NIFTY SMLCAP 50

Nifty needs to scale above 25,300 on closing basis for further uptrend toward 25,450–25,500, Immediate support placed at 200 DEMA (25,164), followed by crucial support of 24,900, Bank Nifty may face resistance at 59,450–59,550 zone, support seen at 58,800

* Nifty needs to scale above 25,300 on closing basis for further uptrend toward 25,450–25,500
* Immediate support placed at 200 DEMA (25,164), followed by crucial support of 24,900
* Bank Nifty may face resistance at 59,450–59,550 zone, support seen at 58,800

shorts/business/trading-plan-will-nifty-50-bank-nifty-extend-their-northward-journey-amid-elevated-vix

* Nifty needs to scale above 25,300 on closing basis for further uptrend toward 25,450–25,500
* Immediate support placed at 200 DEMA (25,164), followed by crucial support of 24,900
* Bank Nifty may face resistance at 59,450–59,550 zone, support seen at 58,800

The Nifty 50 rebounded after a three-day loss but could not deliver a strong close above the previous day’s high, signalling the prevailing strong control of bears. Hence, the index needs to scale above 25,300 on a closing basis for further uptrend toward 25,450–25,500, the next key hurdle. Meanwhile, the 200 DEMA (25,164) can act as an immediate support for the index, followed by 24,900 as a crucial support. Meanwhile, the Bank Nifty also behaved similarly to the Nifty 50. The 59,450–59,550 zone is expected to be a key resistance area, as sustaining above it can open the door for a sharp rally; however, the immediate key support is placed at 58,800, experts said.

On January 22, the Nifty 50 surged 132 points (0.53 percent) to 25,290, while the Bank Nifty rallied 400 points (0.68 percent) to 59,200. Market breadth turned favourable for bulls, with about 2,176 shares rising against 740 declining shares on the NSE.

Nifty Outlook and Strategy

Dhupesh Dhameja, Derivative Research Analyst at Samco Securities

The Nifty witnessed a modest rebound from oversold levels but continued to face selling pressure at higher zones, indicating the absence of a decisive trend reversal. Despite holding above the crucial 200-day EMA and the 25,000 psychological mark, the index failed to sustain above the previous day’s high, reflecting strong supply at elevated levels.

The structure remains weak, with the index trading below key short-term moving averages and facing repeated rejections near resistance. The 25,500–25,600 zone continues to act as a stiff hurdle, while 25,000 remains a critical support. Until resistance is decisively breached, the market is likely to remain vulnerable, with sell-on-rise strategies dominating the near-term outlook.

Key Resistance: 25,500, 25,680, 25,800

Key Support: 25,150, 25,050, 24,900

Strategy: Traders may consider the Bear Call Spread for the January 27 expiry by selling one lot of 25,200 CE at Rs 228 and buying one lot of 25,400 CE at Rs 105. This setup is designed to capitalise on a potential upside momentum.

Stop-Loss: Hold this strategy strictly, with the maximum mark-to-market (MTM) loss capped at Rs 4,972 to ensure disciplined risk management.

Target: Hold this strategy, aiming for a maximum mark-to-market (MTM) profit target of Rs 8,027, while considering profit booking once MTM gains exceed Rs 5,000.

Jay Mehta, Technical Research at JM Financial Services

After an extended consolidation, the Nifty broke down from a 650-point range (25,700–26,350) in recent sessions, shifting the structure from sideways to bearish. The price trades below short- and medium-term moving averages, with the 20- and 50-day EMAs giving a bearish crossover post August 7, 2025. From all-time highs, it corrected 5.51 percent before finding support near 24,900.

Wednesday formed a high-wave doji, indicating indecision, and the latest session showed a spinning top hovering above the 200-day EMA while retesting the cup-and-handle breakout zone. Momentum indicates weak bullish strength. Strong resistance lies at 25,470, 25,700, and 25,940. The downside remains capped unless 24,900 breaks decisively.

Key Resistance: 25,470, 25,700, 25,940

Key Support: 25,000, 24,900

Strategy: Accumulate longs gradually with a stop-loss at 24,850; increase bullish exposure on breaks of each resistance. Below 24,850, look for downside targets of 24,500 and 24,300.

Sumeet Bagadia, Executive Director at Choice Broking

The Nifty 50’s price action suggests selling pressure at higher levels and a lack of follow-through buying. Immediate resistance is placed in the 25,400–25,450 zone, while crucial support is located at 25,100–25,150.

The daily RSI stands at 33.82 and is trending upward, reflecting a mild improvement in momentum from oversold levels, though the overall trend remains cautious. The volatility index, India VIX, declined by 3.12 percent to 13.35, indicating easing volatility and reduced fear among market participants.

Derivatives data shows heavy Call writing at the 25,400 strike and significant Put writing at the 25,200 strike, making this zone a crucial near-term pivot. Traders are advised to adopt a cautious approach near key support levels and wait for a decisive breakout above resistance before initiating fresh directional positions.

Key Resistance: 25,400, 25,450

Key Support: 25,100, 25,150

Strategy: Buy Nifty Futures on dips near the 25,150 level for a target of 25,450, with a stop-loss of 25,100 on a closing basis.

Bank Nifty - Outlook and Positioning

Dhupesh Dhameja, Derivative Research Analyst at Samco Securities

The Bank Nifty rebounded from the lower end of its range but failed to sustain higher levels, facing consistent selling pressure after a gap-up opening. The index remains below its 20-day and 50-day EMAs, indicating weak momentum and a lack of directional clarity. The recent recovery appears driven largely by short covering and oversold conditions rather than fresh buying interest.

The broader structure remains fragile, with earlier support levels now acting as resistance. The 59,500–59,700 zone continues to cap the upside, while 58,500–58,700 remains a critical support band. Until the index decisively breaks above resistance and shows strong follow-through buying, selling is likely to dominate rallies, making a sell-on-rise strategy the preferred approach in the current market setup.

