NIFTY Metal

Broader indices lagged the benchmarks during the week, with mid- and small-cap indices extending losses for a second straight week, declining up to 0.4 percent.

For the week, BSE Sensex index fell 5.89 points at 83570.35, while Nifty50 index rose 11.05 points or 0.04 percent at 25694.35.

Sectorally, Nifty Consumer Durables, Realty, Pharma, Healthcare shed 2 percent each, Nifty Auto index slipped 1.75 percent and Nifty Media index down 1 percent during the week. On the other hand, Nifty PSU Bank, Metal added 4.5% each and Nifty IT index rose 2.8%.

Foreign Institutional Investors (FIIs) extended their selling in this week also as they offloaded equities worth Rs 14,265.58 crore. In contrast, Domestic Institutional Investors (DIIs) provided support to the market, purchasing equities worth RS 16,173.69 crore.

"The Indian equity markets experienced a range-bound trading week, with the benchmark index oscillating within the confines of its 50 and 100-day EMAs. Despite heightened intraday volatility and sharp swings in both directions, the Nifty50 concluded the truncated week on a subdued note, settling a tad below the 25700 mark and registering a marginal weekly gain of 0.04%," said Osho Krishan, Chief Manager -Technical and Derivative research at Angel One.

"The shortened trading week was eventful, influenced by a mix of global and domestic developments. Persistent concerns around trade tariffs and escalating geopolitical tensions continued to weigh on investor sentiment, fostering a cautious market environment. At the same time, ongoing quarterly earnings announcements and key macroeconomic data provided selective opportunities across sectors. Despite these headwinds, the market exhibited notable resilience. The Nifty50 index managed to contain downside risks, holding near the key EMA on the daily charts, underscoring the underlying strength and consolidation phase in the broader market structure."

"Going forward, it remains crucial to closely monitor global developments, particularly those related to trade tariffs and geopolitical tensions, as these factors are likely to act as significant catalysts in shaping near-term market trends. Additionally, several heavyweight constituents of the Nifty are scheduled to announce their earnings over the weekend, the impact of which is expected to be reflected in market action in the forthcoming sessions. In this backdrop, a prudent and disciplined approach is recommended, with market participants aligning their strategies around the aforementioned technical levels," he added.

The BSE Small-cap index declined nearly 0.5 percent during the week. Stocks such as Genesys International Corporation, Nectar Lifesciences, GTPL Hathway, Universal Cables, Tejas Networks, InfoBeans Technologies, Lotus Chocolate Company, United Foodbrands, Amal, Igarashi Motors, Cohance Lifesciences, Globus Spirits and Jindal Poly Films fell between 10–18 percent.

Meanwhile, Wardwizard Innovations and Mobility, JTL Industries, Antelopus Selan Energy, IFCI, Baazar Style Retail, Angel One, Dredging Corporation India, 3B BlackBio Dx, Neogen Chemicals and Antony Waste Handling Cell gained between 15–62 percent.

<img class="alignnone size-full wp-image-13776731" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260117024726_14332.png" alt="14332" width="760" height="584" />

Where is Nifty50 headed?

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

Nifty on the weekly chart formed a small bull candle with upper and lower shadow. Technically, this market action signal formation of high wave type candle pattern after a sharp weakness of previous week. This reflects ongoing volatility in the market.

The underlying trend of Nifty remains choppy. A sustainable move above 25900 could open further upside for the next week. However, a slide below the support of 25500 could trigger more downside in the market ahead.

Ajit Mishra – SVP, Research, Religare Broking

The ongoing tussle around the medium-term moving average, the 100 DEMA near the 25,600 zone, is keeping participants cautious. The market is likely to take cues from the earnings announcements of key heavyweights such as Reliance Industries, HDFC Bank and ICICI Bank in early trade on Monday, which could determine the next directional move.

Until then, participants are advised to maintain a selective, stock-specific approach, focusing on sectors showing relative strength such as IT, financials and metals, while adhering to disciplined risk management in the prevailing volatile environment.

Amol Athawale, VP Technical Research, Kotak Securities

We are of the view that the current market formation is volatile and non-directional, and the short-term activity indicating a non-directional trend is likely to continue in the near future. On the downside, 25,500/83000 and 25,400/82700 would act as key support zones, while the daily SMA (Simple Moving Average) at 25,950/84600 and the 20-day SMA at 26,000/84800 would be crucial resistance levels for the bulls.

For Bank Nifty, as long as it is trading above the 20-day SMA at 59,500, the uptrend is likely to continue. On the higher side, it could move up to 60,500. Further upside potential may lift the index up to 60,800. Conversely, if it falls below the 20-day SMA at 59,500, the uptrend would become vulnerable.

Disclaimer: The views and investment tips expressed by 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.

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Broader indices underperform but these 27 small-cap stocks gain up to 62%

Broader indices lagged the benchmarks during the week, with mid- and small-cap indices extending losses for a second straight week, declining up to 0.4 percent.

For the week, BSE Sensex index fell 5.89 points at 83570.35, while Nifty50 index rose 11.05 points or 0.04 percent at 25694.35.

Sectorally, Nifty Consumer Durables, Realty, Pharma, Healthcare shed 2 percent each, Nifty Auto index slipped 1.75 percent and Nifty Media index down 1 percent during the week. On the other hand, Nifty PSU Bank, Metal added 4.5% each and Nifty IT index rose 2.8%.

Foreign Institutional Investors (FIIs) extended their selling in this week also as they offloaded equities worth Rs 14,265.58 crore. In contrast, Domestic Institutional Investors (DIIs) provided support to the market, purchasing equities worth RS 16,173.69 crore.

&quot;The Indian equity markets experienced a range-bound trading week, with the benchmark index oscillating within the confines of its 50 and 100-day EMAs. Despite heightened intraday volatility and sharp swings in both directions, the Nifty50 concluded the truncated week on a subdued note, settling a tad below the 25700 mark and registering a marginal weekly gain of 0.04%,&quot; said Osho Krishan, Chief Manager -Technical and Derivative research at Angel One.

