NIFTY Consumption

Indian benchmark indices, Sensex and Nifty, are likely to open on a positive note today, January 20, with cues coming from GIFT Nifty, which was trading higher at around 25,605.50.

Track the latest updates on GIFT Nifty right here on Moneycontrol.

Indian equities began the week on a subdued note, with the Nifty falling below 25,500 intraday as weak global cues triggered broad-based profit booking. The renewed concerns over a potential global trade war and mixed earnings weighed on sentiment. However, select buying in FMCG and auto stocks provided support, helping the benchmarks recover from the day’s lows.

At close, the Sensex was down 324.17 points or 0.39 percent at 83,246.18, and the Nifty was down 108.85 points or 0.42 percent at 25,585.50.

Here is how financial markets across the globe fared overnight:

GIFT Nifty (Up)

The GIFT Nifty is trading higher at around 25,605.50, indicating a positive start for the day.

Asian Equities (Down)

Asia-Pacific markets traded subdued as Japan’s long-dated government bond yields hit new highs, with investors also weighing renewed U.S. tariff threats tied to Greenland.



US Equities (Shut)

US equity markets were closed on Monday for Martin Luther King Jr. Day.

US Bond Yield (Up)

Treasuries joined a selloff in global bonds on Tuesday as escalating trade tensions spurred by proposed US tariffs relating to Greenland undermined demand for American assets.

The yield curve bear steepened as cash trading resumed following a US holiday, with 10- and 30-year yields both climbing three basis points in early Asia trading.



Dollar Index (Slips)

The dollar retreated to its lowest level in a week in early trading on Monday after threats from the White House towards the European Union over the future of Greenland triggered a broad selloff across U.S. stocks and government bonds.



Asian Currencies (Mixed)

The won slips as South Korea’s stock benchmark looks set to end a 12 day rally, with fading risk
appetite from US Europe tensions and firm dollar demand underpinning the exchange rate.

The yen edged higher against the dollar, gaining as much as 0.2% to 157.85.



Crude (Up)

Oil prices rose on Tuesday after better-than-expected economic growth data from China lifted demand optimism, with markets also watching President Donald Trump's threats of increased U.S. tariffs on European nations over his desire to buy Greenland.



Gold (Flat)

The precious metals trade flat, after rising sharply in the previous session following Trump’s pledge to put tariffs on eight European nations that opposed his Greenland ambitions.



Fund Flow Action

Foreign institutional investors (FIIs) extended their selling streak for the 10th consecutive session on January 19, offloading equities worth approximately Rs 3,262 crore, while domestic institutional investors (DIIs) remained net buyers with purchases of around Rs 4,234 crore.



Hope you're all set for today's trade. We wish you a profitable day ahead.

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.

First Tick: Top global cues to watch in today’s trade

Finance Minister to double down on capex and infrastructure push in Budget, FM to stay away from broad-based consumption giveaways, FM likely to stick to a credible fiscal consolidation path in Budget

* Finance Minister to double down on capex and infrastructure push in Budget
* FM to stay away from broad-based consumption giveaways
* FM likely to stick to a credible fiscal consolidation path in Budget

shorts/business/daily-voice-budget-unlikely-to-offer-big-consumption-sops-india-to-stay-stable-amid-global-shocks-puneet-sharma

* Finance Minister to double down on capex and infrastructure push in Budget
* FM to stay away from broad-based consumption giveaways
* FM likely to stick to a credible fiscal consolidation path in Budget

“If I were a Finance Minister, I would double down on the capex and infrastructure push, stay away from broad-based consumption giveaways, and stick to a credible fiscal consolidation path,” said Puneet Sharma, CEO and Fund Manager at Whitespace Alpha, in an interview with Moneycontrol.

According to Sharma, the government has already done a fair bit on GST rationalisation and middle-class tax relief. At this stage, he believes the more effective way to support consumption is through job creation and income growth driven by infrastructure spending and private capital expenditure, rather than additional fiscal handouts.

He is confident that India will remain stable going forward despite geopolitical and tariff-related shocks. “One of India’s biggest strengths today is that its growth engine is largely domestic. Even when global trade slows or geopolitical tensions rise, internal consumption and investment continue to support growth,” he said.

Are we at a 15-year low in FPI holdings? Do you expect this to reverse this year?

Yes, FPI ownership in Indian equities is at a multi-year low, and in many ways this has been driven more by global factors than anything fundamentally wrong with India. High US bond yields, a strong dollar, geopolitical uncertainty, and relative underperformance of Indian markets in 2025 all pushed foreign money to the sidelines.

But interestingly, this has also made India structurally under-owned in global portfolios today. From that lens, I actually see this as an opportunity rather than a concern. India’s growth, macro stability and earnings visibility remain among the best in the emerging market universe. As US rates begin to stabilize and global risk appetite improves, I do expect FPIs to gradually return. The reversal may not be sharp or immediate, but directionally, over the course of this year, I think flows should normalize.

Do you foresee double-digit credit growth? Are banks attractive at current valuations?

I do expect healthy double-digit credit growth to continue. We are coming off a phase where credit growth has already been running in the low-to-mid teens, supported by retail lending, MSME demand and a revival in corporate capex. Even if growth moderates slightly from peak levels, a 10–12% credit growth environment still looks very achievable for the next couple of years.

What makes banks particularly attractive right now is the combination of clean balance sheets and reasonable valuations. NPAs are at multi-year lows, credit costs are under control, and capital adequacy is strong. Yet many large banks are trading below their historical valuation averages. That mismatch between improving fundamentals and reasonable valuations makes the risk-reward quite compelling.