Key Resistance: 59,500, 59,800, 60,000

Key Support: 59,000, 58,800, 58,500

Strategy: Traders may consider initiating short positions on pullback rallies in Bank Nifty January Futures around the 59,550–59,600 zone, with a strict stop-loss at 59,820. Downside targets can be placed in the 59,200–59,100 range for profit booking.

Jay Mehta, Technical Research at JM Financial Services

The Bank Nifty has been stuck in a tight 46-session range of 58,800–60,450. Momentum is clearly weakening on the daily and weekly charts. For the next bullish leg, the index requires a sustained close above its all-time highs.

Recent sessions showed some pressure, but the latest session formed a doji, reflecting indecision and range persistence. The index retains better relative strength than the Nifty, trading below the 20-day EMA but finding repeated support at the 50-day EMA and remaining well above long-term averages. Squeezed Bollinger Bands hint at an impending volatile move on a range breakout. PSU and small banks are providing underlying strength.

Key Resistance: 60,000, 60,450, 61,000

Key Support: 58,500, 58,150, 58,000

Strategy: Accumulate longs gradually until a close below 58,500; add more longs above 60,000 and 60,450. Below 58,500, look for downside targets of 58,000 and 57,500.

Sumeet Bagadia, Executive Director at Choice Broking

The Bank Nifty’s price action suggests consolidation with a positive bias. Immediate resistance is placed in the 59,500–59,600 zone, while the crucial support band of 58,900–59,000 remains important for maintaining near-term stability in the index.

On the daily charts, the RSI stands at 47 and is trending higher, suggesting gradual improvement in momentum and a strengthening bullish undertone. Traders are advised to adopt a cautious approach near key support levels and wait for a decisive breakout above resistance before initiating fresh directional positions.

Key Resistance: 59,500, 59,600

Key Support: 58,900, 59,000

Strategy: Buy Bank Nifty Futures on dips near the 59,000 level for a target of 59,600, with a stop-loss of 58,900 on a closing basis.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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Trading Plan: Will Nifty 50, Bank Nifty extend their northward journey amid elevated VIX?

The Nifty 50 rebounded after a three-day loss but could not deliver a strong close above the previous day’s high, signalling the prevailing strong control of bears. Hence, the index needs to scale above 25,300 on a closing basis for further uptrend toward 25,450–25,500, the next key hurdle. Meanwhile, the 200 DEMA (25,164) can act as an immediate support for the index, followed by 24,900 as a crucial support. Meanwhile, the Bank Nifty also behaved similarly to the Nifty 50. The 59,450–59,550 zone is expected to be a key resistance area, as sustaining above it can open the door for a sharp rally; however, the immediate key support is placed at 58,800, experts said.

On January 22, the Nifty 50 surged 132 points (0.53 percent) to 25,290, while the Bank Nifty rallied 400 points (0.68 percent) to 59,200. Market breadth turned favourable for bulls, with about 2,176 shares rising against 740 declining shares on the NSE.

Nifty Outlook and Strategy

Dhupesh Dhameja, Derivative Research Analyst at Samco Securities

The Nifty witnessed a modest rebound from oversold levels but continued to face selling pressure at higher zones, indicating the absence of a decisive trend reversal. Despite holding above the crucial 200-day EMA and the 25,000 psychological mark, the index failed to sustain above the previous day’s high, reflecting strong supply at elevated levels.

The structure remains weak, with the index trading below key short-term moving averages and facing repeated rejections near resistance. The 25,500–25,600 zone continues to act as a stiff hurdle, while 25,000 remains a critical support. Until resistance is decisively breached, the market is likely to remain vulnerable, with sell-on-rise strategies dominating the near-term outlook.

Key Resistance: 25,500, 25,680, 25,800

Key Support: 25,150, 25,050, 24,900

Strategy: Traders may consider the Bear Call Spread for the January 27 expiry by selling one lot of 25,200 CE at Rs 228 and buying one lot of 25,400 CE at Rs 105. This setup is designed to capitalise on a potential upside momentum.

Stop-Loss: Hold this strategy strictly, with the maximum mark-to-market (MTM) loss capped at Rs 4,972 to ensure disciplined risk management.

Target: Hold this strategy, aiming for a maximum mark-to-market (MTM) profit target of Rs 8,027, while considering profit booking once MTM gains exceed Rs 5,000.

Jay Mehta, Technical Research at JM Financial Services

After an extended consolidation, the Nifty broke down from a 650-point range (25,700–26,350) in recent sessions, shifting the structure from sideways to bearish. The price trades below short- and medium-term moving averages, with the 20- and 50-day EMAs giving a bearish crossover post August 7, 2025. From all-time highs, it corrected 5.51 percent before finding support near 24,900.

Wednesday formed a high-wave doji, indicating indecision, and the latest session showed a spinning top hovering above the 200-day EMA while retesting the cup-and-handle breakout zone. Momentum indicates weak bullish strength. Strong resistance lies at 25,470, 25,700, and 25,940. The downside remains capped unless 24,900 breaks decisively.

Key Resistance: 25,470, 25,700, 25,940

Key Support: 25,000, 24,900

Strategy: Accumulate longs gradually with a stop-loss at 24,850; increase bullish exposure on breaks of each resistance. Below 24,850, look for downside targets of 24,500 and 24,300.

Sumeet Bagadia, Executive Director at Choice Broking

The Nifty 50’s price action suggests selling pressure at higher levels and a lack of follow-through buying. Immediate resistance is placed in the 25,400–25,450 zone, while crucial support is located at 25,100–25,150.

The daily RSI stands at 33.82 and is trending upward, reflecting a mild improvement in momentum from oversold levels, though the overall trend remains cautious. The volatility index, India VIX, declined by 3.12 percent to 13.35, indicating easing volatility and reduced fear among market participants.

