Stock market today: Gift Nifty down 75 points; key levels for Nifty, Sensex & Nifty Bank
Nifty futures on the NSE International Exchange traded 75.40 points, or 0.30 per cent, down at 25,371, hinting at a negative start for the domestic market on Thursday.
- Jan 29, 2026,
- Updated Jan 29, 2026 8:47 AM IST
Indian equity benchmark indices are poised to open lower on Thursday, after two sessions of gains fueled by the agreement of a trade deal with the European Union and the US Federal Reserve's overnight pause, which was widely expected. Attention now shifts to the Union budget for fiscal year 2026–27, due February 1.
Nifty futures on the NSE International Exchange traded 75.40 points, or 0.30 per cent, down at 25,371, hinting at a negative start for the domestic market on Thursday. Asia's runaway stock markets took a breather on Thursday. Nikkei was down 0.3 per cent, while Hang Seng and KOSPI edged higher.
The Union Budget is expected to balance the growth momentum and fiscal consolidation, with focus on higher capex across sectors, said Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services. "The positive market momentum may continue, supported by positive sentiments around the India-EU FTA and the upcoming Budget, while tracking global cues and the ongoing Q3 earnings season."
US stocks ended mostly higher with a boost from chip stocks while the S&P 500 closed virtually unchanged on Wednesday. The Dow Jones Industrial Average rose 12.19 points, or 0.02 per cent, to 49,015.60, the S&P 500 lost 0.57 points, or 0.01 per cent, to 6,978.03 and the Nasdaq Composite gained 40.35 points, or 0.17 per cent, to 23,857.45
Over in currency markets, the dollar was on the defensive as investors hedged against US policy uncertainty and the country's ever-growing mountain of debt. The decline in the dollar has further encouraged demand for hard assets, with gold, silver and copper all zooming higher. Against a basket of currencies, the dollar was at 96.24.
Oil prices extended their recent rally on worries any US military action against Iran could hamper global supplies. Brent added 0.6 per cent to $68.80 a barrel, while US crude rose 0.7 per cent to $63.65 per barrel. Gold added 1.8 per cent to $5,485 an ounce , bringing its gains for this month alone to 27 per cent.
In the environment of mixed global cues and improving domestic optimism, participants are advised to maintain a selective, stock-specific approach, prioritising sectors showing a steadier trend, said Ajit Mishra, SVP of Research at Religare Broking. "Disciplined risk management is essential, given the likelihood of continued volatility in the run-up to the Union Budget."
Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 480.26 crore on Wednesday. On the other hand, domestic institutional investors (DIIs) turned buyers of Indian equities to the tune of Rs 3,360.59 crore on a net-net basis.
Nifty50 & Sensex outlook
Technically, the market has formed a bullish candle on daily charts and it is holding an uptrend continuation formation on intraday charts, which is largely positive. For day traders, 25,200/82,000 would act as a key support zone. Above 25,200/82,000, the pullback rally could continue till 25,500/82,800, said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
"Further upside may also continue, potentially lifting the index to 25,575/83,000. On the flip side, below 25,200/82,000, sentiment could change. If the index falls below this level, traders may prefer to exit their long positions," he said.
A reasonable bull candle has been formed on the daily chart with upper and lower shadow. Technically, this market action indicates continuation of Pre-Budget rally and the market is now placed at the edge of breaking above the crucial overhead resistance of 25,450 levels, said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
"The overall chart pattern of Nifty indicates a formation of short-term bottom reversal for the market. A sustainable move above the hurdle of 25,450-25,500 levels could open broad based rally for the Nifty towards 25,800 levels in the near term. Immediate support is placed at 25,200 levels," he said.
Nifty Bank outlook
Nifty Bank extended its up move for the second session in a row. It has formed a doji candle with a higher high and a higher low, signalling consolidation with positive bias. Volatility is likely to stay elevated in the coming sessions. Index in the short term is likely to consolidate in the range of 60,400-58,500, said Bajaj Broking.
"Only a move above the recent high of 60,400 will open further upside towards the 61,500 levels. Key support, as mentioned in earlier editions, is placed at 58,000-57,500 levels, being the confluence of the 100-day EMA and the major breakout area. The daily stochastic has generated a buy signal moving above its nine-period average, thus validating positive bias," it said.