&quot;The shortened trading week was eventful, influenced by a mix of global and domestic developments. Persistent concerns around trade tariffs and escalating geopolitical tensions continued to weigh on investor sentiment, fostering a cautious market environment. At the same time, ongoing quarterly earnings announcements and key macroeconomic data provided selective opportunities across sectors. Despite these headwinds, the market exhibited notable resilience. The Nifty50 index managed to contain downside risks, holding near the key EMA on the daily charts, underscoring the underlying strength and consolidation phase in the broader market structure.&quot;

&quot;Going forward, it remains crucial to closely monitor global developments, particularly those related to trade tariffs and geopolitical tensions, as these factors are likely to act as significant catalysts in shaping near-term market trends. Additionally, several heavyweight constituents of the Nifty are scheduled to announce their earnings over the weekend, the impact of which is expected to be reflected in market action in the forthcoming sessions. In this backdrop, a prudent and disciplined approach is recommended, with market participants aligning their strategies around the aforementioned technical levels,&quot; he added.

The BSE Small-cap index declined nearly 0.5 percent during the week. Stocks such as Genesys International Corporation, Nectar Lifesciences, GTPL Hathway, Universal Cables, Tejas Networks, InfoBeans Technologies, Lotus Chocolate Company, United Foodbrands, Amal, Igarashi Motors, Cohance Lifesciences, Globus Spirits and Jindal Poly Films fell between 10–18 percent.

Meanwhile, Wardwizard Innovations and Mobility, JTL Industries, Antelopus Selan Energy, IFCI, Baazar Style Retail, Angel One, Dredging Corporation India, 3B BlackBio Dx, Neogen Chemicals and Antony Waste Handling Cell gained between 15–62 percent.



Where is Nifty50 headed?

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

Nifty on the weekly chart formed a small bull candle with upper and lower shadow. Technically, this market action signal formation of high wave type candle pattern after a sharp weakness of previous week. This reflects ongoing volatility in the market.

The underlying trend of Nifty remains choppy. A sustainable move above 25900 could open further upside for the next week. However, a slide below the support of 25500 could trigger more downside in the market ahead.

Ajit Mishra – SVP, Research, Religare Broking

The ongoing tussle around the medium-term moving average, the 100 DEMA near the 25,600 zone, is keeping participants cautious. The market is likely to take cues from the earnings announcements of key heavyweights such as Reliance Industries, HDFC Bank and ICICI Bank in early trade on Monday, which could determine the next directional move.

Until then, participants are advised to maintain a selective, stock-specific approach, focusing on sectors showing relative strength such as IT, financials and metals, while adhering to disciplined risk management in the prevailing volatile environment.

Amol Athawale, VP Technical Research, Kotak Securities

We are of the view that the current market formation is volatile and non-directional, and the short-term activity indicating a non-directional trend is likely to continue in the near future. On the downside, 25,500/83000 and 25,400/82700 would act as key support zones, while the daily SMA (Simple Moving Average) at 25,950/84600 and the 20-day SMA at 26,000/84800 would be crucial resistance levels for the bulls.

For Bank Nifty, as long as it is trading above the 20-day SMA at 59,500, the uptrend is likely to continue. On the higher side, it could move up to 60,500. Further upside potential may lift the index up to 60,800. Conversely, if it falls below the 20-day SMA at 59,500, the uptrend would become vulnerable.

Disclaimer: The views and investment tips expressed by 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.

<img class="wp-image-13776598 size-full" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260116155620_market_flat.jpg" alt="Benchmark indices Sensex and Nifty ended the truncated week largely flat amid elevated volatility, weighed down by global trade uncertainties, geopolitical tensions, mixed global cues, and sustained FII outflows." width="1280" height="720" /> Benchmark indices Sensex and Nifty ended the truncated week largely flat amid elevated volatility, weighed down by global trade uncertainties, geopolitical tensions, mixed global cues, and sustained FII outflows.

<img class="size-full wp-image-13776601" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260116155736_stock-market.jpg" alt="BSE Sensex index fell 5.89 points at 83570.35, while Nifty50 index rose 11.05 points or 0.04 percent at 25694.35." width="1280" height="720" /> BSE Sensex index fell 5.89 points at 83570.35, while Nifty50 index rose 11.05 points or 0.04 percent at 25694.35.

<img class="size-full wp-image-13776720" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260117023021_sensex_nifty_sensex_market.jpg" alt="The BSE Mid-cap index ended marginally lower during the week, dragged down by LT Technology Services, Dixon Technologies, GE Vernova TD India, Hitachi Energy India, Bharti Hexacom and Kalyan Jewellers India. Meanwhile, Bank of India, Punjab &amp; Sind Bank, Oil India, Bank of Maharashtra, Federal Bank, Motilal Oswal Financial Services, Dalmia Bharat and Jindal Stainless emerged as gainers." width="1290" height="720" /> The BSE Mid-cap index ended marginally lower during the week, dragged down by LT Technology Services, Dixon Technologies, GE Vernova TD India, Hitachi Energy India, Bharti Hexacom and Kalyan Jewellers India. Meanwhile, Bank of India, Punjab &amp; Sind Bank, Oil India, Bank of Maharashtra, Federal Bank, Motilal Oswal Financial Services, Dalmia Bharat and Jindal Stainless emerged as gainers.

<img class="size-full wp-image-13776721" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260117023100_Sensex_nifty_market_down_Sensex.jpg" alt="The BSE Small-cap index declined nearly 0.5 percent during the week. Stocks such as Genesys International Corporation, Nectar Lifesciences, GTPL Hathway, Universal Cables, Tejas Networks, InfoBeans Technologies, Lotus Chocolate Company, United Foodbrands, Amal, Igarashi Motors, Cohance Lifesciences, Globus Spirits and Jindal Poly Films fell between 10–18 percent. Meanwhile, Wardwizard Innovations and Mobility, JTL Industries, Antelopus Selan Energy, IFCI, Baazar Style Retail, Angel One, Dredging Corporation India, 3B BlackBio Dx, Neogen Chemicals and Antony Waste Handling Cell gained between 15–62 percent." width="1280" height="720" /> The BSE Small-cap index declined nearly 0.5 percent during the week. Stocks such as Genesys International Corporation, Nectar Lifesciences, GTPL Hathway, Universal Cables, Tejas Networks, InfoBeans Technologies, Lotus Chocolate Company, United Foodbrands, Amal, Igarashi Motors, Cohance Lifesciences, Globus Spirits and Jindal Poly Films fell between 10–18 percent. Meanwhile, Wardwizard Innovations and Mobility, JTL Industries, Antelopus Selan Energy, IFCI, Baazar Style Retail, Angel One, Dredging Corporation India, 3B BlackBio Dx, Neogen Chemicals and Antony Waste Handling Cell gained between 15–62 percent.