Are you confident about IT earnings improving after Q3 results?

I would describe my view as cautiously optimistic rather than fully confident. Q3 results did show some early signs of stabilization. Deal wins have improved, guidance cuts have largely stopped, and a few companies even nudged their outlook slightly higher.

That said, global tech spending is still in a slow recovery phase. Clients remain cautious, discretionary budgets are tight, and revenue growth is still in low single digits. So while I think the worst is behind us, I don’t expect a sharp V-shaped recovery in IT earnings. The improvement is likely to be gradual and uneven. Structurally, Indian IT remains very strong, especially with the long-term opportunity in AI and digital transformation, but near-term growth will remain measured.

If you were the Finance Minister, what would your agenda be for Budget 2026?

My agenda would be quite focused and pragmatic.

First, I would double down on the capex and infrastructure push. This has been one of the most effective policy levers India has used in recent years. Infrastructure spending has a very high multiplier effect as it creates jobs, boosts demand for core sectors, improves productivity, and crowds in private investment. I would continue to prioritize roads, railways, logistics, urban infrastructure, power, and renewable energy.

Second, I would stay away from broad-based consumption giveaways. The government has already done a fair bit on GST rationalisation and middle-class tax relief. At this stage, the better way to support consumption is through job creation and income growth driven by infrastructure and private capex, rather than more fiscal handouts.

Third, I would go all in on structural reforms like easing compliance, reducing friction for businesses, deepening manufacturing incentives, and investing more in skilling, R&amp;D, and future-ready sectors. These are critical for long-term competitiveness.

At the same time, I would stick to a credible fiscal consolidation path. Macro stability is one of India’s biggest strengths today, and I wouldn’t want to compromise that. Overall, I would focus on capex, reforms, and fiscal discipline, and let growth do the heavy lifting.

Do you expect consumption-boosting measures in the Budget? Are you increasing exposure to consumption stocks?

I don’t expect very aggressive new consumption giveaways, because the government has already taken meaningful steps through GST rationalisation and earlier tax relief measures. That said, being a pre-election budget, there could be some incremental, targeted measures around rural spending, housing, and employment generation, which can support demand at the margin.

From an investment standpoint, we are not taking sectoral or thematic bets on consumption. At Whitespace Alpha, we only take positions in NIFTY50 stocks, and our broader view is simply to stay long on India’s growth. For us, the NIFTY50 is the best single indicator and proxy for India’s economic and earnings trajectory.

So rather than positioning specifically for “consumption,” we stay invested in high-quality large-cap businesses that capture India’s long-term growth across multiple cycles. As India grows, demand improves, and incomes rise, it naturally reflects in earnings across many NIFTY50 companies. That’s how we think about it.

Will India remain stable despite geopolitical and tariff shocks?

Yes, I remain confident about India’s stability going forward. One of India’s biggest strengths today is that its growth engine is largely domestic. Even when global trade slows or geopolitical tensions rise, internal consumption and investment continue to support growth.

India’s macro fundamentals are also much stronger than in the past — forex reserves are healthy, inflation is under control, fiscal discipline is improving, and the banking system is in good shape. Tariff shocks or geopolitical events may create short-term volatility in specific sectors, but they are unlikely to derail India’s broader growth trajectory.

Do US tariff uncertainties hurt sentiment but not fundamentals?

I completely agree with that framing. Tariff uncertainty definitely hurts market sentiment. It creates fear, volatility and near-term selling pressure, especially in export-oriented sectors like IT, pharma or manufacturing.

But fundamentally, it doesn’t change India’s long-term story. India’s growth is not driven primarily by exports to the US. It is driven by domestic consumption, infrastructure, financial deepening and productivity gains. Even in sectors affected by tariffs, companies usually adapt by diversifying markets, moving up the value chain or passing on costs.

So yes, tariffs are a sentiment overhang and a short-term headache for markets, but they don’t materially alter the underlying fundamentals of the Indian economy or its long-term earnings trajectory.

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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Daily Voice | Budget unlikely to offer big consumption sops; India to stay stable amid global shocks: Puneet Sharma

“If I were a Finance Minister, I would double down on the capex and infrastructure push, stay away from broad-based consumption giveaways, and stick to a credible fiscal consolidation path,” said Puneet Sharma, CEO and Fund Manager at Whitespace Alpha, in an interview with Moneycontrol.

According to Sharma, the government has already done a fair bit on GST rationalisation and middle-class tax relief. At this stage, he believes the more effective way to support consumption is through job creation and income growth driven by infrastructure spending and private capital expenditure, rather than additional fiscal handouts.

He is confident that India will remain stable going forward despite geopolitical and tariff-related shocks. “One of India’s biggest strengths today is that its growth engine is largely domestic. Even when global trade slows or geopolitical tensions rise, internal consumption and investment continue to support growth,” he said.

Are we at a 15-year low in FPI holdings? Do you expect this to reverse this year?

Yes, FPI ownership in Indian equities is at a multi-year low, and in many ways this has been driven more by global factors than anything fundamentally wrong with India. High US bond yields, a strong dollar, geopolitical uncertainty, and relative underperformance of Indian markets in 2025 all pushed foreign money to the sidelines.

But interestingly, this has also made India structurally under-owned in global portfolios today. From that lens, I actually see this as an opportunity rather than a concern. India’s growth, macro stability and earnings visibility remain among the best in the emerging market universe. As US rates begin to stabilize and global risk appetite improves, I do expect FPIs to gradually return. The reversal may not be sharp or immediate, but directionally, over the course of this year, I think flows should normalize.

