The Indian stock market is expected to open on a firm note on Tuesday, January 27, tracking positive global cues and supportive signals from Gift Nifty. Early indicators suggest a gap-up start despite the recent bout of selling pressure seen last week.
The Gift Nifty was trading around the 25,160 level, indicating a premium of nearly 80 points over the previous close of Nifty futures. This points to early optimism as trading resumes after the Republic Day holiday.
The domestic equity market remained shut on Monday, January 26, 2026, on account of Republic Day.
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How the market closed last week
On Friday, Indian equities ended sharply lower, extending their recent weakness. The Sensex fell 769.67 points, or 0.94%, to close at 81,537.70, while the Nifty 50 dropped 241.25 points, or 0.95%, to settle at 25,048.65. Both benchmarks slipped close to key psychological levels, keeping traders cautious.
Sensex outlook: Key levels to watch
The Sensex declined nearly 2.4% last week, forming a long bearish candle on the weekly charts. The index is currently trading below short-term moving averages, which reflects a weak near-term structure.
According to market experts, the 81,000–81,100 zone is emerging as an important support area where buying interest could appear if selling pressure intensifies. On the upside, 82,000–82,100 remains a strong resistance band. As long as the Sensex stays below 82,000, the short-term trend is expected to remain under pressure, with downside risks still in play.
Nifty 50: Range-bound with a negative bias
The Nifty 50 formed a bearish candle on both daily and weekly charts, signalling sustained weakness. Last week’s fall of around 2.5% has reinforced the negative structure.
Technically, analysts point out that the index has broken below its long-term 200-day moving average near 25,140, which adds to the cautious outlook. Immediate support lies around 24,950–25,000, a zone backed by strong put open interest. A decisive break below 25,000 could drag the index towards 24,800–24,700 in the near term.
On the upside, 25,200–25,300 is seen as a crucial resistance area. Only a sustained move above this range may trigger short-covering and improve sentiment.
Nifty OI data hints at consolidation
Options data suggests a range-bound trade in the near term. Heavy call writing is visible around 25,300–25,400, indicating resistance, while put writing around 25,000–25,200 is offering support. The subdued put-call ratio reflects cautious sentiment ahead of the monthly F&O expiry, with volatility likely to stay elevated.
Bank Nifty under pressure
The Bank Nifty ended Friday’s session 727 points lower, or 1.23%, at 58,473.10. For the week, the index fell nearly 2.7%, forming a strong bearish candle on the weekly chart.
The index has slipped below its 50-day EMA, and momentum indicators continue to weaken. Immediate support is placed in the 58,100–58,000 zone, which coincides with the 100-day EMA. A sustained breakdown below this level could push Bank Nifty towards 57,500, followed by 57,000.
On the upside, the 58,900–59,000 range is expected to act as a strong resistance, likely capping any recovery attempts in the short term.
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What traders should keep in mind
While early cues suggest a positive opening, the broader trend remains cautious. Experts advise traders to remain selective, focus on key support and resistance levels, and be prepared for higher volatility as the F&O expiry approaches.
Disclaimer: The views expressed by market experts are their own and do not represent the opinion of Axpert Media. Investors are advised to consult certified financial advisors before making any investment decisions.