Nifty Bank formed a bullish hammer candlestick pattern on the daily timeframe, suggesting buying interest emerging at lower levels and potential short-term reversal if follow-through buying sustains, said Hitesh Tailor, Technical Research Analyst at Choice Broking. "Immediate resistance is placed in the 59,900–60,000 zone, while key support is located in the 59,300–59,400 range."
Indian equity benchmark indices are poised to open lower on Thursday, after two sessions of gains fueled by the agreement of a trade deal with the European Union and the US Federal Reserve's overnight pause, which was widely expected. Attention now shifts to the Union budget for fiscal year 2026–27, due February 1.
Nifty futures on the NSE International Exchange traded 75.40 points, or 0.30 per cent, down at 25,371, hinting at a negative start for the domestic market on Thursday. Asia's runaway stock markets took a breather on Thursday. Nikkei was down 0.3 per cent, while Hang Seng and KOSPI edged higher.
The Union Budget is expected to balance the growth momentum and fiscal consolidation, with focus on higher capex across sectors, said Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services. "The positive market momentum may continue, supported by positive sentiments around the India-EU FTA and the upcoming Budget, while tracking global cues and the ongoing Q3 earnings season."
US stocks ended mostly higher with a boost from chip stocks while the S&P 500 closed virtually unchanged on Wednesday. The Dow Jones Industrial Average rose 12.19 points, or 0.02 per cent, to 49,015.60, the S&P 500 lost 0.57 points, or 0.01 per cent, to 6,978.03 and the Nasdaq Composite gained 40.35 points, or 0.17 per cent, to 23,857.45
Over in currency markets, the dollar was on the defensive as investors hedged against US policy uncertainty and the country's ever-growing mountain of debt. The decline in the dollar has further encouraged demand for hard assets, with gold, silver and copper all zooming higher. Against a basket of currencies, the dollar was at 96.24.
Oil prices extended their recent rally on worries any US military action against Iran could hamper global supplies. Brent added 0.6 per cent to $68.80 a barrel, while US crude rose 0.7 per cent to $63.65 per barrel. Gold added 1.8 per cent to $5,485 an ounce , bringing its gains for this month alone to 27 per cent.
In the environment of mixed global cues and improving domestic optimism, participants are advised to maintain a selective, stock-specific approach, prioritising sectors showing a steadier trend, said Ajit Mishra, SVP of Research at Religare Broking. "Disciplined risk management is essential, given the likelihood of continued volatility in the run-up to the Union Budget."
Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 480.26 crore on Wednesday. On the other hand, domestic institutional investors (DIIs) turned buyers of Indian equities to the tune of Rs 3,360.59 crore on a net-net basis.
Nifty50 & Sensex outlook
Technically, the market has formed a bullish candle on daily charts and it is holding an uptrend continuation formation on intraday charts, which is largely positive. For day traders, 25,200/82,000 would act as a key support zone. Above 25,200/82,000, the pullback rally could continue till 25,500/82,800, said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
"Further upside may also continue, potentially lifting the index to 25,575/83,000. On the flip side, below 25,200/82,000, sentiment could change. If the index falls below this level, traders may prefer to exit their long positions," he said.
A reasonable bull candle has been formed on the daily chart with upper and lower shadow. Technically, this market action indicates continuation of Pre-Budget rally and the market is now placed at the edge of breaking above the crucial overhead resistance of 25,450 levels, said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
"The overall chart pattern of Nifty indicates a formation of short-term bottom reversal for the market. A sustainable move above the hurdle of 25,450-25,500 levels could open broad based rally for the Nifty towards 25,800 levels in the near term. Immediate support is placed at 25,200 levels," he said.
Nifty Bank outlook
Nifty Bank extended its up move for the second session in a row. It has formed a doji candle with a higher high and a higher low, signalling consolidation with positive bias. Volatility is likely to stay elevated in the coming sessions. Index in the short term is likely to consolidate in the range of 60,400-58,500, said Bajaj Broking.
"Only a move above the recent high of 60,400 will open further upside towards the 61,500 levels. Key support, as mentioned in earlier editions, is placed at 58,000-57,500 levels, being the confluence of the 100-day EMA and the major breakout area. The daily stochastic has generated a buy signal moving above its nine-period average, thus validating positive bias," it said.
Nifty Bank formed a bullish hammer candlestick pattern on the daily timeframe, suggesting buying interest emerging at lower levels and potential short-term reversal if follow-through buying sustains, said Hitesh Tailor, Technical Research Analyst at Choice Broking. "Immediate resistance is placed in the 59,900–60,000 zone, while key support is located in the 59,300–59,400 range."