Derivatives data shows heavy Call writing at the 25,400 strike and significant Put writing at the 25,200 strike, making this zone a crucial near-term pivot. Traders are advised to adopt a cautious approach near key support levels and wait for a decisive breakout above resistance before initiating fresh directional positions.

Key Resistance: 25,400, 25,450

Key Support: 25,100, 25,150

Strategy: Buy Nifty Futures on dips near the 25,150 level for a target of 25,450, with a stop-loss of 25,100 on a closing basis.

Bank Nifty - Outlook and Positioning

Dhupesh Dhameja, Derivative Research Analyst at Samco Securities

The Bank Nifty rebounded from the lower end of its range but failed to sustain higher levels, facing consistent selling pressure after a gap-up opening. The index remains below its 20-day and 50-day EMAs, indicating weak momentum and a lack of directional clarity. The recent recovery appears driven largely by short covering and oversold conditions rather than fresh buying interest.

The broader structure remains fragile, with earlier support levels now acting as resistance. The 59,500–59,700 zone continues to cap the upside, while 58,500–58,700 remains a critical support band. Until the index decisively breaks above resistance and shows strong follow-through buying, selling is likely to dominate rallies, making a sell-on-rise strategy the preferred approach in the current market setup.

Key Resistance: 59,500, 59,800, 60,000

Key Support: 59,000, 58,800, 58,500

Strategy: Traders may consider initiating short positions on pullback rallies in Bank Nifty January Futures around the 59,550–59,600 zone, with a strict stop-loss at 59,820. Downside targets can be placed in the 59,200–59,100 range for profit booking.

Jay Mehta, Technical Research at JM Financial Services

The Bank Nifty has been stuck in a tight 46-session range of 58,800–60,450. Momentum is clearly weakening on the daily and weekly charts. For the next bullish leg, the index requires a sustained close above its all-time highs.

Recent sessions showed some pressure, but the latest session formed a doji, reflecting indecision and range persistence. The index retains better relative strength than the Nifty, trading below the 20-day EMA but finding repeated support at the 50-day EMA and remaining well above long-term averages. Squeezed Bollinger Bands hint at an impending volatile move on a range breakout. PSU and small banks are providing underlying strength.

Key Resistance: 60,000, 60,450, 61,000

Key Support: 58,500, 58,150, 58,000

Strategy: Accumulate longs gradually until a close below 58,500; add more longs above 60,000 and 60,450. Below 58,500, look for downside targets of 58,000 and 57,500.

Sumeet Bagadia, Executive Director at Choice Broking

The Bank Nifty’s price action suggests consolidation with a positive bias. Immediate resistance is placed in the 59,500–59,600 zone, while the crucial support band of 58,900–59,000 remains important for maintaining near-term stability in the index.

On the daily charts, the RSI stands at 47 and is trending higher, suggesting gradual improvement in momentum and a strengthening bullish undertone. Traders are advised to adopt a cautious approach near key support levels and wait for a decisive breakout above resistance before initiating fresh directional positions.

Key Resistance: 59,500, 59,600

Key Support: 58,900, 59,000

Strategy: Buy Bank Nifty Futures on dips near the 59,000 level for a target of 59,600, with a stop-loss of 58,900 on a closing basis.

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 needs strong and sustainable close above 25,850 for continuation of uptrend, Consolidation and volatility may be seen in the short term, given bearish sentiment and elevated VIX, Immediate support seen at 25,160, immediate resistance at 25,500–25,600

* Nifty needs strong and sustainable close above 25,850 for continuation of uptrend
* Consolidation and volatility may be seen in the short term, given bearish sentiment and elevated VIX
* Immediate support seen at 25,160, immediate resistance at 25,500–25,600

shorts/business/trade-setup-for-january-23-top-15-things-to-know-before-the-opening-bell-2

* Nifty needs strong and sustainable close above 25,850 for continuation of uptrend
* Consolidation and volatility may be seen in the short term, given bearish sentiment and elevated VIX
* Immediate support seen at 25,160, immediate resistance at 25,500–25,600

The Nifty 50 snapped its three-day losing streak, bouncing back above the 200-day EMA and rising over half a percent on January 22. This relief rally was on expected lines but, according to experts, needs a strong and sustainable close above 25,850 for continuation of the said uptrend. Until then, consolidation and volatility may be seen in the short term, given the bearish sentiment and elevated VIX. Immediate support is placed at 25,160, followed by 24,900 as a crucial support level; however, immediate resistance is seen at the 25,500–25,600 levels.

<img class="alignnone size-full wp-image-13786745 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260122171704_Image122012026.jpg" alt="Image122012026" 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> (25,290)

Resistance based on pivot points: 25,400, 25,463, and 25,565

Support based on pivot points: 25,196, 25,133, and 25,031

Special Formation: The Nifty 50 formed a small bearish candle with upper and lower shadows, resembling a high-wave kind of pattern on the daily charts, indicating volatility and indecision among market participants. The index negated the lower highs–lower lows formation of the previous three sessions but needs strength for continuation of a higher high–low structure. The index climbed back above the 200 DEMA but remained below all other key moving averages, while the RSI (33.82) and MACD maintained a bearish crossover with the histogram below the zero line. The Stochastic RSI turned bullish but remained in the oversold zone. All this indicates a cautious near-term outlook despite the relief bounce.

