.99 lakh contracts, followed by the 25,200 and 25,500 strikes, which added 61.72 lakh and 54.08 lakh contracts, respectively. The maximum Call unwinding was seen at the 24,650 strike, which shed 14,300 contracts, followed by the 24,600 and 24,550 strikes, which shed 11,505 and 8,840 contracts, respectively.



4) Nifty Put Options Data

On the Put side, the 24,500 strike holds the maximum Put open interest (with 88.96 lakh contracts), which can act as a key support level for the Nifty in the short term. It was followed by the 25,000 strike (76.8 lakh contracts) and the 24,700 strike (68.06 lakh contracts).

The maximum Put writing was placed at the 24,700 strike, which saw an addition of 21.93 lakh contracts, followed by the 24,600 and 25,050 strikes, which added 15.83 lakh and 8.22 lakh contracts, respectively. The maximum Put unwinding was seen at the 25,200 strike, which shed 41.08 lakh contracts, followed by the 25,000 and 25,300 strikes, which shed 23.75 lakh and 18.43 lakh contracts, respectively.



5) Bank Nifty Call Options Data

According to the monthly options data, the maximum Call open interest was seen at the 60,000 strike, with 19.01 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 59,500 strike (13.98 lakh contracts) and the 59,000 strike (11.29 lakh contracts).

Maximum Call writing was observed at the 59,200 strike (with the addition of 4.63 lakh contracts), followed by the 59,000 strike (4.25 lakh contracts) and 59,500 strike (3.51 lakh contracts). The maximum Call unwinding was seen at the 60,000 strike, which shed 1.4 lakh contracts, followed by the 57,000 and 59,700 strikes which shed 10,830 and 5,520 contracts, respectively.



6) Bank Nifty Put Options Data

On the Put side, the 58,000 strike holds the maximum Put open interest (with 8.71 lakh contracts), which can act as a key support level for the index. This was followed by the 58,500 strike (8.03 lakh contracts) and the 57,000 strike (6.06 lakh contracts).

The maximum Put writing was placed at the 57,500 strike (which added 1.83 lakh contracts), followed by the 57,800 strike (1.59 lakh contracts) and the 58,400 strike (1.12 lakh contracts). The maximum Put unwinding was seen at the 59,000 strike, which shed 4.36 lakh contracts, followed by the 59,500 and 58,900 strikes, which shed 2.32 lakh and 1.5 lakh contracts, respectively.



7) Funds Flow (Rs crore)



8) Put-Call Ratio

The Nifty Put-Call ratio (PCR), which indicates the mood of the market, fell to 0.7 on January 23, compared to 0.87 in the previous session.

The increasing PCR, or being higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling in Calls is higher than selling in Puts, reflecting a bearish mood in the market.



9) India VIX

The India VIX, which measures expected market volatility, rallied 6.31 percent to 14.19, the highest closing level since June 19, 2025. Short- and medium-term moving averages trended upward, signalling further uncertainty and caution for bulls.



10) Long Build-up (9 Stocks)

A long build-up was seen in 9 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.



11) Long Unwinding (112 Stocks)

112 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding.



12) Short Build-up (72 Stocks)

72 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions.



13) Short-Covering (20 Stocks)

20 stocks saw short-covering, meaning a decrease in OI, along with a price increase.



14) High Delivery Trades

Here are the stocks that saw a high share of delivery trades. A high share of delivery reflects investing (as opposed to trading) interest in a stock.



15) Stocks Under F&amp;amp;O Ban

Securities banned under the F&amp;amp;O segment include companies where derivative contracts cross 95 percent of the market-wide position limit.

Stocks added to F&amp;amp;O ban: Nil

Stocks retained in F&amp;amp;O ban: Sammaan Capital

Stocks removed from F&amp;amp;O ban: Bandhan Bank

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will remain closed on January 26 on account of Republic Day.

Trading in equities, equity derivatives, securities lending and borrowing (SLBs), currency derivatives, and interest rate derivatives will remain shut for the day on both the BSE and the NSE.

The commodity derivatives segment will also remain closed for the day.

Trading on the NSE and the BSE will resume on January 27 (Tuesday).

The market ended lower in a volatile session on January 23, as selling pressure was seen across sectors.

At close, the Sensex was down 769.67 points or 0.94 percent at 81,537.70, and the Nifty was down 241.25 points or 0.95 percent at 25,048.65.

The broader market underperformed the benchmarks, with the BSE midcap index falling 1.5 percent and the smallcap index down over 2 percent.

Biggest Nifty losers were Adani Enterprises, Adani Ports, Eternal, Interglobe Aviation, Cipla, while gainers included Dr Reddy's Labs, Tech Mahindra, ONGC, Hindalco, HUL.

All the sectoral indices ended in the red with capital goods, power, realty, PSU Bank, and media down 2-3%.

"After showing a bounce back in the last couple of sessions, Nifty slipped into sharp weakness on Friday and closed the day lower by 241 points. After opening on a positive note, the market was not able to sustain the opening gains and started with weakness in the early part of the session. The weakness intensified in the mid to later part, and Nifty finally closed at the lows," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

"A long bear candle was formed on the daily chart, which indicates a formation of a lower top reversal pattern at the recent swing highs of 25400 levels. Nifty on the weekly chart formed a long bear candle this week after the minor bounce of last week. The overall chart pattern remains negative, and one may expect Nifty to slide below the recent low of 24900 by next week. The near-term downside target to be watched is around 24,600. Immediate resistance is placed at 25200 levels," he added.