Do you foresee double-digit credit growth? Are banks attractive at current valuations?

I do expect healthy double-digit credit growth to continue. We are coming off a phase where credit growth has already been running in the low-to-mid teens, supported by retail lending, MSME demand and a revival in corporate capex. Even if growth moderates slightly from peak levels, a 10–12% credit growth environment still looks very achievable for the next couple of years.

What makes banks particularly attractive right now is the combination of clean balance sheets and reasonable valuations. NPAs are at multi-year lows, credit costs are under control, and capital adequacy is strong. Yet many large banks are trading below their historical valuation averages. That mismatch between improving fundamentals and reasonable valuations makes the risk-reward quite compelling.

Are you confident about IT earnings improving after Q3 results?

I would describe my view as cautiously optimistic rather than fully confident. Q3 results did show some early signs of stabilization. Deal wins have improved, guidance cuts have largely stopped, and a few companies even nudged their outlook slightly higher.

That said, global tech spending is still in a slow recovery phase. Clients remain cautious, discretionary budgets are tight, and revenue growth is still in low single digits. So while I think the worst is behind us, I don’t expect a sharp V-shaped recovery in IT earnings. The improvement is likely to be gradual and uneven. Structurally, Indian IT remains very strong, especially with the long-term opportunity in AI and digital transformation, but near-term growth will remain measured.

If you were the Finance Minister, what would your agenda be for Budget 2026?

My agenda would be quite focused and pragmatic.

First, I would double down on the capex and infrastructure push. This has been one of the most effective policy levers India has used in recent years. Infrastructure spending has a very high multiplier effect as it creates jobs, boosts demand for core sectors, improves productivity, and crowds in private investment. I would continue to prioritize roads, railways, logistics, urban infrastructure, power, and renewable energy.

Second, I would stay away from broad-based consumption giveaways. The government has already done a fair bit on GST rationalisation and middle-class tax relief. At this stage, the better way to support consumption is through job creation and income growth driven by infrastructure and private capex, rather than more fiscal handouts.

Third, I would go all in on structural reforms like easing compliance, reducing friction for businesses, deepening manufacturing incentives, and investing more in skilling, R&amp;amp;D, and future-ready sectors. These are critical for long-term competitiveness.

At the same time, I would stick to a credible fiscal consolidation path. Macro stability is one of India’s biggest strengths today, and I wouldn’t want to compromise that. Overall, I would focus on capex, reforms, and fiscal discipline, and let growth do the heavy lifting.

Do you expect consumption-boosting measures in the Budget? Are you increasing exposure to consumption stocks?

I don’t expect very aggressive new consumption giveaways, because the government has already taken meaningful steps through GST rationalisation and earlier tax relief measures. That said, being a pre-election budget, there could be some incremental, targeted measures around rural spending, housing, and employment generation, which can support demand at the margin.

From an investment standpoint, we are not taking sectoral or thematic bets on consumption. At Whitespace Alpha, we only take positions in NIFTY50 stocks, and our broader view is simply to stay long on India’s growth. For us, the NIFTY50 is the best single indicator and proxy for India’s economic and earnings trajectory.

So rather than positioning specifically for “consumption,” we stay invested in high-quality large-cap businesses that capture India’s long-term growth across multiple cycles. As India grows, demand improves, and incomes rise, it naturally reflects in earnings across many NIFTY50 companies. That’s how we think about it.

Will India remain stable despite geopolitical and tariff shocks?

Yes, I remain confident about India’s stability going forward. One of India’s biggest strengths today is that its growth engine is largely domestic. Even when global trade slows or geopolitical tensions rise, internal consumption and investment continue to support growth.

India’s macro fundamentals are also much stronger than in the past — forex reserves are healthy, inflation is under control, fiscal discipline is improving, and the banking system is in good shape. Tariff shocks or geopolitical events may create short-term volatility in specific sectors, but they are unlikely to derail India’s broader growth trajectory.

Do US tariff uncertainties hurt sentiment but not fundamentals?

I completely agree with that framing. Tariff uncertainty definitely hurts market sentiment. It creates fear, volatility and near-term selling pressure, especially in export-oriented sectors like IT, pharma or manufacturing.

But fundamentally, it doesn’t change India’s long-term story. India’s growth is not driven primarily by exports to the US. It is driven by domestic consumption, infrastructure, financial deepening and productivity gains. Even in sectors affected by tariffs, companies usually adapt by diversifying markets, moving up the value chain or passing on costs.

So yes, tariffs are a sentiment overhang and a short-term headache for markets, but they don’t materially alter the underlying fundamentals of the Indian economy or its long-term earnings trajectory.

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.

Sensex Today | Stock Market LIVE Updates: Stocks like LTIMindtree, Tata Capital, Havells India, Ceat, Oberoi Realty, Bansal Wire Industries, Sai Silks Kalamandir, Aditya Birla Fashion and Retail, Aditya Birla Lifestyle Brands, UPL, and Ola Electric Mobility will be in focus on January 20.