<img class="size-full wp-image-13776723" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260117023136_Nifty_sensex_marketup.jpg" alt="The BSE Large-cap index ended with marginal gains during the week, led by Vedanta, Billionbrains Garage Ventures, Union Bank of India, IndusInd Bank, Punjab National Bank, Tech Mahindra, Oil and Natural Gas Corporation, Tata Steel and Hindustan Zinc. On the other hand, Polycab India, Divi’s Laboratories, CG Power and Industrial Solutions, Adani Energy Solutions, Cipla, ABB India, Larsen &amp; Toubro and Siemens were among the top losers." width="1280" height="720" /> The BSE Large-cap index ended with marginal gains during the week, led by Vedanta, Billionbrains Garage Ventures, Union Bank of India, IndusInd Bank, Punjab National Bank, Tech Mahindra, Oil and Natural Gas Corporation, Tata Steel and Hindustan Zinc. On the other hand, Polycab India, Divi’s Laboratories, CG Power and Industrial Solutions, Adani Energy Solutions, Cipla, ABB India, Larsen &amp; Toubro and Siemens were among the top losers.

<img class="size-full wp-image-13776726" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260117024147_market_down_Sensex-Nifty2.jpg" alt="During the week, State Bank of India added the most in market capitalisation, followed by Infosys, UltraTech Cement and Tata Steel. In contrast, Larsen &amp; Toubro, Reliance Industries and Maruti Suzuki India saw the largest erosion in market value. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the soles beneficiary.)" width="1280" height="720" /> During the week, State Bank of India added the most in market capitalisation, followed by Infosys, UltraTech Cement, and Tata Steel. In contrast, Larsen &amp; Toubro, Reliance Industries, and Maruti Suzuki India saw the largest erosion in market value. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)

<img class="size-full wp-image-13776727" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260117024209_stock1.jpg" alt="Foreign Institutional Investors (FIIs) extended their selling in this week also as they offloaded equities worth Rs 14,265.58 crore. In contrast, Domestic Institutional Investors (DIIs) provided support to the market, purchasing equities worth RS 16,173.69 crore." width="1280" height="720" /> Foreign Institutional Investors (FIIs) extended their selling this week, also as they offloaded equities worth Rs 14,265.58 crore. In contrast, Domestic Institutional Investors (DIIs) provided support to the market, purchasing equities worth RS 16,173.69 crore.

<img class="size-full wp-image-13776728" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260117024235_sensex_nifty_stocknew.jpg" alt="Sectorally, Nifty Consumer Durables, Realty, Pharma, Healthcare shed 2 percent each, Nifty Auto index slipped 1.75 percent and Nifty Media index down 1 percent during the week. On the other hand, Nifty PSU Bank, Metal added 4.5% each and Nifty IT index rose 2.8%." width="1280" height="720" /> Sectorally, Nifty Consumer Durables, Realty, Pharma, and Healthcare shed 2 percent each, Nifty Auto index slipped 1.75 percent, and Nifty Media index was down 1 percent during the week. On the other hand, Nifty PSU Bank and Metal added 4.5% each, and the  Nifty IT index rose 2.8%.

<img class="size-full wp-image-13776729" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260117024256_rupee_dollar.jpg" alt="The Indian rupee continued to weaken against the U.S. dollar during the week, slipping to 90.86 per dollar on January 16 from 90.16 a week earlier, with the currency moving in a band of 89.98–90.87." width="1280" height="720" /> The Indian rupee continued to weaken against the U.S. dollar during the week, slipping to 90.86 per dollar on January 16 from 90.16 a week earlier, with the currency moving in a band of 89.98–90.87.

Sectorally, Nifty Consumer Durables, Realty, Pharma, Healthcare shed 2 percent each, Nifty Auto index slipped 1.75 percent and Nifty Media index down 1 percent during the week.

Benchmark indices Sensex and Nifty ended the truncated week largely flat amid elevated volatility, weighed down by global trade uncertainties, geopolitical tensions, mixed global cues, and sustained FII outflows.

BSE Sensex index fell 5.89 points at 83570.35, while Nifty50 index rose 11.05 points or 0.04 percent at 25694.35.

The BSE Mid-cap index ended marginally lower during the week, dragged down by LT Technology Services, Dixon Technologies, GE Vernova TD India, Hitachi Energy India, Bharti Hexacom and Kalyan Jewellers India. Meanwhile, Bank of India, Punjab &amp; Sind Bank, Oil India, Bank of Maharashtra, Federal Bank, Motilal Oswal Financial Services, Dalmia Bharat and Jindal Stainless emerged as gainers.

The BSE Small-cap index declined nearly 0.5 percent during the week. Stocks such as Genesys International Corporation, Nectar Lifesciences, GTPL Hathway, Universal Cables, Tejas Networks, InfoBeans Technologies, Lotus Chocolate Company, United Foodbrands, Amal, Igarashi Motors, Cohance Lifesciences, Globus Spirits and Jindal Poly Films fell between 10–18 percent. Meanwhile, Wardwizard Innovations and Mobility, JTL Industries, Antelopus Selan Energy, IFCI, Baazar Style Retail, Angel One, Dredging Corporation India, 3B BlackBio Dx, Neogen Chemicals and Antony Waste Handling Cell gained between 15–62 percent.

The BSE Large-cap index ended with marginal gains during the week, led by Vedanta, Billionbrains Garage Ventures, Union Bank of India, IndusInd Bank, Punjab National Bank, Tech Mahindra, Oil and Natural Gas Corporation, Tata Steel and Hindustan Zinc. On the other hand, Polycab India, Divi’s Laboratories, CG Power and Industrial Solutions, Adani Energy Solutions, Cipla, ABB India, Larsen &amp; Toubro and Siemens were among the top losers.