2) Key Levels For The <a href="https://www.moneycontrol.com/indian-indices/nifty-bank-23.html" target="_blank">Bank Nifty</a> (59,200)

Resistance based on pivot points: 59,485, 59,662, and 59,949

Support based on pivot points: 58,912, 58,735, and 58,449

Resistance based on Fibonacci retracement: 59,356, 59,612

Support based on Fibonacci retracement: 58,815, 57,811

Special Formation: The Bank Nifty rallied 400 points and formed a doji candlestick pattern on the daily charts following three bearish candles, indicating indecision among bulls and bears. Generally, this pattern acts as a trend reversal signal but needs confirmation in the following session. The index negated the lower highs of the previous three consecutive sessions. It climbed above the 50 DEMA but remained below short-term moving averages and the midline of the Bollinger Bands, though it managed to hold above 58,800 (trendline support) for another session. The momentum indicators still signal a bearish mood, with the RSI at 47 below the reference line, while the MACD also remained below the signal line with further weakness in the histogram. All this indicates continued uncertainty in the near term.

<img class="alignnone size-full wp-image-13786746 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260122171802_Image222012026.jpg" alt="Image222012026" width="1281" height="646" />

3) <a href="https://www.moneycontrol.com/markets/fno-market-snapshot" target="_blank">Nifty Call Options Data</a>

According to the monthly options data, the 26,000 strike holds the maximum Call open interest (with 1.43 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 25,500 strike (1.14 crore contracts) and 25,800 strike (87.61 lakh contracts).

Maximum Call writing was observed at the 25,400 strike, which saw an addition of 24.28 lakh contracts, followed by the 25,800 and 25,600 strikes, which added 11.69 lakh and 7.17 lakh contracts, respectively. The maximum Call unwinding was seen at the 25,200 strike, which shed 24.69 lakh contracts, followed by the 25,100 and 25,150 strikes, which shed 12.63 lakh and 10.62 lakh contracts, respectively.

<img class="alignnone size-full wp-image-13786748 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260122171841_Image522012026.jpg" alt="Image522012026" 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 maximum Put open interest was seen at the 25,000 strike (with 1 crore contracts), which can act as a key support level for the Nifty in the short term. It was followed by the 25,200 strike (74.75 lakh contracts) and the 25,300 strike (62.05 lakh contracts).

The maximum Put writing was placed at the 25,300 strike, which saw an addition of 28.46 lakh contracts, followed by the 25,200 and 25,000 strikes, which added 18.82 lakh and 11.9 lakh contracts, respectively. The maximum Put unwinding was seen at the 24,700 strike, which shed 5.35 lakh contracts, followed by the 26,000 and 25,800 strikes, which shed 3.81 lakh and 2.52 lakh contracts, respectively.

<img class="alignnone size-full wp-image-13786749 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260122171908_Image622012026.jpg" alt="Image622012026" width="1249" height="339" />

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 60,000 strike holds the maximum Call open interest, with 20.41 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 61,000 strike (10.65 lakh contracts) and the 59,500 strike (10.46 lakh contracts).

Maximum Call writing was observed at the 60,000 strike (with the addition of 1.38 lakh contracts), followed by the 59,300 strike (73,650 contracts) and 59,400 strike (54,540 contracts). The maximum Call unwinding was seen at the 59,700 strike, which shed 1.21 lakh contracts, followed by the 59,800 and 58,800 strikes which shed 78,930 and 77,220 contracts, respectively.

<img class="alignnone size-full wp-image-13786750 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260122171932_Image722012026.jpg" alt="Image722012026" width="1256" height="343" />

6) <a href="https://www.moneycontrol.com/markets/fno-market-snapshot" target="_blank">Bank Nifty Put Options Data</a>

On the Put side, the maximum Put open interest was seen at the 59,000 strike (with 9.53 lakh contracts), which can act as a key support level for the index. This was followed by the 59,500 strike (8.04 lakh contracts) and the 58,500 strike (7.83 lakh contracts).

The maximum Put writing was placed at the 59,000 strike (which added 2.97 lakh contracts), followed by the 58,900 strike (1.14 lakh contracts) and the 58,700 strike (95,550 contracts). The maximum Put unwinding was seen at the 58,500 strike, which shed 86,730 contracts, followed by the 58,200 and 60,000 strikes, which shed 50,040 and 47,130 contracts, respectively.

<img class="alignnone size-full wp-image-13786751 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260122171956_Image822012026.jpg" alt="Image822012026" width="1247" height="339" />

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-13786819 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260122192927_Image1622012026.jpg" alt="Image1622012026" width="700" height="423" />

8) <a href="https://www.moneycontrol.com/markets/fno-market-snapshot" target="_blank">Put-Call Ratio</a>

The Nifty Put-Call ratio (PCR), which indicates the mood of the market, increased to 0.87 on January 22, compared to 0.78 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-13786753 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260122172046_Image322012026.jpg" alt="Image322012026" width="1246" height="511" />

9) <a href="https://www.moneycontrol.com/indian-indices/india-vix-36.html" target="_blank">India VIX</a>

The India VIX, also known as the fear index, remained at elevated levels, though it corrected 3.12 percent to 13.35 after a sharp surge, signalling consistent discomfort for bulls.

<img class="alignnone size-full wp-image-13786754" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260122172117_Image422012026.jpg" alt="Image422012026" width="1281" height="646" />

10) <a href="https://www.moneycontrol.com/markets/fno-market-snapshot" target="_blank">Long Build-up (81 Stocks)</a>

A long build-up was seen in 81 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.

<img class="alignnone size-full wp-image-13786824 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260122193214_Image2122012026.jpg" alt="Image2122012026" width="700" height="700" />

11) <a href="https://www.moneycontrol.com/markets/fno-market-snapshot" target="_blank">Long Unwinding (18 Stocks)</a>

18 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding.

<img class="alignnone size-full wp-image-13786823 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260122193143_Image2022012026.jpg" alt="Image2022012026" width="700" height="700" />

12) <a href="https://www.moneycontrol.com/markets/fno-market-snapshot" target="_blank">Short Build-up (29 Stocks)</a>

29 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-13786822 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260122193110_Image1922012026.jpg" alt="Image1922012026" width="700" height="612" />

13) <a href="https://www.moneycontrol.com/markets/fno-market-snapshot" target="_blank">Short-Covering (84 Stocks)</a>

84 stocks saw short-covering, meaning a decrease in OI, along with a price increase.

