Market Outlook – 28 January 2026

Volatile Session with Support-Based Buying The Indian equity market witnessed a highly volatile trading session amid global uncertainty, FII selling pressure, and anticipation around key macro events such as the Union Budget and global central bank meetings. Despite early weakness, benchmark indices showed resilience and recovered from lower levels, indicating strong support-based buying. 🔎 Nifty 50 – Technical View Nifty opened with a sharp gap down but managed to defend the crucial support zone near 24900–25000. Although volatility remained high throughout the session, the index recovered steadily and closed in the positive territory. The daily chart formed a bullish candle with a long lower shadow, suggesting buying interest at lower levels. Strength will improve if Nifty crosses and sustains above 25200, which can open the path toward 25400–25500. Immediate supports remain at 25000 followed by 24900. 📊 Options Data Insight Heavy Put writing near 25000 indicates strong support. Call writing near 25500–26000 suggests resistance at higher levels. Overall, option data points to a broader trading range of 24700–25700, with an immediate range of 24900–25400. 🔎 Sensex – Market Structure Sensex experienced wide intraday swings but recovered from lower levels, forming a bullish candle with a long lower wick on the daily chart. Buying is visible near support zones, but the lower-low structure still keeps short-term volatility high. A sustained move above 82000 is required for further upside toward 82200–82500. Failure to hold above this level may drag the index toward 81600–81400. 🔎 Bank Nifty – Relative Outperformance Bank Nifty showed relative strength compared to broader indices. The index recovered sharply from lower levels and formed a bullish daily candle. Sustaining above 59250 may lead to a bounce toward 59750–60000. Supports are placed near 59000 and 58750. 🧮 Derivatives View (Bank Nifty) Put writing around 59000 highlights strong support. Call writing near 59300–59500 indicates resistance. Expected trading range: 58750–60000. 🏭 Sectoral Outlook ✅ Positive Bias Seen In: Metals Mining & Natural Resources Cement & Infrastructure Public Sector Banks Private Banking Energy & Oil Exploration ⚠️ Weakness Observed In: Automobile & Auto Finance Paints & Chemicals Capital Goods Biotechnology & Pharma Consumer & Beverage Financial Services & Market Infrastructure 🌍 Global & Macro Snapshot Global markets remain mixed amid US Federal Reserve meeting expectations. FIIs continue to remain net sellers, while DIIs are providing strong support to the market. Volatility index remains moderate, indicating cautious sentiment. 📌 Key Takeaway The market is currently in a range-bound and volatile phase. While buying at lower levels suggests strong support, sustained upside will require follow-through buying and a reduction in global uncertainty. Traders are advised to remain cautious, follow levels strictly, and manage risk effectively. ⚠️ Disclaimer We are not SEBI registered. This content is for educational and informational purposes only and should not be considered as investment advice or a recommendation to buy or sell any security. Stock market investments are subject to market risks. Please consult a SEBI-registered financial advisor before making any investment decisions.