During the week, State Bank of India added the most in market capitalisation, followed by Infosys, UltraTech Cement and Tata Steel. In contrast, Larsen &amp; Toubro, Reliance Industries and Maruti Suzuki India saw the largest erosion in market value. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the soles beneficiary.)

Foreign Institutional Investors (FIIs) extended their selling in this week also as they offloaded equities worth Rs 14,265.58 crore. In contrast, Domestic Institutional Investors (DIIs) provided support to the market, purchasing equities worth RS 16,173.69 crore.

Sectorally, Nifty Consumer Durables, Realty, Pharma, Healthcare shed 2 percent each, Nifty Auto index slipped 1.75 percent and Nifty Media index down 1 percent during the week. On the other hand, Nifty PSU Bank, Metal added 4.5% each and Nifty IT index rose 2.8%.

The Indian rupee continued to weaken against the U.S. dollar during the week, slipping to 90.86 per dollar on January 16 from 90.16 a week earlier, with the currency moving in a band of 89.98–90.87.

Benchmarks flat in volatile week; rupee weakens against dollar

<img class="wp-image-13776598 size-full" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260116155620_market_flat.jpg" alt="Benchmark indices Sensex and Nifty ended the truncated week largely flat amid elevated volatility, weighed down by global trade uncertainties, geopolitical tensions, mixed global cues, and sustained FII outflows." width="1280" height="720" /> Benchmark indices Sensex and Nifty ended the truncated week largely flat amid elevated volatility, weighed down by global trade uncertainties, geopolitical tensions, mixed global cues, and sustained FII outflows.

<img class="size-full wp-image-13776601" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260116155736_stock-market.jpg" alt="BSE Sensex index fell 5.89 points at 83570.35, while Nifty50 index rose 11.05 points or 0.04 percent at 25694.35." width="1280" height="720" /> BSE Sensex index fell 5.89 points at 83570.35, while Nifty50 index rose 11.05 points or 0.04 percent at 25694.35.

<img class="size-full wp-image-13776720" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260117023021_sensex_nifty_sensex_market.jpg" alt="The BSE Mid-cap index ended marginally lower during the week, dragged down by LT Technology Services, Dixon Technologies, GE Vernova TD India, Hitachi Energy India, Bharti Hexacom and Kalyan Jewellers India. Meanwhile, Bank of India, Punjab &amp; Sind Bank, Oil India, Bank of Maharashtra, Federal Bank, Motilal Oswal Financial Services, Dalmia Bharat and Jindal Stainless emerged as gainers." width="1290" height="720" /> The BSE Mid-cap index ended marginally lower during the week, dragged down by LT Technology Services, Dixon Technologies, GE Vernova TD India, Hitachi Energy India, Bharti Hexacom and Kalyan Jewellers India. Meanwhile, Bank of India, Punjab &amp; Sind Bank, Oil India, Bank of Maharashtra, Federal Bank, Motilal Oswal Financial Services, Dalmia Bharat and Jindal Stainless emerged as gainers.

<img class="size-full wp-image-13776721" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260117023100_Sensex_nifty_market_down_Sensex.jpg" alt="The BSE Small-cap index declined nearly 0.5 percent during the week. Stocks such as Genesys International Corporation, Nectar Lifesciences, GTPL Hathway, Universal Cables, Tejas Networks, InfoBeans Technologies, Lotus Chocolate Company, United Foodbrands, Amal, Igarashi Motors, Cohance Lifesciences, Globus Spirits and Jindal Poly Films fell between 10–18 percent. Meanwhile, Wardwizard Innovations and Mobility, JTL Industries, Antelopus Selan Energy, IFCI, Baazar Style Retail, Angel One, Dredging Corporation India, 3B BlackBio Dx, Neogen Chemicals and Antony Waste Handling Cell gained between 15–62 percent." width="1280" height="720" /> The BSE Small-cap index declined nearly 0.5 percent during the week. Stocks such as Genesys International Corporation, Nectar Lifesciences, GTPL Hathway, Universal Cables, Tejas Networks, InfoBeans Technologies, Lotus Chocolate Company, United Foodbrands, Amal, Igarashi Motors, Cohance Lifesciences, Globus Spirits and Jindal Poly Films fell between 10–18 percent. Meanwhile, Wardwizard Innovations and Mobility, JTL Industries, Antelopus Selan Energy, IFCI, Baazar Style Retail, Angel One, Dredging Corporation India, 3B BlackBio Dx, Neogen Chemicals and Antony Waste Handling Cell gained between 15–62 percent.

<img class="size-full wp-image-13776723" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260117023136_Nifty_sensex_marketup.jpg" alt="The BSE Large-cap index ended with marginal gains during the week, led by Vedanta, Billionbrains Garage Ventures, Union Bank of India, IndusInd Bank, Punjab National Bank, Tech Mahindra, Oil and Natural Gas Corporation, Tata Steel and Hindustan Zinc. On the other hand, Polycab India, Divi’s Laboratories, CG Power and Industrial Solutions, Adani Energy Solutions, Cipla, ABB India, Larsen &amp; Toubro and Siemens were among the top losers." width="1280" height="720" /> The BSE Large-cap index ended with marginal gains during the week, led by Vedanta, Billionbrains Garage Ventures, Union Bank of India, IndusInd Bank, Punjab National Bank, Tech Mahindra, Oil and Natural Gas Corporation, Tata Steel and Hindustan Zinc. On the other hand, Polycab India, Divi’s Laboratories, CG Power and Industrial Solutions, Adani Energy Solutions, Cipla, ABB India, Larsen &amp; Toubro and Siemens were among the top losers.

<img class="size-full wp-image-13776726" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260117024147_market_down_Sensex-Nifty2.jpg" alt="During the week, State Bank of India added the most in market capitalisation, followed by Infosys, UltraTech Cement and Tata Steel. In contrast, Larsen &amp; Toubro, Reliance Industries and Maruti Suzuki India saw the largest erosion in market value. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the soles beneficiary.)" width="1280" height="720" /> During the week, State Bank of India added the most in market capitalisation, followed by Infosys, UltraTech Cement, and Tata Steel. In contrast, Larsen &amp; Toubro, Reliance Industries, and Maruti Suzuki India saw the largest erosion in market value. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)

<img class="size-full wp-image-13776727" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260117024209_stock1.jpg" alt="Foreign Institutional Investors (FIIs) extended their selling in this week also as they offloaded equities worth Rs 14,265.58 crore. In contrast, Domestic Institutional Investors (DIIs) provided support to the market, purchasing equities worth RS 16,173.69 crore." width="1280" height="720" /> Foreign Institutional Investors (FIIs) extended their selling this week, also as they offloaded equities worth Rs 14,265.58 crore. In contrast, Domestic Institutional Investors (DIIs) provided support to the market, purchasing equities worth RS 16,173.69 crore.

