Stock market today: Gift Nifty down 7 points; key levels for Nifty, Sensex & Nifty Bank
Nifty futures on the NSE International Exchange traded 6.80 points, or 0.03 per cent, down at 25,343, hinting at a muted start for the domestic market on Friday.
- Jan 23, 2026,
- Updated Jan 23, 2026 8:19 AM IST
Indian equity benchmark indices are set to open on a flat note on Friday, tracking Asian peers as geopolitical jitters over Greenland eased, though persistent foreign outflows and a mixed earnings season kept sentiment cautious at home. Traders will be looking at Q3 earnings and upcoming Union Budget 2026.
Nifty futures on the NSE International Exchange traded 6.80 points, or 0.03 per cent, down at 25,343, hinting at a muted start for the domestic market on Friday. Stocks made tepid gains in early Asian trading on Friday. KOSPI was up two-third a per cent, while Nikkei and Hang Seng added one-third a per cent.
"We expect market focus to shift gradually towards the Union Budget 2026 to be announced on February 01. On the macro front, global markets would react to the US Q3 GDP and monthly retail inflation (CPI)," said Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services. "We expect markets to track global cues, macro indicators and the ongoing quarterly earnings."
Wall Street ended higher on Wednesday as investors were buoyed by news that a framework for an agreement on Greenland had been reached. The Dow Jones Industrial Average jumped 588.64 points, or 1.21 per cent, to 49,077.23, the S&P 500 gained 78.76 points, or 1.16 per cent, to 6,875.62 and the Nasdaq Composite rose 270.50 points, or 1.18 per cent, to 23,224.83.
The US dollar index held steady at 98.329, meandering around its lowest levels of the year, after logging its biggest one-day fall in six weeks on Thursday. Bitcoin was last up 0.3 per cent at $89,499.47, while ether nudged 0.2 per cent higher to $2,948.14.
Brent crude futures were last up 0.4 per cent at $64.30 a barrel, steadying after Trump's softer tone towards Greenland and Iran eased fears of geopolitical risks disrupting supply. Precious metals markets set records as the dollar wallowed around the lows of the year. Gold was seen gaining 0.3 per cent to $4,951.47 per ounce, while silver was up 1.7 per cent at $97.85 per ounce.
Sentiment improved significantly amid reports of easing geopolitical tensions and a perceived reduction in near-term tariff risks following comments from the US President, said Ajit Mishra, SVP of Research at Religare Broking. "Participants should align their positions with a strong focus on risk management, given the likelihood of continued choppiness in the near term," he said.
Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 2,549.80 crore on Thursday. On the other hand, domestic institutional investors (DIIs) turned buyers of Indian equities to the tune of Rs 4,222.98 crore on a net-net basis.
Nifty50 & Sensex outlook
"The market has formed a back to back indecisive pattern, and that may keep the market volatile within the broader trading range. We believe that, given the intraday market volatility, traders need to be careful while trading at resistance and support levels," Shrikant Chouhan, Head of Equity Research at Kotak Securities.
On the downside, 25,150/81900 could act as key support zones, while 25,500/82900 and 25,600/83200 could act as key resistance levels for bulls. Below 25150/81900, Nifty could move towards 25000/81500. Reduce weak long positions between 25500-25600, he said.
Technically, this market action indicates a formation of high wave type candle patterns. The formation of high wave type candles in the last two sessions signals heightened volatility in the market. The crucial 200day EMA support was regained on Thursday and Nifty closed above it, said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
"The overall near-term trend of the market remains weak, but the 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 Nifty down to the recent swing lows of around 24,900-25,000 levels in the near term," he said.
Nifty Bank outlook
Unless Nifty Bank decisively reclaims its 50-day EMA, the probability of a strong pullback remains limited. The 100-Day EMA zone of 58,200-58,100 will act as an immediate support, said By Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities. "Any sustained below the 58,100 level, could lead to extending its down move further towards the 57,800 level. On the upside, the zone of 59,100-59,200 will act as an immediate resistance," it said.
Nifty Bank is indicating buying interest on declines and a phase of positive consolidation. Resistance for the index is placed at 59,500–59,600, while key support lies at 58,900–59,000, said Hitesh Tailor, Research Analyst at Choice Broking. "The daily RSI at 47 is rising, suggesting improving momentum, though traders are advised to wait for a decisive breakout before initiating fresh positions."