On Friday, the Indian rupee ended at a record low at 91.96 per dollar versus Thursday's close of 91.62.

"The Indian rupee succumbed to a record low, bucking under the weight of voracious dollar demand from importers and corporates ahead of the long weekend and the upcoming Union Budget," said Dilip Parmar, Research Analyst, HDFC Securities.

"This fragility intensified as domestic equities faced a fresh bout of liquidation, erasing Thursday’s tentative recovery."

"The outlook for spot USDINR remains resolutely bullish; we anticipate the pair may eclipse the psychological 92 threshold while finding the support at 91.10," he said.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Stock market holiday today: BSE, NSE to remain shut for Republic Day

The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will remain closed on January 26 on account of Republic Day.

Trading in equities, equity derivatives, securities lending and borrowing (SLBs), currency derivatives, and interest rate derivatives will remain shut for the day on both the BSE and the NSE.

The commodity derivatives segment will also remain closed for the day.

Trading on the NSE and the BSE will resume on January 27 (Tuesday).

The market ended lower in a volatile session on January 23, as selling pressure was seen across sectors.

At close, the Sensex was down 769.67 points or 0.94 percent at 81,537.70, and the Nifty was down 241.25 points or 0.95 percent at 25,048.65.

The broader market underperformed the benchmarks, with the BSE midcap index falling 1.5 percent and the smallcap index down over 2 percent.

Biggest Nifty losers were Adani Enterprises, Adani Ports, Eternal, Interglobe Aviation, Cipla, while gainers included Dr Reddy's Labs, Tech Mahindra, ONGC, Hindalco, HUL.

All the sectoral indices ended in the red with capital goods, power, realty, PSU Bank, and media down 2-3%.

&quot;After showing a bounce back in the last couple of sessions, Nifty slipped into sharp weakness on Friday and closed the day lower by 241 points. After opening on a positive note, the market was not able to sustain the opening gains and started with weakness in the early part of the session. The weakness intensified in the mid to later part, and Nifty finally closed at the lows,&quot; said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

&quot;A long bear candle was formed on the daily chart, which indicates a formation of a lower top reversal pattern at the recent swing highs of 25400 levels. Nifty on the weekly chart formed a long bear candle this week after the minor bounce of last week. The overall chart pattern remains negative, and one may expect Nifty to slide below the recent low of 24900 by next week. The near-term downside target to be watched is around 24,600. Immediate resistance is placed at 25200 levels,&quot; he added.

On Friday, the Indian rupee ended at a record low at 91.96 per dollar versus Thursday's close of 91.62.

&quot;The Indian rupee succumbed to a record low, bucking under the weight of voracious dollar demand from importers and corporates ahead of the long weekend and the upcoming Union Budget,&quot; said Dilip Parmar, Research Analyst, HDFC Securities.

&quot;This fragility intensified as domestic equities faced a fresh bout of liquidation, erasing Thursday’s tentative recovery.&quot;

&quot;The outlook for spot USDINR remains resolutely bullish; we anticipate the pair may eclipse the psychological 92 threshold while finding the support at 91.10,&quot; he said.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Markets are not looking for a ‘populist’ budget, but a ‘pragmatic’ one, Market correction sets stage for multi-year bull run if Budget backs Rs 11 trillion infra spend and middle-class consumption, Expect spotlight to be on consumer discretionary & retail, infra & industrials, and financials in budget

* Markets are not looking for a ‘populist’ budget, but a ‘pragmatic’ one
* Market correction sets stage for multi-year bull run if Budget backs Rs 11 trillion infra spend and middle-class consumption
* Expect spotlight to be on consumer discretionary & retail, infra & industrials, and financials in budget

shorts/business/daily-voice-market-correction-may-spark-multi-year-bull-run-if-budget-boosts-infra-and-consumption-himani-shah

* Markets are not looking for a ‘populist’ budget, but a ‘pragmatic’ one
* Market correction sets stage for multi-year bull run if Budget backs Rs 11 trillion infra spend and middle-class consumption
* Expect spotlight to be on consumer discretionary & retail, infra & industrials, and financials in budget

Markets are not looking for a ‘populist’ budget, but a ‘pragmatic’ one, according to Himani Shah, the Co-Fund Manager at Alchemy Capital Management.

If the government can demonstrate a roadmap that protects its Rs 11 trillion infrastructure commitment while simultaneously providing the middle class with the disposable income to drive consumption, we believe the current market correction will pave the way for a multi-year bull run, she said in an interview with Moneycontrol.

As we approach the Union Budget 2026, she expects the spotlight to be on three sectors - consumer discretionary and retail, infrastructure and industrials, and financials.

Do you think domestic fundamentals will provide strong support to Indian equities despite negative global cues such as tariff concerns and geopolitical issues, and help push the market higher in 2026 once the global-cues-driven uncertainty settles?

From a fundamental perspective, the ‘India Story’ remains remarkably resilient.

While global headlines are dominated by geopolitical volatility and trade concerns, our domestic indicators are decoupled in several key areas. We are witnessing a structural revival in manufacturing, with recent data indicating a 12-month high and an 8% growth rate.