Stock Market LIVE Updates: GIFT Nifty hints a positive start; LTIMindtree, Ceat, UPL, AB Fashion in focus

Live Blog

Technical and momentum indicators suggest bearish sentiment may prevail in short term, Rising VIX toward 12 signals caution for bulls, Nifty Support placed at 25,450, Below 60,000, consolidation may be seen in Bank Nifty with support at 59,500

* Technical and momentum indicators suggest bearish sentiment may prevail in short term
* Rising VIX toward 12 signals caution for bulls
* Nifty Support placed at 25,450
* Below 60,000, consolidation may be seen in Bank Nifty with support at 59,500

shorts/business/trading-plan-will-nifty-50-sustain-below-25-600-bank-nifty-below-60-000-amid-rising-vix

* Technical and momentum indicators suggest bearish sentiment may prevail in short term
* Rising VIX toward 12 signals caution for bulls
* Nifty Support placed at 25,450
* Below 60,000, consolidation may be seen in Bank Nifty with support at 59,500

Technical and momentum indicators suggest that bearish sentiment may prevail in the Nifty 50, which dropped below the 100-day EMA (25,625) after a three-and-a-half-month period. The rising VIX toward 12 also signals caution for bulls. Support is placed at 25,450; below this level, a fall toward 25,300 cannot be ruled out. On the higher side, the index may attempt to claw back above 25,600; above this, 25,700–25,800 are the levels to watch. Meanwhile, Bank Nifty needs to rebound and sustain above 60,000 for a move toward 60,400; until then, consolidation may be seen with support at 59,500, experts said.

On January 19, the Nifty 50 dropped 109 points to 25,586, while the Bank Nifty slipped 204 points to 59,891. Market breadth was dominated by bears, with about 2,190 shares declining against 728 advancing shares on the NSE.

Nifty Outlook and Strategy

Jay Thakkar, Vice President &amp; Head of Derivatives and Quant Research at ICICI Securities

Overall, the trend has been negative, but downside momentum will increase once the previous swing low of 25,473 is broken. Options data indicates that the 25,500–25,800 range will be held; until it is broken on either side, markets are likely to remain non-directional. Hence, the weekly expiry may settle within this range.

India VIX has been rising and has achieved the short-term target that was anticipated, i.e., 12 levels. Beyond 12, it can zoom toward 13.50 levels as well. Ahead of the Union Budget, India VIX generally rallies by 25–30% from its December closing, and this continues at least until the T-1 day of the Union Budget. With two more weeks to go, this indicates that higher volatility is expected going ahead.

Global events are also increasing volatility, and in a high-volatility regime, there is generally a chance of market correction. There has been a huge short buildup in the index by FIIs; they are almost net short by 1.90 lakh contracts as of last Friday. However, the trend remains negative until there is a clear sign of short covering. A reversal from down to up will be confirmed only above the 26,100 level; until then, any bounce should be considered temporary.

Key Resistance: 25,750, 25,850

Key Support: 25,470, 25,300

Strategy: Sell Nifty futures below 25,470, with a stop-loss of 25,600, targeting 25,300 and 25,200.

Jigar S Patel, Senior Manager - Equity Research at Anand Rathi

From a technical perspective, the Nifty 50 found strong support in the 25,450–25,500 zone, which aligns with a prior demand area from November 2025 and the flat Ichimoku cloud, thereby strengthening this support base.

On the daily chart, Nifty has formed a hammer-like candlestick after the recent sell-off, a constructive sign indicating buying interest at lower levels. This is further supported by the weekly RSI holding above the 50 mark, suggesting that the broader trend remains positive.

Additionally, the Put–Call Ratio (PCR) has improved to 0.73 after dipping to 0.57 intraday, reflecting a more balanced market setup. Collectively, these signals indicate the potential for a resumption of bullish momentum in the near term.

Key Resistance: 25,700, 25,900

Key Support: 25,500, 25,400

Strategy: Buy Nifty futures in the zone of 25,600–25,500, with a stop-loss of 25,400, targeting 25,850.

Shitij Gandhi, AVP - Technical Equity Research at SMC Global Securities

Sentiment remained under pressure as global risk appetite deteriorated following fresh tariff threats by US President Donald Trump against several European nations. From a technical perspective, Nifty is attempting to defend the 25,500 level and is currently hovering around its 100-day exponential moving average on the daily chart, a crucial make-or-break zone.

On the derivatives front, aggressive Call writing at the 25,800–25,900 and 26,000 strikes signals a clear lack of buying interest at higher levels. A decisive breakdown below 25,500 could invite further selling pressure. For now, bears appear to be in control, and any short-term rebound is likely to face selling, making rallies a potential opportunity to lighten positions.

Key Resistance: 25,700, 25,900

Key Support: 25,500, 25,300

Strategy: Sell Nifty futures on a rise near 25,700, with a stop-loss above 25,950, targeting 25,300.

Bank Nifty - Outlook and Positioning

Jay Thakkar, Vice President &amp; Head of Derivatives and Quant Research at ICICI Securities

Bank Nifty has been a clear outperformer, and within it, private sector banks have underperformed public sector banks significantly. Although a few private sector banks have managed to bounce back or form new lifetime highs, PSU banks clearly stand out, with strong momentum that still looks positive.

As per options data, the 59,500 level has seen huge Put additions, and until it is broken, the short-term trend remains sideways to positive. On the upside, the 60,000 strike has the highest Call base, and only a break above this level will lead to further upward momentum. The immediate range is 59,500–60,000, which is quite narrow; however, a breakout will lead to a directional move.

Key Resistance: 60,000, 61,000

Key Support: 59,500, 59,000

Strategy: Buy Bank Nifty futures above 60,000 with a stop-loss below 59,500, targeting 61,000, or sell below 59,500 with a stop-loss above 60,000, targeting 59,000 and 58,500.

Jigar S Patel, Senior Manager - Equity Research at Anand Rathi

In the latest trading session, Bank Nifty staged a decent recovery from the day’s low, rebounding over 280 points but still ending with a loss of more than 200 points, settling just below the 59,900 mark. From a technical perspective, the index found strong support in the 59,600–59,700 zone, which aligns with the 9 EMA and 26 EMA, reinforcing this area as a key demand base.