<img class="size-full wp-image-13776728" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260117024235_sensex_nifty_stocknew.jpg" alt="Sectorally, Nifty Consumer Durables, Realty, Pharma, Healthcare shed 2 percent each, Nifty Auto index slipped 1.75 percent and Nifty Media index down 1 percent during the week. On the other hand, Nifty PSU Bank, Metal added 4.5% each and Nifty IT index rose 2.8%." width="1280" height="720" /> Sectorally, Nifty Consumer Durables, Realty, Pharma, and Healthcare shed 2 percent each, Nifty Auto index slipped 1.75 percent, and Nifty Media index was down 1 percent during the week. On the other hand, Nifty PSU Bank and Metal added 4.5% each, and the  Nifty IT index rose 2.8%.

<img class="size-full wp-image-13776729" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260117024256_rupee_dollar.jpg" alt="The Indian rupee continued to weaken against the U.S. dollar during the week, slipping to 90.86 per dollar on January 16 from 90.16 a week earlier, with the currency moving in a band of 89.98–90.87." width="1280" height="720" /> The Indian rupee continued to weaken against the U.S. dollar during the week, slipping to 90.86 per dollar on January 16 from 90.16 a week earlier, with the currency moving in a band of 89.98–90.87.

Option writing in January is risky due to rising volatility before the budget, Calendar spreads help reduce risk and margin requirements for option writers, Strategy works best when near-term IV is higher than long-term IV

* Option writing in January is risky due to rising volatility before the budget
* Calendar spreads help reduce risk and margin requirements for option writers
* Strategy works best when near-term IV is higher than long-term IV

Option writing in January is risky due to low VIX and IV, making options cheap but vulnerable to sudden price jumps before the budget. Calendar spreads offer protection, lower margins, and defined risk, making them a safer strategy for option writers now.

shorts/trends/option-writing-before-the-budget-why-calendars-beat-naked-shorts

* Option writing in January is risky due to rising volatility before the budget
* Calendar spreads help reduce risk and margin requirements for option writers
* Strategy works best when near-term IV is higher than long-term IV

Option writing in January is a trap. Options turn expensive before the budget, and this kills option writers. This time it's especially dangerous. Since August 2025, VIX and IV or Implied Volatility (the barometers of perceived risk and option expensiveness) have been at lower levels. That makes option writing riskier than it looks. So what should you do? How do you navigate this tricky scenario? Let's unpack this step by step.

Let's understand the risk for you as an option writer in detail.

Writing options when India VIX and IV are at lower levels means you're selling cheap options. If perceived risk increases (VIX and IV rise), those same options become expensive. Example: An ATM Nifty option might trade at Rs 200 when options are cheap. The same option can jump to Rs 300 or Rs 350 if perceived risk increases, even if Nifty stays flat. This is a P&amp;L killer for you as an option writer.

Why does this happen in January? The budget. Participants expect big directional moves from possible policy changes. Perceived risk rises. Options get expensive.

What's the solution for you? Calendar spreads.

What is a Calendar Spread?

In a calendar spread, you buy a longer-term expiry option and sell a nearer-term option with the same strike price and same option type. This is called buying a calendar spread. The option you buy will always be costlier than the option you sell. You pay net premium upfront, hence the name Buy Calendar Spread. Example: Buy 26,000 Feb Call, Sell 26,000 Jan Call.

How does Buy Calendar Spread help?

First, you have protection against rising volatility. You bought an option against the one you sold. If perceived risk rises and options become expensive, you're covered. Any rise in premiums affects all options of the same index or stock almost equally. This reduces the impact of rising premiums significantly for your overall position.

Second, margins are lower compared to naked option writing. You're buying one option against selling another, so the margin requirement drops substantially. But here's the real advantage: the sold option is closer to expiry, so its premium erodes quicker than the bought option. This time-based erosion works in your favor.

Third, you have limited and defined risk. Imagine a slow-moving market suddenly gaps up or down overnight. This would devastate naked option writers with unlimited loss potential. With calendar spreads, the most you can lose is the net premium paid upfront.

Key Points to Remember:

IV describes the perceived risk we've discussed throughout this article. IV for an option is now publicly available information on most trading platforms. You're better off trading in options where nearer-term option IV is higher than longer-term expiry option IV. This spread in IV levels is what makes the strategy profitable.

This strategy delivers better returns closer to expiry, so it's best suited for weekly expiries rather than monthly ones.

Thus, to continue writing options with reduced risk in January before the budget, Calendar Spreads are your better option.

Disclaimer: The views and investment tips expressed by 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 decision.

Shubham Agarwal is a CEO &amp; Head of Research at Quantsapp Pvt. Ltd.

He has been into many major kinds of market research and has been a programmer himself in Tens of programming languages.

Earlier to the current position, Shubham has served for Motilal Oswal as Head of Quantitative, Technical &amp; Derivatives Research and as a Technical Analyst at JM Financial.

Option writing before the Budget: Why calendars beat naked shorts

Option writing in January is a trap. Options turn expensive before the budget, and this kills option writers. This time it's especially dangerous. Since August 2025, VIX and IV or Implied Volatility (the barometers of perceived risk and option expensiveness) have been at lower levels. That makes option writing riskier than it looks. So what should you do? How do you navigate this tricky scenario? Let's unpack this step by step.

Let's understand the risk for you as an option writer in detail.

Writing options when India VIX and IV are at lower levels means you're selling cheap options. If perceived risk increases (VIX and IV rise), those same options become expensive. Example: An ATM Nifty option might trade at Rs 200 when options are cheap. The same option can jump to Rs 300 or Rs 350 if perceived risk increases, even if Nifty stays flat. This is a P&amp;amp;L killer for you as an option writer.