Furthermore, the strategic cuts in Income Tax and GST have acted as a significant liquidity injection for the middle class, successfully driving consumer spending. We believe that once the global ‘noise’ settles, the market will re-rate based on these robust internal growth drivers, in our view.

Do you expect the market to deliver mid-to-high single-digit growth over the next 12 months, despite the potential for underperformance in the near term?

From a strategic standpoint, we do anticipate that the market may deliver mid-to-high single-digit growth over the next 12 months. While we expect a period of near-term underperformance as the market digests global volatility and cues-driven uncertainty, the fundamental 'real economy' indicators remain highly encouraging.

Our conviction is supported by high-frequency data, specifically the resurgence in auto sales (up 17-23%), retail momentum, and credit growth in the early teens. This suggests that recent tax reforms are effectively stimulating domestic demand. However, the 'flattish' GST collection, growing at only 6% in December 2025, remains the primary variable we are monitoring.

Should we see an uptick in GST collections, a mid-to-high single-digit index return would represent a conservative and achievable floor. Crucially, this growth could be high-quality, underpinned by genuine earnings expansion as valuations have already corrected meaningfully.

Do you expect continued momentum in consumer discretionary stocks and relatively less focus on capital expenditure in the Union Budget 2026?

As we approach the Union Budget 2026, the Indian economy finds itself at a delicate inflection point. While we have spent the last few years aggressively building the ‘hard’ infrastructure of the nation, the current market narrative reflects a tug-of-war between sustaining high-multiplier capital expenditure (capex) and reviving a stagnant consumption base.

India must achieve a ‘Golden Mean’ between fiscal prudence and growth-focused stimulus.

In an era of fragmenting global trade and rising geopolitical tensions, India cannot afford to take its foot off the pedal on capex. With nations increasingly looking inward and protectionism on the rise, in our view, the Budget must prioritise self-sufficiency. We are seeing a distinct global appetite for India to serve as a manufacturing alternative, driven by our vast, young labour force.

However, to truly capture the ‘China+1’ opportunity, the government must continue funding high-impact infrastructure such as digital grids, EMS (Electronics Manufacturing Services) and renewable energy ecosystems. Maintaining the Rs 11 trillion capex momentum is no longer just an economic goal; it is a strategic necessity to ensure that our young workforce is backed by world-class industrial efficiency.

We remain bullish on capital goods and industrials as long as the government maintains its infrastructure commitment. Simultaneously, we are watching consumer discretionary and capital market plays.

Markets are not looking for a ‘populist’ budget, but a ‘pragmatic’ one. If the government can demonstrate a roadmap that protects its Rs 11 trillion infrastructure commitment while simultaneously providing the middle class with the disposable income to drive consumption, we believe the current market correction will pave the way for a multi-year bull run.

Do you rule out the possibility of earnings downgrades from Q4 FY26 onward?

We cannot entirely rule out earnings volatility. While Q3FY26 results so far have shown substantial growth and revival, the sustainability of this trend into Q4FY26 and beyond is contingent on the government's ability to maintain spending levels. If the government is forced to pull back on its Rs 11 trillion capex plan due to fiscal constraints, we may see a slight cooling in the industrial and infrastructure-linked earnings. We remain cautiously optimistic and are watching the Q4FY26 run rate closely.

Do you agree that employment growth is likely to become a major global challenge in the context of increasing AI adoption?

We believe that increasing AI adoption poses a significant structural challenge to global employment growth. In our view, this shift is primarily a workforce ‘displacement’ rather than a total pause in hiring. We are witnessing a historical inversion where white-collar, cognitive roles face deflationary pressures from automation, while the ‘real economy’ —manufacturing, specialised trades, and physical infrastructure—remains labour-hungry and resilient.

From an investment standpoint, this creates a clear dichotomy: we focus on companies that utilise AI to expand operating margins without linearly increasing headcount, as this boosts Earnings Per Share (EPS). We stay cautious on mass-market consumption themes that rely heavily on broad-based white-collar wage growth. Accordingly, our strategy pivots toward ‘physical world’ sectors such as industrials and capital goods, where human expertise remains irreplaceable. We remain underweight on traditional services that are vulnerable to AI-driven commoditisation.

Which three sectors do you believe are likely to be in the limelight in the Union Budget?

As we approach the Union Budget 2026, we expect the spotlight to be on:
1. Consumer Discretionary and Retail: To see if the government provides further GST rationalisation to sustain the current growth in lifestyle segments.
2. Infrastructure and Industrials: Focus will be on whether the government stays the course on its massive capex targets or pivots toward fiscal consolidation.
3. Financials: Any budgetary measures regarding liquidity, banking reforms or capital market reforms may be a major catalyst for the Financials pack.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Daily Voice | Market correction may spark multi-year bull run if Budget boosts infra and consumption: Himani Shah

Markets are not looking for a ‘populist’ budget, but a ‘pragmatic’ one, according to Himani Shah, the Co-Fund Manager at Alchemy Capital Management.

If the government can demonstrate a roadmap that protects its Rs 11 trillion infrastructure commitment while simultaneously providing the middle class with the disposable income to drive consumption, we believe the current market correction will pave the way for a multi-year bull run, she said in an interview with Moneycontrol.

As we approach the Union Budget 2026, she expects the spotlight to be on three sectors - consumer discretionary and retail, infrastructure and industrials, and financials.