<img class="alignnone size-full wp-image-13786821 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260122193038_Image1822012026.jpg" alt="Image1822012026" 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-13786820" src="https://images.moneycontrol.com/static-mcnews/2026/01/20260122193005_Image1722012026.jpg" alt="Image1722012026" 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: Bandhan Bank, 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 23: Top 15 things to know before the opening bell

The Nifty 50 snapped its three-day losing streak, bouncing back above the 200-day EMA and rising over half a percent on January 22. This relief rally was on expected lines but, according to experts, needs a strong and sustainable close above 25,850 for continuation of the said uptrend. Until then, consolidation and volatility may be seen in the short term, given the bearish sentiment and elevated VIX. Immediate support is placed at 25,160, followed by 24,900 as a crucial support level; however, immediate resistance is seen at the 25,500–25,600 levels.



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

1) Key Levels For The Nifty 50 (25,290)

Resistance based on pivot points: 25,400, 25,463, and 25,565

Support based on pivot points: 25,196, 25,133, and 25,031

Special Formation: The Nifty 50 formed a small bearish candle with upper and lower shadows, resembling a high-wave kind of pattern on the daily charts, indicating volatility and indecision among market participants. The index negated the lower highs–lower lows formation of the previous three sessions but needs strength for continuation of a higher high–low structure. The index climbed back above the 200 DEMA but remained below all other key moving averages, while the RSI (33.82) and MACD maintained a bearish crossover with the histogram below the zero line. The Stochastic RSI turned bullish but remained in the oversold zone. All this indicates a cautious near-term outlook despite the relief bounce.

2) Key Levels For The Bank Nifty (59,200)

Resistance based on pivot points: 59,485, 59,662, and 59,949

Support based on pivot points: 58,912, 58,735, and 58,449

Resistance based on Fibonacci retracement: 59,356, 59,612

Support based on Fibonacci retracement: 58,815, 57,811

Special Formation: The Bank Nifty rallied 400 points and formed a doji candlestick pattern on the daily charts following three bearish candles, indicating indecision among bulls and bears. Generally, this pattern acts as a trend reversal signal but needs confirmation in the following session. The index negated the lower highs of the previous three consecutive sessions. It climbed above the 50 DEMA but remained below short-term moving averages and the midline of the Bollinger Bands, though it managed to hold above 58,800 (trendline support) for another session. The momentum indicators still signal a bearish mood, with the RSI at 47 below the reference line, while the MACD also remained below the signal line with further weakness in the histogram. All this indicates continued uncertainty in the near term.



3) Nifty Call Options Data

According to the monthly options data, the 26,000 strike holds the maximum Call open interest (with 1.43 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 25,500 strike (1.14 crore contracts) and 25,800 strike (87.61 lakh contracts).

Maximum Call writing was observed at the 25,400 strike, which saw an addition of 24.28 lakh contracts, followed by the 25,800 and 25,600 strikes, which added 11.69 lakh and 7.17 lakh contracts, respectively. The maximum Call unwinding was seen at the 25,200 strike, which shed 24.69 lakh contracts, followed by the 25,100 and 25,150 strikes, which shed 12.63 lakh and 10.62 lakh contracts, respectively.



4) Nifty Put Options Data

On the Put side, the maximum Put open interest was seen at the 25,000 strike (with 1 crore contracts), which can act as a key support level for the Nifty in the short term. It was followed by the 25,200 strike (74.75 lakh contracts) and the 25,300 strike (62.05 lakh contracts).

The maximum Put writing was placed at the 25,300 strike, which saw an addition of 28.46 lakh contracts, followed by the 25,200 and 25,000 strikes, which added 18.82 lakh and 11.9 lakh contracts, respectively. The maximum Put unwinding was seen at the 24,700 strike, which shed 5.35 lakh contracts, followed by the 26,000 and 25,800 strikes, which shed 3.81 lakh and 2.52 lakh contracts, respectively.



5) Bank Nifty Call Options Data

According to the monthly options data, the 60,000 strike holds the maximum Call open interest, with 20.41 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 61,000 strike (10.65 lakh contracts) and the 59,500 strike (10.46 lakh contracts).

Maximum Call writing was observed at the 60,000 strike (with the addition of 1.38 lakh contracts), followed by the 59,300 strike (73,650 contracts) and 59,400 strike (54,540 contracts). The maximum Call unwinding was seen at the 59,700 strike, which shed 1.21 lakh contracts, followed by the 59,800 and 58,800 strikes which shed 78,930 and 77,220 contracts, respectively.



6) Bank Nifty Put Options Data

On the Put side, the maximum Put open interest was seen at the 59,000 strike (with 9.53 lakh contracts), which can act as a key support level for the index. This was followed by the 59,500 strike (8.04 lakh contracts) and the 58,500 strike (7.83 lakh contracts).

The maximum Put writing was placed at the 59,000 strike (which added 2.97 lakh contracts), followed by the 58,900 strike (1.14 lakh contracts) and the 58,700 strike (95,550 contracts). The maximum Put unwinding was seen at the 58,500 strike, which shed 86,730 contracts, followed by the 58,200 and 60,000 strikes, which shed 50,040 and 47,130 contracts, respectively.



7) Funds Flow (Rs crore)



8) Put-Call Ratio

The Nifty Put-Call ratio (PCR), which indicates the mood of the market, increased to 0.87 on January 22, compared to 0.78 in the previous session.

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



9) India VIX

The India VIX, also known as the fear index, remained at elevated levels, though it corrected 3.12 percent to 13.35 after a sharp surge, signalling consistent discomfort for bulls.