Why does this happen in January? The budget. Participants expect big directional moves from possible policy changes. Perceived risk rises. Options get expensive.

What's the solution for you? Calendar spreads.

What is a Calendar Spread?

In a calendar spread, you buy a longer-term expiry option and sell a nearer-term option with the same strike price and same option type. This is called buying a calendar spread. The option you buy will always be costlier than the option you sell. You pay net premium upfront, hence the name Buy Calendar Spread. Example: Buy 26,000 Feb Call, Sell 26,000 Jan Call.

How does Buy Calendar Spread help?

First, you have protection against rising volatility. You bought an option against the one you sold. If perceived risk rises and options become expensive, you're covered. Any rise in premiums affects all options of the same index or stock almost equally. This reduces the impact of rising premiums significantly for your overall position.

Second, margins are lower compared to naked option writing. You're buying one option against selling another, so the margin requirement drops substantially. But here's the real advantage: the sold option is closer to expiry, so its premium erodes quicker than the bought option. This time-based erosion works in your favor.

Third, you have limited and defined risk. Imagine a slow-moving market suddenly gaps up or down overnight. This would devastate naked option writers with unlimited loss potential. With calendar spreads, the most you can lose is the net premium paid upfront.

Key Points to Remember:

IV describes the perceived risk we've discussed throughout this article. IV for an option is now publicly available information on most trading platforms. You're better off trading in options where nearer-term option IV is higher than longer-term expiry option IV. This spread in IV levels is what makes the strategy profitable.

This strategy delivers better returns closer to expiry, so it's best suited for weekly expiries rather than monthly ones.

Thus, to continue writing options with reduced risk in January before the budget, Calendar Spreads are your better option.

Disclaimer: The views and investment tips expressed by 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 decision.

Ashwini Shami expects fiscal and monetary initiatives to start reflecting in Q3 earnings, Expect Q4 also to exhibit strong earnings growth, Budget 2026 to focus on consumption, capex, Believe relative valuation narrowing between India and other emerging markets

* Ashwini Shami expects fiscal and monetary initiatives to start reflecting in Q3 earnings
* Expect Q4 also to exhibit strong earnings growth
* Budget 2026 to focus on consumption, capex
* Believe relative valuation narrowing between India and other emerging markets

shorts/business/daily-voice-two-factors-to-drive-equities-this-year-budget-focus-on-consumption-capex-ashwini-shami

* Ashwini Shami expects fiscal and monetary initiatives to start reflecting in Q3 earnings
* Expect Q4 also to exhibit strong earnings growth
* Budget 2026 to focus on consumption, capex
* Believe relative valuation narrowing between India and other emerging markets

According to Ashwini Shami, President and Chief Portfolio Manager at OmniScience Capital, current geopolitical factors are largely factored into existing market levels.

He said in an interview with Moneycontrol that the outlook for the year will primarily be determined by two factors: the continued impact of various fiscal and monetary stimulus measures on corporate earnings, and the relative underperformance of Indian markets compared with global peers.

Regarding the Union Budget, Shami expects the government to maintain strong allocations for capital expenditure and to announce incremental measures to support consumption.

Do you expect geopolitical tensions to remain in the news this year and cap the market’s upside?

The current geopolitical factors are broadly factored into the current market levels. The two factors that will broadly determine the outlook for this year will be - the continued impact of various fiscal and monetary stimulus on the corporate earnings and the relative underperformance of Indian markets compared to the global peers.

The time correction over the last one year and the improving growth rate for the Indian economy at 7-8% is likely to attract foreign flows. While there are pockets of significant overvaluations, we expect the fresh flows from both domestic and international investors to help reprice undervalued sectors such as banking, power, engineering &amp; construction and business services.

So, even though the broader market has come to the more reasonable valuations, there are significantly better opportunities for bottom-up, stock specific alpha-hunting scientific investors.

What could be the biggest reform in Union Budget 2026 that would decisively lay a strong foundation for equity markets?

Union budget for the last many years has been growth focused allocating significantly to capital expenditures while being exceptionally conservative on the revenue expenditures and at the same time improving the fiscal deficit numbers year on year.

The last year’s budget also focussed aggressively on boosting consumption through tax cuts. We expect the government to maintain the same trajectory of strong allocations on the capital expenditure and also announce incremental measures to support consumption.

Do you expect PSUs to be star performers this year?

Execution of orderbooks / work-in-progress projects shall continue to remain the key drivers of earnings growth and stock performance. For the undervalued names from financial services, housing finance, power and infrastructure one could also expect significant rerating resulting in even stronger stock performance.

Are you super bullish on BFSI after several years of underperformance in the sector?

Banking sector while being one of the most undervalued sectors has already witnessed significant unlocking over the last one year. While the Nifty 50 over the last one year delivered around 10% returns, Nifty Bank index is up nearly 22%. On the valuation front, Nifty 50 is at 22 price to earnings multiple whereas the bank index trades at 16 times earnings.

We expect this performance divergence to continue this year as market reprices public sector and private sector mid/smallcap banks and other financial services companies including pure play housing finance firms and infrastructure NBFCs.

Do you think 2026 will be challenging for the markets until earnings recover to mid-teen growth?

We believe with the relative valuation narrowing between India and other emerging markets and the economic growth rate improvement from 5.6% to 8.2% over the last one year, the case for FII inflows is becoming stronger. The expectation of a couple of additional rate cuts from the US Fed in view of softening labour market also supports the case for money moving to higher-yielding emerging markets.

We expect the upcoming budget to focus on boosting consumption further while sufficiently investing in the growth assets which we believe will support the overall economic growth in 2026 and also take markets higher.

Do you think the risk-reward ratio for gold and silver is unfavourable at current levels?

Precious metals have had a strong year triggered by the trend of de-dollarization and money moving to other currencies, including precious metals. The exceptional steep rise itself is indicative of exceptional price volatility and should caution investors who are allocating significantly to gold and silver. The price volatility seen in the lithium prices over the last 5 years is a good reminder of the price risk when prices go beyond the fundamentals.

Based on Q3 earnings announced so far, are you convinced that the earnings recovery is continuing and that Q4 numbers will be stronger?