Do you think domestic fundamentals will provide strong support to Indian equities despite negative global cues such as tariff concerns and geopolitical issues, and help push the market higher in 2026 once the global-cues-driven uncertainty settles?

From a fundamental perspective, the ‘India Story’ remains remarkably resilient.

While global headlines are dominated by geopolitical volatility and trade concerns, our domestic indicators are decoupled in several key areas. We are witnessing a structural revival in manufacturing, with recent data indicating a 12-month high and an 8% growth rate.

Furthermore, the strategic cuts in Income Tax and GST have acted as a significant liquidity injection for the middle class, successfully driving consumer spending. We believe that once the global ‘noise’ settles, the market will re-rate based on these robust internal growth drivers, in our view.

Do you expect the market to deliver mid-to-high single-digit growth over the next 12 months, despite the potential for underperformance in the near term?

From a strategic standpoint, we do anticipate that the market may deliver mid-to-high single-digit growth over the next 12 months. While we expect a period of near-term underperformance as the market digests global volatility and cues-driven uncertainty, the fundamental 'real economy' indicators remain highly encouraging.

Our conviction is supported by high-frequency data, specifically the resurgence in auto sales (up 17-23%), retail momentum, and credit growth in the early teens. This suggests that recent tax reforms are effectively stimulating domestic demand. However, the 'flattish' GST collection, growing at only 6% in December 2025, remains the primary variable we are monitoring.

Should we see an uptick in GST collections, a mid-to-high single-digit index return would represent a conservative and achievable floor. Crucially, this growth could be high-quality, underpinned by genuine earnings expansion as valuations have already corrected meaningfully.

Do you expect continued momentum in consumer discretionary stocks and relatively less focus on capital expenditure in the Union Budget 2026?

As we approach the Union Budget 2026, the Indian economy finds itself at a delicate inflection point. While we have spent the last few years aggressively building the ‘hard’ infrastructure of the nation, the current market narrative reflects a tug-of-war between sustaining high-multiplier capital expenditure (capex) and reviving a stagnant consumption base.

India must achieve a ‘Golden Mean’ between fiscal prudence and growth-focused stimulus.

In an era of fragmenting global trade and rising geopolitical tensions, India cannot afford to take its foot off the pedal on capex. With nations increasingly looking inward and protectionism on the rise, in our view, the Budget must prioritise self-sufficiency. We are seeing a distinct global appetite for India to serve as a manufacturing alternative, driven by our vast, young labour force.

However, to truly capture the ‘China+1’ opportunity, the government must continue funding high-impact infrastructure such as digital grids, EMS (Electronics Manufacturing Services) and renewable energy ecosystems. Maintaining the Rs 11 trillion capex momentum is no longer just an economic goal; it is a strategic necessity to ensure that our young workforce is backed by world-class industrial efficiency.

We remain bullish on capital goods and industrials as long as the government maintains its infrastructure commitment. Simultaneously, we are watching consumer discretionary and capital market plays.

Markets are not looking for a ‘populist’ budget, but a ‘pragmatic’ one. If the government can demonstrate a roadmap that protects its Rs 11 trillion infrastructure commitment while simultaneously providing the middle class with the disposable income to drive consumption, we believe the current market correction will pave the way for a multi-year bull run.

Do you rule out the possibility of earnings downgrades from Q4 FY26 onward?

We cannot entirely rule out earnings volatility. While Q3FY26 results so far have shown substantial growth and revival, the sustainability of this trend into Q4FY26 and beyond is contingent on the government's ability to maintain spending levels. If the government is forced to pull back on its Rs 11 trillion capex plan due to fiscal constraints, we may see a slight cooling in the industrial and infrastructure-linked earnings. We remain cautiously optimistic and are watching the Q4FY26 run rate closely.

Do you agree that employment growth is likely to become a major global challenge in the context of increasing AI adoption?

We believe that increasing AI adoption poses a significant structural challenge to global employment growth. In our view, this shift is primarily a workforce ‘displacement’ rather than a total pause in hiring. We are witnessing a historical inversion where white-collar, cognitive roles face deflationary pressures from automation, while the ‘real economy’ —manufacturing, specialised trades, and physical infrastructure—remains labour-hungry and resilient.

From an investment standpoint, this creates a clear dichotomy: we focus on companies that utilise AI to expand operating margins without linearly increasing headcount, as this boosts Earnings Per Share (EPS). We stay cautious on mass-market consumption themes that rely heavily on broad-based white-collar wage growth. Accordingly, our strategy pivots toward ‘physical world’ sectors such as industrials and capital goods, where human expertise remains irreplaceable. We remain underweight on traditional services that are vulnerable to AI-driven commoditisation.

Which three sectors do you believe are likely to be in the limelight in the Union Budget?