On the daily chart, the DMI has posted a positive crossover, while the RSI has moved above the 50 mark, both indicating improving momentum and a potential shift in the short-term trend. Additionally, the Put–Call Ratio (PCR) has improved to 0.99 from an intraday low of 0.93, reflecting a more balanced and stable market positioning. Overall, these technical indicators suggest that Bank Nifty is well placed to continue its bullish momentum in the near term.

Key Resistance: 60,200, 60,400

Key Support: 59,600, 59,500

Strategy: Buy Bank Nifty futures in the zone of 59,900–59,800, with a stop-loss of 59,500, targeting 60,400.

Shitij Gandhi, AVP - Technical Equity Research at SMC Global Securities

Technically, Bank Nifty is encountering stiff resistance in the 60,200–60,300 zone and has struggled to secure a decisive breakout above this level. That said, prices continue to hold above both short- and long-term moving averages on the daily chart, indicating that the broader structure remains intact.

From a derivatives perspective, aggressive Call writing at the 60,000 strike highlights strong overhead supply, while maximum Put open interest at 59,500 offers near-term support. Technical patterns and secondary oscillators point toward continued consolidation within a defined range. Overall, the near-term bias remains cautious, with bears maintaining the upper hand unless a clear breakout emerges.

Key Resistance: 60,200, 60,300

Key Support: 59,700, 59,400

Strategy: Sell Bank Nifty futures on a rise near 60,000, with a stop-loss above 60,300, targeting 59,500.

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.

Trading Plan: Will Nifty 50 sustain below 25,600, Bank Nifty below 60,000 amid rising VIX?

Technical and momentum indicators suggest that bearish sentiment may prevail in the Nifty 50, which dropped below the 100-day EMA (25,625) after a three-and-a-half-month period. The rising VIX toward 12 also signals caution for bulls. Support is placed at 25,450; below this level, a fall toward 25,300 cannot be ruled out. On the higher side, the index may attempt to claw back above 25,600; above this, 25,700–25,800 are the levels to watch. Meanwhile, Bank Nifty needs to rebound and sustain above 60,000 for a move toward 60,400; until then, consolidation may be seen with support at 59,500, experts said.

On January 19, the Nifty 50 dropped 109 points to 25,586, while the Bank Nifty slipped 204 points to 59,891. Market breadth was dominated by bears, with about 2,190 shares declining against 728 advancing shares on the NSE.

Nifty Outlook and Strategy

Jay Thakkar, Vice President &amp;amp; Head of Derivatives and Quant Research at ICICI Securities

Overall, the trend has been negative, but downside momentum will increase once the previous swing low of 25,473 is broken. Options data indicates that the 25,500–25,800 range will be held; until it is broken on either side, markets are likely to remain non-directional. Hence, the weekly expiry may settle within this range.

India VIX has been rising and has achieved the short-term target that was anticipated, i.e., 12 levels. Beyond 12, it can zoom toward 13.50 levels as well. Ahead of the Union Budget, India VIX generally rallies by 25–30% from its December closing, and this continues at least until the T-1 day of the Union Budget. With two more weeks to go, this indicates that higher volatility is expected going ahead.

Global events are also increasing volatility, and in a high-volatility regime, there is generally a chance of market correction. There has been a huge short buildup in the index by FIIs; they are almost net short by 1.90 lakh contracts as of last Friday. However, the trend remains negative until there is a clear sign of short covering. A reversal from down to up will be confirmed only above the 26,100 level; until then, any bounce should be considered temporary.

Key Resistance: 25,750, 25,850

Key Support: 25,470, 25,300

Strategy: Sell Nifty futures below 25,470, with a stop-loss of 25,600, targeting 25,300 and 25,200.

Jigar S Patel, Senior Manager - Equity Research at Anand Rathi

From a technical perspective, the Nifty 50 found strong support in the 25,450–25,500 zone, which aligns with a prior demand area from November 2025 and the flat Ichimoku cloud, thereby strengthening this support base.

On the daily chart, Nifty has formed a hammer-like candlestick after the recent sell-off, a constructive sign indicating buying interest at lower levels. This is further supported by the weekly RSI holding above the 50 mark, suggesting that the broader trend remains positive.

Additionally, the Put–Call Ratio (PCR) has improved to 0.73 after dipping to 0.57 intraday, reflecting a more balanced market setup. Collectively, these signals indicate the potential for a resumption of bullish momentum in the near term.

Key Resistance: 25,700, 25,900

Key Support: 25,500, 25,400

Strategy: Buy Nifty futures in the zone of 25,600–25,500, with a stop-loss of 25,400, targeting 25,850.

Shitij Gandhi, AVP - Technical Equity Research at SMC Global Securities

Sentiment remained under pressure as global risk appetite deteriorated following fresh tariff threats by US President Donald Trump against several European nations. From a technical perspective, Nifty is attempting to defend the 25,500 level and is currently hovering around its 100-day exponential moving average on the daily chart, a crucial make-or-break zone.

On the derivatives front, aggressive Call writing at the 25,800–25,900 and 26,000 strikes signals a clear lack of buying interest at higher levels. A decisive breakdown below 25,500 could invite further selling pressure. For now, bears appear to be in control, and any short-term rebound is likely to face selling, making rallies a potential opportunity to lighten positions.

Key Resistance: 25,700, 25,900

Key Support: 25,500, 25,300

Strategy: Sell Nifty futures on a rise near 25,700, with a stop-loss above 25,950, targeting 25,300.