10) Long Build-up (81 Stocks)

A long build-up was seen in 81 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.



11) Long Unwinding (18 Stocks)

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



12) Short Build-up (29 Stocks)

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



13) Short-Covering (84 Stocks)

84 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: Bandhan Bank, 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.

Monthly options data suggests the 25,000-26,000 range for Nifty 50 in short term, Experts feel the relief rally unstainable given VIX at elevated levels, Nifty may face an immediate hurdle at 25,500–25,600, Immediate support seen at 200-day EMA, followed by 24,900

* Monthly options data suggests the 25,000-26,000 range for Nifty 50 in short term
* Experts feel the relief rally unstainable given VIX at elevated levels
* Nifty may face an immediate hurdle at 25,500–25,600
* Immediate support seen at 200-day EMA, followed by 24,900

shorts/business/technical-view-relief-rally-lifts-nifty-near-25-300-bears-still-dominant-as-vix-stays-high-bank-nifty-holds-trendline-support-for-another-session

* Monthly options data suggests the 25,000-26,000 range for Nifty 50 in short term
* Experts feel the relief rally unstainable given VIX at elevated levels
* Nifty may face an immediate hurdle at 25,500–25,600
* Immediate support seen at 200-day EMA, followed by 24,900

The Nifty 50 witnessed a relief rally after a three-day losing streak, bouncing back above the 200 DEMA (25,164) and closing near 25,300 with gains of half a percent on January 22. However, experts raised doubts over the sustainability of this uptrend given the prevailing strong bearish sentiment. The India VIX, the fear index, remained at elevated levels, though it declined 3.12 percent to 13.35 after a five-day uptrend, signalling caution for bulls.

The index may face an immediate hurdle at 25,500–25,600, while immediate support is placed at the 200-day EMA, followed by 24,900 as a crucial support level, experts said.

The Nifty 50 opened above 25,300 and climbed to 25,436 in the morning but could not sustain these levels, although it maintained a positive bias throughout the session. The index turned range-bound after the initial hour of the rally and closed at 25,290, up 132 points (0.53 percent), with above-average volumes. It formed a small red candle with upper and lower shadows, resembling a high-wave kind of candlestick pattern on the daily timeframe, indicating volatility and indecision among market participants.

The formation of high-wave type candles in the last two sessions signals heightened volatility in the market. The index continues to remain well below the 20-, 50- and 100-day EMAs, with the 20- and 50-day EMAs trending downward. Meanwhile, the RSI inched higher to 33.82 but remained below the signal line. The MACD also maintained a bearish crossover, with weakness fading slightly in the histogram. The Stochastic RSI showed a bullish crossover in the oversold zone. All this indicates a short-term pullback within a broader weak trend.

According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the overall near-term trend of the market remains weak, but a short-term bounce is unfolding.

“A sustainable up move above 25,500 could confirm a near-term bottom reversal pattern for the Nifty. On the other side, any weakness from here could drag the Nifty down to the recent swing lows of around 24,900–25,000 levels in the near term,” he said.

The monthly options data suggested that the Nifty 50 is expected to trade in a broader range of 25,000–26,000 levels.

The maximum Call open interest was placed at the 26,000 strike, followed by the 25,500 and 25,800 strikes. The maximum Call writing was seen at the 25,400, 25,800 and 25,600 strikes. Meanwhile, the 25,000 strike held the maximum Put open interest, followed by the 25,200 and 25,300 strikes, with maximum Put writing at the 25,300, 25,200 and 25,000 strikes.

Bank Nifty

The Bank Nifty also rebounded 400 points (0.68 percent) to 59,200 and formed a doji candlestick pattern on the daily charts—indicating indecision among bulls and bears—after bearish candle formations and a correction in the previous three sessions. The index attempted to claw back above short-term moving averages and fell below the 50-day EMA intraday but finished between them.

The momentum indicators remained in sell mode, with the MACD sustaining below the signal line and showing further weakness in the histogram. The RSI rose to 47 but remained below the reference line. All this indicates continued cautious sentiment.

On the hourly chart, the RSI has entered a bullish crossover, indicating short-term recovery attempts. However, the current setup suggests elevated volatility, and the bounce should be treated as a technical pullback rather than a trend reversal after the previous decline, said Vatsal Bhuva, Technical Analyst at LKP Securities.

According to him, a sustainable bullish view should be considered only if the index reclaims its 20-day SMA and 59,800 on a closing basis. Until then, Bank Nifty is expected to trade in a range of 58,700–59,500.

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: Relief rally lifts Nifty near 25,300; bears still dominant as VIX stays high, Bank Nifty holds trendline support for another session

The Nifty 50 witnessed a relief rally after a three-day losing streak, bouncing back above the 200 DEMA (25,164) and closing near 25,300 with gains of half a percent on January 22. However, experts raised doubts over the sustainability of this uptrend given the prevailing strong bearish sentiment. The India VIX, the fear index, remained at elevated levels, though it declined 3.12 percent to 13.35 after a five-day uptrend, signalling caution for bulls.

The index may face an immediate hurdle at 25,500–25,600, while immediate support is placed at the 200-day EMA, followed by 24,900 as a crucial support level, experts said.

The Nifty 50 opened above 25,300 and climbed to 25,436 in the morning but could not sustain these levels, although it maintained a positive bias throughout the session. The index turned range-bound after the initial hour of the rally and closed at 25,290, up 132 points (0.53 percent), with above-average volumes. It formed a small red candle with upper and lower shadows, resembling a high-wave kind of candlestick pattern on the daily timeframe, indicating volatility and indecision among market participants.