As we approach the Union Budget 2026, we expect the spotlight to be on:
1. Consumer Discretionary and Retail: To see if the government provides further GST rationalisation to sustain the current growth in lifestyle segments.
2. Infrastructure and Industrials: Focus will be on whether the government stays the course on its massive capex targets or pivots toward fiscal consolidation.
3. Financials: Any budgetary measures regarding liquidity, banking reforms or capital market reforms may be a major catalyst for the Financials pack.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Cautious market expected to be volatile this week with focus majorly on Union Budget, Fed interest rate decision, Monthly auto sales data, US economic releases and further corporate earnings will also be watched this week

* Cautious market expected to be volatile this week with focus majorly on Union Budget, Fed interest rate decision
* Monthly auto sales data, US economic releases and further corporate earnings will also be watched this week

shorts/business/dalal-street-this-week-union-budget-fomc-meet-q3-earnings-auto-sales-among-10-key-factors-to-watch

* Cautious market expected to be volatile this week with focus majorly on Union Budget, Fed interest rate decision
* Monthly auto sales data, US economic releases and further corporate earnings will also be watched this week

The market caught in a bear trap and plunged 2.5 percent in the last week ended January 23, pressured by renewed global trade tensions, geopolitical dynamics, persistent FII outflow, and uneven Q3 earnings.

Fresh US tariff threats against European nations linked to the Greenland issue dampened global risk appetite, prompting a shift toward safe-haven assets, but later, Donald Trump stepped back from immediate tariff action, which eased concerns of a US-EU trade war, but their relations remained strained.

The Indian rupee also hit a record low of 91.97 against the US dollar.

In the current trading week starting from January 27 till February 1 (except Saturday holiday), the cautious market is expected to be volatile with a major focus on the Union Budget and the Fed interest rate decision. Monthly auto sales data, US economic releases, and further corporate earnings will also be watched.

The BSE Sensex plummeted 2,033 points (2.43 percent) to close at 81,538, and the Nifty 50 fell 646 points (2.51 percent - the biggest weekly fall since September 2025) to 25,049, while the broader markets hit hard with the Nifty Midcap and Smallcap 100 indices crashing 4.55 percent and 5.8 percent, respectively.

According to Vinod Nair, Head of Research at Geojit Investments, in the current week, investors will closely track guidance from the Fed on the trajectory of interest rate cuts, while positioning may be influenced by anticipation surrounding the Union Budget, particularly any measures aimed at easing external trade pressures and supporting capital flows.

Sentiment is likely to stay cautious, shaped by global developments, currency trends, and earnings outcomes, with selective opportunities emerging in segments supported by resilient domestic demand, he said.

Siddhartha Khemka - Head of Research, Wealth Management at Motilal Oswal Financial Services said overall, markets would continue to track developments around global trade negotiations and geopolitical dynamics, while stock-specific action is expected to remain driven by ongoing Q3 earnings announcements.

Here are 10 key factors to watch out for this week:

<a href="https://www.moneycontrol.com/budget/" target="_blank">Union Budget</a>

The market participants will keenly watch the Union Budget 2026 - the major domestic factor - in the current week. The Finance Minister Nirmala Sitharaman will announce the detailed estimated revenue and expenditures for the new financial year 2026-27 on February 1.

Most economists and experts expect the government to maintain continuity and increase capital expenditure for the new fiscal by 10-15 percent over the previous fiscal year, particularly as private sector investment has remained muted in recent months. Further, the fiscal discipline remains a key priority with experts expecting the fiscal deficit to be revised downward to 4.2-4.3 percent of GDP for FY27, against 4.4 percent for FY26, limiting the room for an aggressive and across-the-board capex expansion.

As a result, the budget is likely to adopt a more selective approach, prioritising sectors with higher multiplier effects and strategic relevance, experts said. Railways, defence manufacturing, renewables, AI-led infrastructure, and data centres are expected to remain in focus, ensuring continuity in asset creation without straining public finances.

Performance-linked incentive (PLI) schemes are also expected to be continued and expanded to support electronics, including semiconductors, mobiles, display units, and the manufacturing of clean-tech goods such as EVs, battery storage systems, renewables, and green hydrogen electrolysers.

Experts also expect more details on the National Manufacturing Mission, which was conceptualized in the last budget, and some initiatives for labour-intensive tariff-hit sectors and industries, including textiles, leather, toy manufacturing, among others, as well as for critical rare-earth minerals.

Budget is also likely to focus meaningfully on targeted consumption support, with measures like further income tax relief, higher standard deductions, increased rural and agricultural spending, employment generation schemes, skilling initiatives, and focused welfare programmes.

<a href="https://www.moneycontrol.com/markets/earnings/" target="_blank">Corporate Earnings</a>

The December quarter earnings season will be in full swing as nearly 500 companies are set to release their quarterly results in the current week. The list includes the prominent Nifty 50 names like Larsen &amp; Toubro, Maruti Suzuki India, ITC, Axis Bank, Asian Paints, Tata Consumer Products, SBI Life Insurance Company, Bajaj Auto, Nestle India, NTPC, Power Grid Corporation of India, Bharat Electronics, and Sun Pharmaceutical Industries.

Apart from Nifty 50 names, several other key names like Tata Motors, Canara Bank, Bank of Baroda, One 97 Communications Paytm, Swiggy, Meesho, Vodafone Idea, Marico, Vishal Mega Mart, WeWork India Management, ACC, CSB Bank, Gland Pharma, Lodha Developers, Mahindra &amp; Mahindra Financial Services, National Securities Depository, Pine Labs, SBI Cards and Payment Services, TVS Motor Company, Adani Power, Blue Star, Colgate Palmolive, Dabur India, Indian Energy Exchange, Manappuram Finance, Vedanta, Voltas, Ambuja Cements, Glenmark Pharmaceuticals, Jindal Steel, LIC Housing Finance, National Aluminium Company, Bharat Dynamics, and Gail (India) will also announce their quarterly earnings this week.