Bank Nifty - Outlook and Positioning

Jay Thakkar, Vice President &amp;amp; Head of Derivatives and Quant Research at ICICI Securities

Bank Nifty has been a clear outperformer, and within it, private sector banks have underperformed public sector banks significantly. Although a few private sector banks have managed to bounce back or form new lifetime highs, PSU banks clearly stand out, with strong momentum that still looks positive.

As per options data, the 59,500 level has seen huge Put additions, and until it is broken, the short-term trend remains sideways to positive. On the upside, the 60,000 strike has the highest Call base, and only a break above this level will lead to further upward momentum. The immediate range is 59,500–60,000, which is quite narrow; however, a breakout will lead to a directional move.

Key Resistance: 60,000, 61,000

Key Support: 59,500, 59,000

Strategy: Buy Bank Nifty futures above 60,000 with a stop-loss below 59,500, targeting 61,000, or sell below 59,500 with a stop-loss above 60,000, targeting 59,000 and 58,500.

Jigar S Patel, Senior Manager - Equity Research at Anand Rathi

In the latest trading session, Bank Nifty staged a decent recovery from the day’s low, rebounding over 280 points but still ending with a loss of more than 200 points, settling just below the 59,900 mark. From a technical perspective, the index found strong support in the 59,600–59,700 zone, which aligns with the 9 EMA and 26 EMA, reinforcing this area as a key demand base.

On the daily chart, the DMI has posted a positive crossover, while the RSI has moved above the 50 mark, both indicating improving momentum and a potential shift in the short-term trend. Additionally, the Put–Call Ratio (PCR) has improved to 0.99 from an intraday low of 0.93, reflecting a more balanced and stable market positioning. Overall, these technical indicators suggest that Bank Nifty is well placed to continue its bullish momentum in the near term.

Key Resistance: 60,200, 60,400

Key Support: 59,600, 59,500

Strategy: Buy Bank Nifty futures in the zone of 59,900–59,800, with a stop-loss of 59,500, targeting 60,400.

Shitij Gandhi, AVP - Technical Equity Research at SMC Global Securities

Technically, Bank Nifty is encountering stiff resistance in the 60,200–60,300 zone and has struggled to secure a decisive breakout above this level. That said, prices continue to hold above both short- and long-term moving averages on the daily chart, indicating that the broader structure remains intact.

From a derivatives perspective, aggressive Call writing at the 60,000 strike highlights strong overhead supply, while maximum Put open interest at 59,500 offers near-term support. Technical patterns and secondary oscillators point toward continued consolidation within a defined range. Overall, the near-term bias remains cautious, with bears maintaining the upper hand unless a clear breakout emerges.

Key Resistance: 60,200, 60,300

Key Support: 59,700, 59,400

Strategy: Sell Bank Nifty futures on a rise near 60,000, with a stop-loss above 60,300, targeting 59,500.

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.

Nifty slips below all key moving averages (except 200 DEMA), Momentum indicators weakening, Below 25,600, Nifty may fall toward 25,450, the crucial support, 25,700–25,800 zone can act as a resistance area for Nifty 50

* Nifty slips below all key moving averages (except 200 DEMA)
* Momentum indicators weakening
* Below 25,600, Nifty may fall toward 25,450, the crucial support
* 25,700–25,800 zone can act as a resistance area for Nifty 50

shorts/business/trade-setup-for-january-20-top-15-things-to-know-before-the-opening-bell-2

* Nifty slips below all key moving averages (except 200 DEMA)
* Momentum indicators weakening
* Below 25,600, Nifty may fall toward 25,450, the crucial support
* 25,700–25,800 zone can act as a resistance area for Nifty 50

The market started the week on a disappointing note, with the Nifty 50 losing 0.4 percent on January 19 and falling below the 100-day EMA for the first time since October 2025. Given the index has slipped below all key moving averages (except the 200 DEMA) and momentum indicators are weakening, a bearish to sideways trade may be seen in the next few sessions. If the index sustains below 25,600, a fall toward 25,450 (the immediate crucial support) cannot be ruled out. However, on the higher side, the 25,700–25,800 zone can act as a resistance area, experts said.

<img class="alignnone size-full wp-image-13779740 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260119172924_Image119012026.jpg" alt="Image119012026" 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> (25,586)

Resistance based on pivot points: 25,638, 25,676, and 25,737

Support based on pivot points: 25,517, 25,479, and 25,419

Special Formation: The Nifty 50 formed a bearish candle with a long lower shadow on the daily timeframe, indicating pressure at higher levels and buying interest at lower levels. The index is near the lower Bollinger Band and is now trading below the 20-, 50-, and 100-day EMAs. The RSI dropped to 37.34, and the Stochastic RSI turned bearish, while the MACD remained below the zero line and signal line, with weakness in the histogram. All this indicates continued bearish bias 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> (59,891)

Resistance based on pivot points: 60,060, 60,181, and 60,377

Support based on pivot points: 59,669, 59,548, and 59,352

Resistance based on Fibonacci retracement: 60,097, 60,430

Support based on Fibonacci retracement: 59,550, 59,391

Special Formation: The Bank Nifty also reported a Nifty-like candlestick pattern but traded within the previous day’s range, falling 0.34 percent. The index almost tested the 20-day EMA and moved closer to the midline of the Bollinger Bands but defended both levels on a closing basis. The RSI slightly turned bearish but still held above the 50 mark at 57.29. The Stochastic RSI sustained a positive crossover, while the MACD is on the verge of a bullish crossover, with weakness in the histogram almost fading. All this indicates relative resilience compared to the broader market.