The formation of high-wave type candles in the last two sessions signals heightened volatility in the market. The index continues to remain well below the 20-, 50- and 100-day EMAs, with the 20- and 50-day EMAs trending downward. Meanwhile, the RSI inched higher to 33.82 but remained below the signal line. The MACD also maintained a bearish crossover, with weakness fading slightly in the histogram. The Stochastic RSI showed a bullish crossover in the oversold zone. All this indicates a short-term pullback within a broader weak trend.

According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the overall near-term trend of the market remains weak, but a short-term bounce is unfolding.

“A sustainable up move above 25,500 could confirm a near-term bottom reversal pattern for the Nifty. On the other side, any weakness from here could drag the Nifty down to the recent swing lows of around 24,900–25,000 levels in the near term,” he said.

The monthly options data suggested that the Nifty 50 is expected to trade in a broader range of 25,000–26,000 levels.

The maximum Call open interest was placed at the 26,000 strike, followed by the 25,500 and 25,800 strikes. The maximum Call writing was seen at the 25,400, 25,800 and 25,600 strikes. Meanwhile, the 25,000 strike held the maximum Put open interest, followed by the 25,200 and 25,300 strikes, with maximum Put writing at the 25,300, 25,200 and 25,000 strikes.

Bank Nifty

The Bank Nifty also rebounded 400 points (0.68 percent) to 59,200 and formed a doji candlestick pattern on the daily charts—indicating indecision among bulls and bears—after bearish candle formations and a correction in the previous three sessions. The index attempted to claw back above short-term moving averages and fell below the 50-day EMA intraday but finished between them.

The momentum indicators remained in sell mode, with the MACD sustaining below the signal line and showing further weakness in the histogram. The RSI rose to 47 but remained below the reference line. All this indicates continued cautious sentiment.

On the hourly chart, the RSI has entered a bullish crossover, indicating short-term recovery attempts. However, the current setup suggests elevated volatility, and the bounce should be treated as a technical pullback rather than a trend reversal after the previous decline, said Vatsal Bhuva, Technical Analyst at LKP Securities.

According to him, a sustainable bullish view should be considered only if the index reclaims its 20-day SMA and 59,800 on a closing basis. Until then, Bank Nifty is expected to trade in a range of 58,700–59,500.

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.

Sensex rose 397.74 points, Nifty up 132.40 points after three days of decline, BSE midcap and smallcap indices gained over 1%, outperforming benchmarks, Dr Reddy's, Adani Ports, Tata Steel led gainers; SBI Life, Eternal among losers

* Sensex rose 397.74 points, Nifty up 132.40 points after three days of decline
* BSE midcap and smallcap indices gained over 1%, outperforming benchmarks
* Dr Reddy's, Adani Ports, Tata Steel led gainers; SBI Life, Eternal among losers

Indian equity indices rebounded on January 22 after three days of decline, driven by positive global cues. Sensex rose 397.74 points, Nifty gained 132.40. Midcap and smallcap outperformed; most sectors ended higher except realty, consumer durables.

shorts/business/taking-stock-markets-rebound-after-3-day-slide-as-trade-worries-ease-nifty-ends-near-25-300

* Sensex rose 397.74 points, Nifty up 132.40 points after three days of decline
* BSE midcap and smallcap indices gained over 1%, outperforming benchmarks
* Dr Reddy's, Adani Ports, Tata Steel led gainers; SBI Life, Eternal among losers

After three consecutive days of decline, Indian equity indices witnessed a strong bounce back on January 22, supported by positive global cues after US President Donald Trump withdrew his tariff threat against European partners.

The market started on a positive note with the Nifty above 25,300 and extended buying pushed it past 25,400 on intraday basis; however, mid-session profit booking erased all early gains. Renewed buying in the second half helped the indices close in positive territory.

At close, the Sensex was up 397.74 points or 0.49 percent at 82,307.37, and the Nifty was up 132.40 points or 0.53 percent at 25,289.90.

The broader outperformed the benchmarks, with the BSE midcap and smallcap indices added more than 1% each.

Also Read: <a href="https://www.moneycontrol.com/news/business/markets/silver-etfs-recover-up-to-15-amid-value-buying-what-should-you-do-13785156.html">Silver ETFs recover up to 15% amid value buying: What should you do?</a>

Dr Reddy's Labs, Bharat Electronics, Adani Ports, Adani Enterprises, Tata Steel were among top gainers on the Nifty, while losers wee SBI Life Insurance, Eternal, Eicher Motors, Titan Company, Max Healthcare.

On the sectoral front, except realty, consumer durables, all other indices ended in the green with FMCG, power, metal, media, PSU Bank, pharma gained 1-2%.

Also Read - <a href="https://www.moneycontrol.com/news/business/markets/more-stocks-fall-above-10-in-mid-small-caps-than-nifty-50-index-13784207.html">More stocks fall above 10% in mid-small caps than Nifty 50 index</a>

In stock specifics, Eternal share price shed 2% despite Q3 profit jumps 73%, Dr Reddy's Laboratories shares added 5% after Q3 earnings, Waaree Energies shares rose nearly 10% as Q3 profit jumps 115%, Bank of India shares gained 5% on better earnings, Bajaj Consumer Care shares jumped 20% as profit surged 83%.

Also Read - <a href="https://www.moneycontrol.com/news/business/earnings/fpi-view-relief-rally-aside-india-equities-need-stronger-catalysts-for-sustained-turnaround-13785366.html">FPI View: Relief rally aside, India equities need stronger catalysts for sustained turnaround</a>

More than 260 stocks touched their 52-week lows, including Aditya Birla Lifestyle Brands, Sapphire Foods, Devyani International, Kalyan Jeweller, Siemens Energy, Lodha Developers, Godrej Properties, Jubilant FoodWorks, Tejas Networks, Childrens Medicare, Syngene International, Aditya Birla Fashion, Brigade Enterprises, Concord Biotech, among others. <a href="http://moneycontrol.com/stocks/market-stats/52-week-low-bse/?indexName=BSE%2520500&amp;id=12">Click to View More</a>

Outlook for January 23

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

After showing a high volatility at the lows of around 25000 recently, Nifty bounced back decently on Thursday amidst volatility and closed the day higher by 132 points. After opening with an upside gap of 187 points, the market moved up further in the early part of the session. Profit booking has occurred from near the highs of 25400 in the mid part, but the market recovered towards the end.