Auto Sales

Auto stocks including Tata Motors, Tata Motors Passenger Vehicles, Ashok Leyland, Maruti Suzuki, Hyundai Motor India, Eicher Motors, TVS Motor, Hero MotoCorp, and Mahindra &amp; Mahindra will also be in focus this week as they will release their sales volumes data for the first month of this calendar year i.e. January, on the last day of this week i.e. February 1.

The focus will be on whether the double-digit growth observed across segments in December 2025 will be sustained in January.

Domestic Economic Data

On the economic data front, industrial and manufacturing production numbers for December will be released on January 28. This follows fiscal deficit data for December, bank loan &amp; deposit growth for the fortnight ended January 9, and foreign exchange reserves for the week ended January 23, which are scheduled on January 30.

FOMC Meet

Globally, apart from geopolitical tensions and Trump tariff threats, the focus will be on the two-day Federal Open Market Committee's first monetary policy meeting of the current calendar year, scheduled on January 27-28. Most economists expect the central bank to hold the Fed funds rate in the 3.5-3.75 percent range after three cuts last year, given steady inflation and resilient consumer spending in the US.

Weekly US jobs data, monthly PPI, and durable goods data due this week will also shape monetary policy expectations.

Global Economic Data

Further, Europe's GDP growth flash numbers for Q4-CY25 and unemployment rate for December, and Japan's recent monetary policy meeting minutes, monthly retail sales, and construction orders data will also be announced this week.

<img class="alignnone size-full wp-image-13790283 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260125231859_Image525012026.jpg" alt="Image525012026" width="1039" height="581" />

<a href="https://www.moneycontrol.com/stocks/marketstats/fii_dii_activity/index.php" target="_blank">FII Flow</a>

Back home, the market participants will keep an eye on the mood of FIIs (Foreign Institutional Investors) as they maintain persistent selling in Indian equities. In fact, they increased the intensity of selling in the last few weeks as it offloaded over Rs 14,600 crore worth shares in the recent week against over Rs 14,200 crore worth shares selling in the previous week, taking the total current month's outflow to Rs 40,700 crore (as per provisional numbers, which is the highest since August 2025).

The consistent weakening rupee against the US dollar, the delay in the India-US trade deal, and the unimpressive December quarter earnings seem to be key reasons behind FIIs selling, according to experts.

On the contrary, DIIs (Domestic Institutional Investors) continued to provide strong support to the market, though FIIs capped market upside. DIIs' net buying was far higher than FIIs' outflow, picking up shares worth over Rs 20,700 crore in the recent week, taking the total net purchases for January to over Rs 54,800 crore.

Meanwhile, the Indian rupee hit an intraday record low of 91.965 against the US dollar, depreciating 1.07 percent for the recent week to end at a new closing low of 91.635 and sustaining above the upper Bollinger bands.

The US dollar index fell 1.93 percent during the recent week (the biggest weekly fall since April 2025) to end at 97.456, the lowest closing level since June 2025, amid heightened volatility and shifting geopolitical dynamics.

<a href="https://www.moneycontrol.com/ipo/" target="_blank">IPO</a>

The primary market will see five new companies - Kasturi Metal Composite, Kanishk Aluminium India, Msafe Equipments, Accretion Nutraveda, and CKK Retail Mart launching their IPOs amounting to Rs 226 crore - all from the SME segment - this week, while the action is absent in the mainboard segment.

The IPOs by Hannah Joseph Hospital and Shayona Engineering will remain open for subscription till January 27.

Meanwhile, five new companies will be available for trading on the bourses this week, including Shadowfax Technologies - the only company from the mainboard segment - scheduled for its market debut on January 28. The other four companies - Digilogic Systems, KRM Ayurveda, Hannah Joseph Hospital, and Shayona Engineering (all from the SME segment) will also be listed in the current week.

Technical View, F&amp;O Cues

Technically, the Nifty 50 is expected to be volatile with a negative bias and likely to witness a broad trading range of 24,500-26,000 in the current week after reporting a sharp fall last week. The technical and momentum indicators are in favour of bears. The last week's low of 24,900 is expected to immediate crucial support for the index as below it, the 25,600-25,500 is the zone to watch, followed by 24,300 being crucial support (August 2025 low), however, the immedate resistance is placed at 25,160 (200-day EMA), followed by 25,450 and then 25,700-25,800 being critical hurdle as sustaining above it can get the bulls back on street, according to experts.

The monthly options data also indicated that the Nifty 50 is likely to see a trading range of 24,500-26,000. The maximum Call open interest was placed at the 26,000 strike, followed by the 25,250 and 25,400 strikes, with the maximum Call writing at the 25,300, 25,200 and 25,500 strikes, while the 24,500 strike holds the maximum Put open interest, followed by the 25,000 and 24,700 strikes, with the maximum Put writing at the 24,700, 24,600 and 25,050 strikes.

Meanwhile, as expected, the India VIX maintained its strong uptrend ahead of the Union Budget. It surged 24.8 percent last week (the biggest weekly rally since April 2025) to 14.19 (the highest closing level since June 2025) and hit the 200-week EMA, signalling elevated market uncertainty. It gained for the fourth consecutive week.