<img class="alignnone size-full wp-image-13779742 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260119172947_Image219012026.jpg" alt="Image219012026" 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 weekly options data, the maximum Call open interest was seen at the 25,800 strike (with 1.61 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 26,000 strike (1.59 crore contracts) and 25,900 strike (1.33 crore contracts).

Maximum Call writing was observed at the 25,600 strike, which saw an addition of 98.07 lakh contracts, followed by the 25,650 and 25,550 strikes, which added 67.71 lakh and 58.03 lakh contracts, respectively. The maximum Call unwinding was seen at the 26,250 strike, which shed 10.41 lakh contracts, followed by the 26,150 and 26,100 strikes, which shed 6.18 lakh and 2.11 lakh contracts, respectively.

<img class="alignnone size-full wp-image-13779743 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260119173008_Image519012026.jpg" alt="Image519012026" width="1257" 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 25,500 strike holds the maximum Put open interest (with 1.39 crore contracts), which can act as a key support level for the Nifty in the short term. It was followed by the 25,400 strike (1.08 crore contracts) and the 25,000 strike (88.17 lakh contracts).

The maximum Put writing was placed at the 25,500 strike, which saw an addition of 65.39 lakh contracts, followed by the 25,400 and 25,550 strikes, which added 48.96 lakh and 44.42 lakh contracts, respectively. The maximum Put unwinding was seen at the 25,700 strike, which shed 35.71 lakh contracts, followed by the 25,800 and 25,750 strikes, which shed 27.8 lakh and 18.44 lakh contracts, respectively.

<img class="alignnone size-full wp-image-13779744" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260119173032_Image619012026.jpg" alt="Image619012026" width="1253" height="344" />

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 14.63 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 (10.36 lakh contracts) and the 61,000 strike (8.25 lakh contracts).

Maximum Call writing was observed at the 59,900 strike (with the addition of 1.36 lakh contracts), followed by the 60,500 strike (80,910 contracts) and 59,800 strike (80,460 contracts). The maximum Call unwinding was seen at the 59,500 strike, which shed 4.48 lakh contracts, followed by the 60,300 and 60,200 strikes which shed 1.15 lakh and 76,770 contracts, respectively.

<img class="alignnone size-full wp-image-13779745 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260119173059_Image719012026.jpg" alt="Image719012026" width="1262" height="339" />

6)<a href="https://www.moneycontrol.com/markets/fno-market-snapshot" target="_blank"> Bank Nifty Put Options Data</a>

On the Put side, the 59,500 strike holds the maximum Put open interest (with 15.4 lakh contracts), which can act as a key support level for the index. This was followed by the 60,000 strike (10.91 lakh contracts) and the 59,000 strike (9.55 lakh contracts).

The maximum Put writing was placed at the 59,300 strike (which added 1.32 lakh contracts), followed by the 60,900 strike (53,730 contracts) and the 59,900 strike (41,370 contracts). The maximum Put unwinding was seen at the 59,500 strike, which shed 4.89 lakh contracts, followed by the 60,000 and 59,000 strikes, which shed 2.3 lakh and 1.34 lakh contracts, respectively.

<img class="alignnone size-full wp-image-13779747" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260119173122_Image819012026.jpg" alt="Image819012026" width="1246" 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-13779869 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260119193912_Image1619012026.jpg" alt="Image1619012026" width="700" height="414" />

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, rose to 0.77 on January 19, compared to 0.76 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-13779749 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260119173204_Image319012026.jpg" alt="Image319012026" width="1241" height="500" />

9) <a href="https://www.moneycontrol.com/indian-indices/india-vix-36.html" target="_blank">India VIX</a>

India VIX, which measures expected market volatility, spiked above the 12 zone intraday before closing 4 percent higher at 11.83. With this move, the volatility index climbed above the 20-, 50-, and 100-day EMAs and tested the 200-day EMA intraday, signalling further caution for bulls.

<img class="alignnone size-full wp-image-13779750 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260119173224_Image419012026.jpg" alt="Image419012026" width="1281" height="646" />

10) <a href="https://www.moneycontrol.com/markets/fno-market-snapshot" target="_blank">Long Build-up (26 Stocks)</a>

A long build-up was seen in 26 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.

<img class="alignnone size-full wp-image-13779874 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260119194203_Image2119012026.jpg" alt="Image2119012026" width="700" height="700" />

11) <a href="https://www.moneycontrol.com/markets/fno-market-snapshot" target="_blank">Long Unwinding (54 Stocks)</a>

54 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding.
<img class="alignnone size-full wp-image-13779873" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260119194131_Image2019012026.jpg" alt="Image2019012026" width="700" height="700" />
12) <a href="https://www.moneycontrol.com/markets/fno-market-snapshot" target="_blank">Short Build-up (98 Stocks)</a>

98 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-13779872 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260119194057_Image1919012026.jpg" alt="Image1919012026" width="700" height="612" />

13) <a href="https://www.moneycontrol.com/markets/fno-market-snapshot" target="_blank">Short-Covering (34 Stocks)</a>

34 stocks saw short-covering, meaning a decrease in OI, along with a price increase.

<img class="alignnone size-full wp-image-13779871 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260119194022_Image1819012026.jpg" alt="Image1819012026" 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-13779870 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260119193948_Image1719012026.jpg" alt="Image1719012026" 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: SAIL, Sammaan Capital

Stocks removed from F&amp;O ban: Nil

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 20: Top 15 things to know before the opening bell

The market started the week on a disappointing note, with the Nifty 50 losing 0.4 percent on January 19 and falling below the 100-day EMA for the first time since October 2025. Given the index has slipped below all key moving averages (except the 200 DEMA) and momentum indicators are weakening, a bearish to sideways trade may be seen in the next few sessions. If the index sustains below 25,600, a fall toward 25,450 (the immediate crucial support) cannot be ruled out. However, on the higher side, the 25,700–25,800 zone can act as a resistance area, experts said.