While only a limited number of companies have reported their earnings so far, the overall trend looks positive for the undervalued sectors, especially in financial services where both private and public sector mid-cap banks have reported strong earnings growth and improving asset quality.

IT also reported better-than-expected numbers. We expect the fiscal and monetary initiatives to start reflecting in the Q3 earnings and expect Q4 also to exhibit strong earnings growth.

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 | Two factors to drive equities this year; Budget focus on consumption, capex: Ashwini Shami

According to Ashwini Shami, President and Chief Portfolio Manager at OmniScience Capital, current geopolitical factors are largely factored into existing market levels.

He said in an interview with Moneycontrol that the outlook for the year will primarily be determined by two factors: the continued impact of various fiscal and monetary stimulus measures on corporate earnings, and the relative underperformance of Indian markets compared with global peers.

Regarding the Union Budget, Shami expects the government to maintain strong allocations for capital expenditure and to announce incremental measures to support consumption.

Do you expect geopolitical tensions to remain in the news this year and cap the market’s upside?

The current geopolitical factors are broadly factored into the current market levels. The two factors that will broadly determine the outlook for this year will be - the continued impact of various fiscal and monetary stimulus on the corporate earnings and the relative underperformance of Indian markets compared to the global peers.

The time correction over the last one year and the improving growth rate for the Indian economy at 7-8% is likely to attract foreign flows. While there are pockets of significant overvaluations, we expect the fresh flows from both domestic and international investors to help reprice undervalued sectors such as banking, power, engineering &amp;amp; construction and business services.

So, even though the broader market has come to the more reasonable valuations, there are significantly better opportunities for bottom-up, stock specific alpha-hunting scientific investors.

What could be the biggest reform in Union Budget 2026 that would decisively lay a strong foundation for equity markets?

Union budget for the last many years has been growth focused allocating significantly to capital expenditures while being exceptionally conservative on the revenue expenditures and at the same time improving the fiscal deficit numbers year on year.

The last year’s budget also focussed aggressively on boosting consumption through tax cuts. We expect the government to maintain the same trajectory of strong allocations on the capital expenditure and also announce incremental measures to support consumption.

Do you expect PSUs to be star performers this year?

Execution of orderbooks / work-in-progress projects shall continue to remain the key drivers of earnings growth and stock performance. For the undervalued names from financial services, housing finance, power and infrastructure one could also expect significant rerating resulting in even stronger stock performance.

Are you super bullish on BFSI after several years of underperformance in the sector?

Banking sector while being one of the most undervalued sectors has already witnessed significant unlocking over the last one year. While the Nifty 50 over the last one year delivered around 10% returns, Nifty Bank index is up nearly 22%. On the valuation front, Nifty 50 is at 22 price to earnings multiple whereas the bank index trades at 16 times earnings.

We expect this performance divergence to continue this year as market reprices public sector and private sector mid/smallcap banks and other financial services companies including pure play housing finance firms and infrastructure NBFCs.

Do you think 2026 will be challenging for the markets until earnings recover to mid-teen growth?

We believe with the relative valuation narrowing between India and other emerging markets and the economic growth rate improvement from 5.6% to 8.2% over the last one year, the case for FII inflows is becoming stronger. The expectation of a couple of additional rate cuts from the US Fed in view of softening labour market also supports the case for money moving to higher-yielding emerging markets.

We expect the upcoming budget to focus on boosting consumption further while sufficiently investing in the growth assets which we believe will support the overall economic growth in 2026 and also take markets higher.

Do you think the risk-reward ratio for gold and silver is unfavourable at current levels?

Precious metals have had a strong year triggered by the trend of de-dollarization and money moving to other currencies, including precious metals. The exceptional steep rise itself is indicative of exceptional price volatility and should caution investors who are allocating significantly to gold and silver. The price volatility seen in the lithium prices over the last 5 years is a good reminder of the price risk when prices go beyond the fundamentals.

Based on Q3 earnings announced so far, are you convinced that the earnings recovery is continuing and that Q4 numbers will be stronger?

While only a limited number of companies have reported their earnings so far, the overall trend looks positive for the undervalued sectors, especially in financial services where both private and public sector mid-cap banks have reported strong earnings growth and improving asset quality.

IT also reported better-than-expected numbers. We expect the fiscal and monetary initiatives to start reflecting in the Q3 earnings and expect Q4 also to exhibit strong earnings growth.

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.

Nifty remains in 25,600-25,900 range, Bearish momentum indicators, elevated VIX suggest caution for bulls next week, Bank Nifty outperforms, crosses 60,000

* Nifty remains in 25,600-25,900 range
* Bearish momentum indicators, elevated VIX suggest caution for bulls next week
* Bank Nifty outperforms, crosses 60,000

shorts/business/technical-view-bearish-momentum-indicators-and-elevated-vix-suggest-caution-nifty-50-may-consolidate-below-26-000-bank-nifty-outperforms-above-60-000

* Nifty remains in 25,600-25,900 range
* Bearish momentum indicators, elevated VIX suggest caution for bulls next week
* Bank Nifty outperforms, crosses 60,000

The Nifty 50 made a good attempt to reclaim the 25,900 level (near the 50-day EMA) but failed again and eventually finished the session, as well as the week, moderately higher near 25,700 on January 16. Broadly, it has remained in a 25,600–25,900 range throughout the week, forming Doji-like candlestick patterns on both the weekly and daily charts, indicating indecision among market participants.

Experts expect the benchmark index to remain within the same range in the upcoming sessions as well, until the said range is decisively broken on either side. On the higher side, 26,000 is the level to watch; however, a break below the 25,600 support could drag the index down to 25,450, the week’s low, experts said.

The Nifty 50 opened higher and climbed to 25,873 in the morning but could not sustain at higher levels and erased 179 points from the day’s high to close at 25,694, up 29 points.

Momentum indicators remained bearish on both the weekly and daily charts, with the MACD generating a sell crossover. The RSI, at 40.54 on the daily scale and 53.31 on the weekly scale, remained below the signal line.

“In the near term, the market is likely to remain in a consolidation phase, with signs of distribution emerging at higher levels,” said Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research) at Centrum Broking.