Corporation Action

Here are key corporate actions taking place this week:

<img class="alignnone size-full wp-image-13790284 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260125232301_Image425012026.jpg" alt="Image425012026" width="950" height="856" />

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Dalal Street This Week: Union Budget, FOMC meet, Q3 earnings, auto sales among 10 key factors to watch

In the trading week starting from January 27 till February 1 (except Saturday holiday), the cautious market is expected to be volatile with focus majorly on Union Budget, and Fed interest rate decision.

Stock Market This Week: Union Budget, FOMC meet, Q3 earnings, auto sales among 10 key factors to watch

The market caught in a bear trap and plunged 2.5 percent in the last week ended January 23, pressured by renewed global trade tensions, geopolitical dynamics, persistent FII outflow, and uneven Q3 earnings.

Fresh US tariff threats against European nations linked to the Greenland issue dampened global risk appetite, prompting a shift toward safe-haven assets, but later, Donald Trump stepped back from immediate tariff action, which eased concerns of a US-EU trade war, but their relations remained strained.

The Indian rupee also hit a record low of 91.97 against the US dollar.

In the current trading week starting from January 27 till February 1 (except Saturday holiday), the cautious market is expected to be volatile with a major focus on the Union Budget and the Fed interest rate decision. Monthly auto sales data, US economic releases, and further corporate earnings will also be watched.

The BSE Sensex plummeted 2,033 points (2.43 percent) to close at 81,538, and the Nifty 50 fell 646 points (2.51 percent - the biggest weekly fall since September 2025) to 25,049, while the broader markets hit hard with the Nifty Midcap and Smallcap 100 indices crashing 4.55 percent and 5.8 percent, respectively.

According to Vinod Nair, Head of Research at Geojit Investments, in the current week, investors will closely track guidance from the Fed on the trajectory of interest rate cuts, while positioning may be influenced by anticipation surrounding the Union Budget, particularly any measures aimed at easing external trade pressures and supporting capital flows.

Sentiment is likely to stay cautious, shaped by global developments, currency trends, and earnings outcomes, with selective opportunities emerging in segments supported by resilient domestic demand, he said.

Siddhartha Khemka - Head of Research, Wealth Management at Motilal Oswal Financial Services said overall, markets would continue to track developments around global trade negotiations and geopolitical dynamics, while stock-specific action is expected to remain driven by ongoing Q3 earnings announcements.

Here are 10 key factors to watch out for this week:

Union Budget

The market participants will keenly watch the Union Budget 2026 - the major domestic factor - in the current week. The Finance Minister Nirmala Sitharaman will announce the detailed estimated revenue and expenditures for the new financial year 2026-27 on February 1.

Most economists and experts expect the government to maintain continuity and increase capital expenditure for the new fiscal by 10-15 percent over the previous fiscal year, particularly as private sector investment has remained muted in recent months. Further, the fiscal discipline remains a key priority with experts expecting the fiscal deficit to be revised downward to 4.2-4.3 percent of GDP for FY27, against 4.4 percent for FY26, limiting the room for an aggressive and across-the-board capex expansion.

As a result, the budget is likely to adopt a more selective approach, prioritising sectors with higher multiplier effects and strategic relevance, experts said. Railways, defence manufacturing, renewables, AI-led infrastructure, and data centres are expected to remain in focus, ensuring continuity in asset creation without straining public finances.

Performance-linked incentive (PLI) schemes are also expected to be continued and expanded to support electronics, including semiconductors, mobiles, display units, and the manufacturing of clean-tech goods such as EVs, battery storage systems, renewables, and green hydrogen electrolysers.

Experts also expect more details on the National Manufacturing Mission, which was conceptualized in the last budget, and some initiatives for labour-intensive tariff-hit sectors and industries, including textiles, leather, toy manufacturing, among others, as well as for critical rare-earth minerals.

Budget is also likely to focus meaningfully on targeted consumption support, with measures like further income tax relief, higher standard deductions, increased rural and agricultural spending, employment generation schemes, skilling initiatives, and focused welfare programmes.

Corporate Earnings

The December quarter earnings season will be in full swing as nearly 500 companies are set to release their quarterly results in the current week. The list includes the prominent Nifty 50 names like Larsen &amp;amp; Toubro, Maruti Suzuki India, ITC, Axis Bank, Asian Paints, Tata Consumer Products, SBI Life Insurance Company, Bajaj Auto, Nestle India, NTPC, Power Grid Corporation of India, Bharat Electronics, and Sun Pharmaceutical Industries.

Apart from Nifty 50 names, several other key names like Tata Motors, Canara Bank, Bank of Baroda, One 97 Communications Paytm, Swiggy, Meesho, Vodafone Idea, Marico, Vishal Mega Mart, WeWork India Management, ACC, CSB Bank, Gland Pharma, Lodha Developers, Mahindra &amp;amp; Mahindra Financial Services, National Securities Depository, Pine Labs, SBI Cards and Payment Services, TVS Motor Company, Adani Power, Blue Star, Colgate Palmolive, Dabur India, Indian Energy Exchange, Manappuram Finance, Vedanta, Voltas, Ambuja Cements, Glenmark Pharmaceuticals, Jindal Steel, LIC Housing Finance, National Aluminium Company, Bharat Dynamics, and Gail (India) will also announce their quarterly earnings this week.