A small red candle was formed on the daily chart with upper and lower shadow. Technically, this market action indicates a formation of high wave type candle pattern. The formation of high wave type candles in the last two sessions signals heightened volatility in the market. The crucial 200day EMA support has been regained on Thursday and Nifty closed above it.

The overall near-term trend of the market remains weak, but the short-term bounce is unfolding. A sustainable up move above 25500 could confirm near term bottom reversal pattern for the Nifty. On the other side, any weakness from here could drag Nifty down to the recent swing lows of around 24900-25000 levels in the near term.

Rupak De, Senior Technical Analyst at LKP Securities

The index consolidated after a positive start, supported by strong global cues. However, it faced resistance near the 38.20% Fibonacci retracement level, resulting in a decline from the day’s high of 25,435 to 25,168 before closing near the midpoint of the session’s range.

Although the index managed to close above the 200DMA for the second consecutive day, the overall sentiment remains weak, as reflected by the elevated India VIX, which stood at 13.35.

In the short term, the index is likely to remain volatile on Friday. Resistance is placed in the 25,480–25,500 zone, while support is seen around 25,125.

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.

Taking Stock: Markets rebound after 3-day slide as trade worries ease; Nifty ends near 25,300

After three consecutive days of decline, Indian equity indices witnessed a strong bounce back on January 22, supported by positive global cues after US President Donald Trump withdrew his tariff threat against European partners.

The market started on a positive note with the Nifty above 25,300 and extended buying pushed it past 25,400 on intraday basis; however, mid-session profit booking erased all early gains. Renewed buying in the second half helped the indices close in positive territory.

At close, the Sensex was up 397.74 points or 0.49 percent at 82,307.37, and the Nifty was up 132.40 points or 0.53 percent at 25,289.90.

The broader outperformed the benchmarks, with the BSE midcap and smallcap indices added more than 1% each.

Also Read: Silver ETFs recover up to 15% amid value buying: What should you do?

Dr Reddy's Labs, Bharat Electronics, Adani Ports, Adani Enterprises, Tata Steel were among top gainers on the Nifty, while losers wee SBI Life Insurance, Eternal, Eicher Motors, Titan Company, Max Healthcare.

On the sectoral front, except realty, consumer durables, all other indices ended in the green with FMCG, power, metal, media, PSU Bank, pharma gained 1-2%.

Also Read - More stocks fall above 10% in mid-small caps than Nifty 50 index

In stock specifics, Eternal share price shed 2% despite Q3 profit jumps 73%, Dr Reddy's Laboratories shares added 5% after Q3 earnings, Waaree Energies shares rose nearly 10% as Q3 profit jumps 115%, Bank of India shares gained 5% on better earnings, Bajaj Consumer Care shares jumped 20% as profit surged 83%.

Also Read - FPI View: Relief rally aside, India equities need stronger catalysts for sustained turnaround

More than 260 stocks touched their 52-week lows, including Aditya Birla Lifestyle Brands, Sapphire Foods, Devyani International, Kalyan Jeweller, Siemens Energy, Lodha Developers, Godrej Properties, Jubilant FoodWorks, Tejas Networks, Childrens Medicare, Syngene International, Aditya Birla Fashion, Brigade Enterprises, Concord Biotech, among others. Click to View More

Outlook for January 23

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

After showing a high volatility at the lows of around 25000 recently, Nifty bounced back decently on Thursday amidst volatility and closed the day higher by 132 points. After opening with an upside gap of 187 points, the market moved up further in the early part of the session. Profit booking has occurred from near the highs of 25400 in the mid part, but the market recovered towards the end.

A small red candle was formed on the daily chart with upper and lower shadow. Technically, this market action indicates a formation of high wave type candle pattern. The formation of high wave type candles in the last two sessions signals heightened volatility in the market. The crucial 200day EMA support has been regained on Thursday and Nifty closed above it.

The overall near-term trend of the market remains weak, but the short-term bounce is unfolding. A sustainable up move above 25500 could confirm near term bottom reversal pattern for the Nifty. On the other side, any weakness from here could drag Nifty down to the recent swing lows of around 24900-25000 levels in the near term.

Rupak De, Senior Technical Analyst at LKP Securities

The index consolidated after a positive start, supported by strong global cues. However, it faced resistance near the 38.20% Fibonacci retracement level, resulting in a decline from the day’s high of 25,435 to 25,168 before closing near the midpoint of the session’s range.

Although the index managed to close above the 200DMA for the second consecutive day, the overall sentiment remains weak, as reflected by the elevated India VIX, which stood at 13.35.

In the short term, the index is likely to remain volatile on Friday. Resistance is placed in the 25,480–25,500 zone, while support is seen around 25,125.

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.

Live: Nifty cools off from day's high but snaps 3-day losing streak | Closing Bell

3 out of 7 years NIFTY SMLCAP 50 has given negative returns in January.

Type	R1	R2	R3	PP	S1	S2	S3
Classic	8,216.70	8,292.75	8,370.50	8,138.95	8,062.90	7,985.15	7,909.10
Fibonacci	8,197.70	8,234.00	8,292.75	8,138.95	8,080.20	8,043.90	7,985.15
Camarilla	8,154.75	8,168.85	8,182.94	8,138.95	8,126.55	8,112.45	8,098.36

INDEX CONTRIBUTION - NIFTY SMLCAP 50

Net Contribution

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