However, according to him, a decisive move above 26,000 could trigger a short-covering rally, indicating the possibility of a short-term bottom formation.

Weekly options data indicated that the 25,800–26,000 zone is expected to act as resistance for the Nifty 50, while support is seen at 25,500.

The maximum Call open interest was observed at the 26,000 strike, followed by the 25,800 and 26,500 strikes. Maximum Call writing was seen at the 25,900, 26,100, and 25,800 strikes. Meanwhile, the 25,700 strike held the maximum Put open interest, followed by the 25,500 and 25,000 strikes, with the highest Put writing at the 25,700, 25,500, and 25,600 strikes.

Bank Nifty

The Bank Nifty witnessed a decisive breakout from the last four days of consolidation and climbed convincingly not only above all key moving averages but also above the 50 percent Fibonacci retracement of the recent fall. The banking index closed above the psychological 60,000 mark for the first time since January 6, surging 515 points (0.86 percent) to 60,095 on strong volumes and extending gains for the fourth straight session. It has jumped 1,230 points from the week’s low.

Momentum indicators also showed gradually strengthening trends. The RSI, at 61.43, registered a bullish crossover, while the Stochastic RSI maintained a positive crossover. The MACD is on the verge of turning positive, with weakness almost fading from the histogram.

For the week, the Bank Nifty rallied 1.42 percent and formed a long bullish candle on the weekly chart. The RSI is close to a bullish crossover, while the MACD remained above the signal line, with the histogram sustaining above the zero line.

“Friday’s session added a positive tone to the overall chart structure of the Bank Nifty index. Considering the above technical setup, the outlook remains bullish. Immediate support is placed near the 59,500 level, aligned with the current position of the 20-day SMA,” said Vatsal Bhuva, Technical Analyst at LKP Securities. On the upside, he added, the index is expected to test the 60,500 resistance zone.

He advised maintaining a buy-on-dips strategy as long as the index sustains above the 59,200 level.

Meanwhile, India VIX, also known as the fear gauge, remained in an elevated zone and sustained above all key moving averages (except the 200-day EMA), signalling serious caution for bulls. It rose 0.46 percent to 11.37 on Friday and gained 4.1 percent for the week, continuing its uptrend for the third consecutive 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.

Technical View: Bearish momentum indicators and elevated VIX suggest caution; Nifty 50 may consolidate below 26,000, Bank Nifty outperforms above 60,000

The Nifty 50 made a good attempt to reclaim the 25,900 level (near the 50-day EMA) but failed again and eventually finished the session, as well as the week, moderately higher near 25,700 on January 16. Broadly, it has remained in a 25,600–25,900 range throughout the week, forming Doji-like candlestick patterns on both the weekly and daily charts, indicating indecision among market participants.

Experts expect the benchmark index to remain within the same range in the upcoming sessions as well, until the said range is decisively broken on either side. On the higher side, 26,000 is the level to watch; however, a break below the 25,600 support could drag the index down to 25,450, the week’s low, experts said.

The Nifty 50 opened higher and climbed to 25,873 in the morning but could not sustain at higher levels and erased 179 points from the day’s high to close at 25,694, up 29 points.

Momentum indicators remained bearish on both the weekly and daily charts, with the MACD generating a sell crossover. The RSI, at 40.54 on the daily scale and 53.31 on the weekly scale, remained below the signal line.

“In the near term, the market is likely to remain in a consolidation phase, with signs of distribution emerging at higher levels,” said Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research) at Centrum Broking.

However, according to him, a decisive move above 26,000 could trigger a short-covering rally, indicating the possibility of a short-term bottom formation.

Weekly options data indicated that the 25,800–26,000 zone is expected to act as resistance for the Nifty 50, while support is seen at 25,500.

The maximum Call open interest was observed at the 26,000 strike, followed by the 25,800 and 26,500 strikes. Maximum Call writing was seen at the 25,900, 26,100, and 25,800 strikes. Meanwhile, the 25,700 strike held the maximum Put open interest, followed by the 25,500 and 25,000 strikes, with the highest Put writing at the 25,700, 25,500, and 25,600 strikes.

Bank Nifty

The Bank Nifty witnessed a decisive breakout from the last four days of consolidation and climbed convincingly not only above all key moving averages but also above the 50 percent Fibonacci retracement of the recent fall. The banking index closed above the psychological 60,000 mark for the first time since January 6, surging 515 points (0.86 percent) to 60,095 on strong volumes and extending gains for the fourth straight session. It has jumped 1,230 points from the week’s low.

Momentum indicators also showed gradually strengthening trends. The RSI, at 61.43, registered a bullish crossover, while the Stochastic RSI maintained a positive crossover. The MACD is on the verge of turning positive, with weakness almost fading from the histogram.

For the week, the Bank Nifty rallied 1.42 percent and formed a long bullish candle on the weekly chart. The RSI is close to a bullish crossover, while the MACD remained above the signal line, with the histogram sustaining above the zero line.

“Friday’s session added a positive tone to the overall chart structure of the Bank Nifty index. Considering the above technical setup, the outlook remains bullish. Immediate support is placed near the 59,500 level, aligned with the current position of the 20-day SMA,” said Vatsal Bhuva, Technical Analyst at LKP Securities. On the upside, he added, the index is expected to test the 60,500 resistance zone.

He advised maintaining a buy-on-dips strategy as long as the index sustains above the 59,200 level.

Meanwhile, India VIX, also known as the fear gauge, remained in an elevated zone and sustained above all key moving averages (except the 200-day EMA), signalling serious caution for bulls. It rose 0.46 percent to 11.37 on Friday and gained 4.1 percent for the week, continuing its uptrend for the third consecutive 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.

11 out of 15 years NIFTY METAL has given negative returns in January.

Type	R1	R2	R3	PP	S1	S2	S3
Classic	11,702.63	11,805.22	11,880.78	11,627.07	11,524.48	11,448.92	11,346.33
Fibonacci	11,695.12	11,737.16	11,805.22	11,627.07	11,559.01	11,516.97	11,448.92
Camarilla	11,616.38	11,632.71	11,649.04	11,627.07	11,583.72	11,567.39	11,551.06

INDEX CONTRIBUTION - NIFTY Metal

Net Contribution

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