Auto Sales

Auto stocks including Tata Motors, Tata Motors Passenger Vehicles, Ashok Leyland, Maruti Suzuki, Hyundai Motor India, Eicher Motors, TVS Motor, Hero MotoCorp, and Mahindra &amp;amp; Mahindra will also be in focus this week as they will release their sales volumes data for the first month of this calendar year i.e. January, on the last day of this week i.e. February 1.

The focus will be on whether the double-digit growth observed across segments in December 2025 will be sustained in January.

Domestic Economic Data

On the economic data front, industrial and manufacturing production numbers for December will be released on January 28. This follows fiscal deficit data for December, bank loan &amp;amp; deposit growth for the fortnight ended January 9, and foreign exchange reserves for the week ended January 23, which are scheduled on January 30.

FOMC Meet

Globally, apart from geopolitical tensions and Trump tariff threats, the focus will be on the two-day Federal Open Market Committee's first monetary policy meeting of the current calendar year, scheduled on January 27-28. Most economists expect the central bank to hold the Fed funds rate in the 3.5-3.75 percent range after three cuts last year, given steady inflation and resilient consumer spending in the US.

Weekly US jobs data, monthly PPI, and durable goods data due this week will also shape monetary policy expectations.

Global Economic Data

Further, Europe's GDP growth flash numbers for Q4-CY25 and unemployment rate for December, and Japan's recent monetary policy meeting minutes, monthly retail sales, and construction orders data will also be announced this week.



FII Flow

Back home, the market participants will keep an eye on the mood of FIIs (Foreign Institutional Investors) as they maintain persistent selling in Indian equities. In fact, they increased the intensity of selling in the last few weeks as it offloaded over Rs 14,600 crore worth shares in the recent week against over Rs 14,200 crore worth shares selling in the previous week, taking the total current month's outflow to Rs 40,700 crore (as per provisional numbers, which is the highest since August 2025).

The consistent weakening rupee against the US dollar, the delay in the India-US trade deal, and the unimpressive December quarter earnings seem to be key reasons behind FIIs selling, according to experts.

On the contrary, DIIs (Domestic Institutional Investors) continued to provide strong support to the market, though FIIs capped market upside. DIIs' net buying was far higher than FIIs' outflow, picking up shares worth over Rs 20,700 crore in the recent week, taking the total net purchases for January to over Rs 54,800 crore.

Meanwhile, the Indian rupee hit an intraday record low of 91.965 against the US dollar, depreciating 1.07 percent for the recent week to end at a new closing low of 91.635 and sustaining above the upper Bollinger bands.

The US dollar index fell 1.93 percent during the recent week (the biggest weekly fall since April 2025) to end at 97.456, the lowest closing level since June 2025, amid heightened volatility and shifting geopolitical dynamics.

IPO

The primary market will see five new companies - Kasturi Metal Composite, Kanishk Aluminium India, Msafe Equipments, Accretion Nutraveda, and CKK Retail Mart launching their IPOs amounting to Rs 226 crore - all from the SME segment - this week, while the action is absent in the mainboard segment.

The IPOs by Hannah Joseph Hospital and Shayona Engineering will remain open for subscription till January 27.

Meanwhile, five new companies will be available for trading on the bourses this week, including Shadowfax Technologies - the only company from the mainboard segment - scheduled for its market debut on January 28. The other four companies - Digilogic Systems, KRM Ayurveda, Hannah Joseph Hospital, and Shayona Engineering (all from the SME segment) will also be listed in the current week.

Technical View, F&amp;amp;O Cues

Technically, the Nifty 50 is expected to be volatile with a negative bias and likely to witness a broad trading range of 24,500-26,000 in the current week after reporting a sharp fall last week. The technical and momentum indicators are in favour of bears. The last week's low of 24,900 is expected to immediate crucial support for the index as below it, the 25,600-25,500 is the zone to watch, followed by 24,300 being crucial support (August 2025 low), however, the immedate resistance is placed at 25,160 (200-day EMA), followed by 25,450 and then 25,700-25,800 being critical hurdle as sustaining above it can get the bulls back on street, according to experts.

The monthly options data also indicated that the Nifty 50 is likely to see a trading range of 24,500-26,000. The maximum Call open interest was placed at the 26,000 strike, followed by the 25,250 and 25,400 strikes, with the maximum Call writing at the 25,300, 25,200 and 25,500 strikes, while the 24,500 strike holds the maximum Put open interest, followed by the 25,000 and 24,700 strikes, with the maximum Put writing at the 24,700, 24,600 and 25,050 strikes.

Meanwhile, as expected, the India VIX maintained its strong uptrend ahead of the Union Budget. It surged 24.8 percent last week (the biggest weekly rally since April 2025) to 14.19 (the highest closing level since June 2025) and hit the 200-week EMA, signalling elevated market uncertainty. It gained for the fourth consecutive week.

Corporation Action

Here are key corporate actions taking place this week:



Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

4 out of 6 years NIFTY AlphaLowVol 30 has given negative returns in January.

Type	R1	R2	R3	PP	S1	S2	S3
Classic	26,496.82	26,710.38	26,830.82	26,376.38	26,162.82	26,042.38	25,828.82
Fibonacci	26,503.97	26,582.80	26,710.38	26,376.38	26,248.80	26,169.97	26,042.38
Camarilla	26,313.87	26,344.48	26,375.10	26,376.38	26,252.63	26,222.02	26,191.40

INDEX CONTRIBUTION - NIFTY AlphaLowVol 30

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