Indian equity benchmark indices are set to open on a flat note on Friday, tracking Asian peers as geopolitical jitters over Greenland eased, though persistent foreign outflows and a mixed earnings season kept sentiment cautious at home. Traders will be looking at Q3 earnings and upcoming Union Budget 2026.
Nifty futures on the NSE International Exchange traded 6.80 points, or 0.03 per cent, down at 25,343, hinting at a muted start for the domestic market on Friday. Stocks made tepid gains in early Asian trading on Friday. KOSPI was up two-third a per cent, while Nikkei and Hang Seng added one-third a per cent.
"We expect market focus to shift gradually towards the Union Budget 2026 to be announced on February 01. On the macro front, global markets would react to the US Q3 GDP and monthly retail inflation (CPI)," said Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services. "We expect markets to track global cues, macro indicators and the ongoing quarterly earnings."
Wall Street ended higher on Wednesday as investors were buoyed by news that a framework for an agreement on Greenland had been reached. The Dow Jones Industrial Average jumped 588.64 points, or 1.21 per cent, to 49,077.23, the S&P 500 gained 78.76 points, or 1.16 per cent, to 6,875.62 and the Nasdaq Composite rose 270.50 points, or 1.18 per cent, to 23,224.83.
The US dollar index held steady at 98.329, meandering around its lowest levels of the year, after logging its biggest one-day fall in six weeks on Thursday. Bitcoin was last up 0.3 per cent at $89,499.47, while ether nudged 0.2 per cent higher to $2,948.14.
Brent crude futures were last up 0.4 per cent at $64.30 a barrel, steadying after Trump's softer tone towards Greenland and Iran eased fears of geopolitical risks disrupting supply. Precious metals markets set records as the dollar wallowed around the lows of the year. Gold was seen gaining 0.3 per cent to $4,951.47 per ounce, while silver was up 1.7 per cent at $97.85 per ounce.
Sentiment improved significantly amid reports of easing geopolitical tensions and a perceived reduction in near-term tariff risks following comments from the US President, said Ajit Mishra, SVP of Research at Religare Broking. "Participants should align their positions with a strong focus on risk management, given the likelihood of continued choppiness in the near term," he said.
Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 2,549.80 crore on Thursday. On the other hand, domestic institutional investors (DIIs) turned buyers of Indian equities to the tune of Rs 4,222.98 crore on a net-net basis.
Nifty50 & Sensex outlook
"The market has formed a back to back indecisive pattern, and that may keep the market volatile within the broader trading range. We believe that, given the intraday market volatility, traders need to be careful while trading at resistance and support levels," Shrikant Chouhan, Head of Equity Research at Kotak Securities.
On the downside, 25,150/81900 could act as key support zones, while 25,500/82900 and 25,600/83200 could act as key resistance levels for bulls. Below 25150/81900, Nifty could move towards 25000/81500. Reduce weak long positions between 25500-25600, he said.
Technically, this market action indicates a formation of high wave type candle patterns. The formation of high wave type candles in the last two sessions signals heightened volatility in the market. The crucial 200day EMA support was regained on Thursday and Nifty closed above it, said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
"The overall near-term trend of the market remains weak, but the 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 Nifty down to the recent swing lows of around 24,900-25,000 levels in the near term," he said.
Nifty Bank outlook
Unless Nifty Bank decisively reclaims its 50-day EMA, the probability of a strong pullback remains limited. The 100-Day EMA zone of 58,200-58,100 will act as an immediate support, said By Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities. "Any sustained below the 58,100 level, could lead to extending its down move further towards the 57,800 level. On the upside, the zone of 59,100-59,200 will act as an immediate resistance," it said.
Nifty Bank is indicating buying interest on declines and a phase of positive consolidation. Resistance for the index is placed at 59,500–59,600, while key support lies at 58,900–59,000, said Hitesh Tailor, Research Analyst at Choice Broking. "The daily RSI at 47 is rising, suggesting improving momentum, though traders are advised to wait for a decisive breakout before initiating fresh positions."