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

1) Key Levels For The Nifty 50 (25,586)

Resistance based on pivot points: 25,638, 25,676, and 25,737

Support based on pivot points: 25,517, 25,479, and 25,419

Special Formation: The Nifty 50 formed a bearish candle with a long lower shadow on the daily timeframe, indicating pressure at higher levels and buying interest at lower levels. The index is near the lower Bollinger Band and is now trading below the 20-, 50-, and 100-day EMAs. The RSI dropped to 37.34, and the Stochastic RSI turned bearish, while the MACD remained below the zero line and signal line, with weakness in the histogram. All this indicates continued bearish bias in the near term.

2) Key Levels For The Bank Nifty (59,891)

Resistance based on pivot points: 60,060, 60,181, and 60,377

Support based on pivot points: 59,669, 59,548, and 59,352

Resistance based on Fibonacci retracement: 60,097, 60,430

Support based on Fibonacci retracement: 59,550, 59,391

Special Formation: The Bank Nifty also reported a Nifty-like candlestick pattern but traded within the previous day’s range, falling 0.34 percent. The index almost tested the 20-day EMA and moved closer to the midline of the Bollinger Bands but defended both levels on a closing basis. The RSI slightly turned bearish but still held above the 50 mark at 57.29. The Stochastic RSI sustained a positive crossover, while the MACD is on the verge of a bullish crossover, with weakness in the histogram almost fading. All this indicates relative resilience compared to the broader market.



3) Nifty Call Options Data

According to the weekly options data, the maximum Call open interest was seen at the 25,800 strike (with 1.61 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 26,000 strike (1.59 crore contracts) and 25,900 strike (1.33 crore contracts).

Maximum Call writing was observed at the 25,600 strike, which saw an addition of 98.07 lakh contracts, followed by the 25,650 and 25,550 strikes, which added 67.71 lakh and 58.03 lakh contracts, respectively. The maximum Call unwinding was seen at the 26,250 strike, which shed 10.41 lakh contracts, followed by the 26,150 and 26,100 strikes, which shed 6.18 lakh and 2.11 lakh contracts, respectively.



4) Nifty Put Options Data

On the Put side, the 25,500 strike holds the maximum Put open interest (with 1.39 crore contracts), which can act as a key support level for the Nifty in the short term. It was followed by the 25,400 strike (1.08 crore contracts) and the 25,000 strike (88.17 lakh contracts).

The maximum Put writing was placed at the 25,500 strike, which saw an addition of 65.39 lakh contracts, followed by the 25,400 and 25,550 strikes, which added 48.96 lakh and 44.42 lakh contracts, respectively. The maximum Put unwinding was seen at the 25,700 strike, which shed 35.71 lakh contracts, followed by the 25,800 and 25,750 strikes, which shed 27.8 lakh and 18.44 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 14.63 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 (10.36 lakh contracts) and the 61,000 strike (8.25 lakh contracts).

Maximum Call writing was observed at the 59,900 strike (with the addition of 1.36 lakh contracts), followed by the 60,500 strike (80,910 contracts) and 59,800 strike (80,460 contracts). The maximum Call unwinding was seen at the 59,500 strike, which shed 4.48 lakh contracts, followed by the 60,300 and 60,200 strikes which shed 1.15 lakh and 76,770 contracts, respectively.



6) Bank Nifty Put Options Data

On the Put side, the 59,500 strike holds the maximum Put open interest (with 15.4 lakh contracts), which can act as a key support level for the index. This was followed by the 60,000 strike (10.91 lakh contracts) and the 59,000 strike (9.55 lakh contracts).

The maximum Put writing was placed at the 59,300 strike (which added 1.32 lakh contracts), followed by the 60,900 strike (53,730 contracts) and the 59,900 strike (41,370 contracts). The maximum Put unwinding was seen at the 59,500 strike, which shed 4.89 lakh contracts, followed by the 60,000 and 59,000 strikes, which shed 2.3 lakh and 1.34 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, rose to 0.77 on January 19, compared to 0.76 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

India VIX, which measures expected market volatility, spiked above the 12 zone intraday before closing 4 percent higher at 11.83. With this move, the volatility index climbed above the 20-, 50-, and 100-day EMAs and tested the 200-day EMA intraday, signalling further caution for bulls.



10) Long Build-up (26 Stocks)

A long build-up was seen in 26 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.



11) Long Unwinding (54 Stocks)

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

12) Short Build-up (98 Stocks)

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



13) Short-Covering (34 Stocks)

34 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: SAIL, Sammaan Capital

Stocks removed from F&amp;amp;O ban: Nil

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.

9 out of 14 years NIFTY CONSUMPTION has given negative returns in January.

Type	R1	R2	R3	PP	S1	S2	S3
Classic	11,965.42	12,006.03	12,052.47	11,918.98	11,878.37	11,831.93	11,791.32
Fibonacci	11,952.24	11,972.78	12,006.03	11,918.98	11,885.73	11,865.19	11,831.93
Camarilla	11,932.78	11,940.76	11,948.74	11,918.98	11,916.82	11,908.84	11,900.86

INDEX CONTRIBUTION - NIFTY Consumption

Net Contribution

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