Market Outlook – 29 January 2026

Pre-Market Analysis, Derivatives & Global Cues Market Summary Indian equity markets ended the previous session on a strong note, supported by broad-based buying, improving domestic economic indicators, and positive expectations around the upcoming Union Budget. The benchmark indices formed bullish patterns on the daily charts, indicating improving momentum at lower levels. However, global uncertainties such as geopolitical tensions, rising crude oil prices, and a mildly negative global market setup suggest that markets may open marginally lower today. Any dip may present buying opportunities, provided key support levels hold. Index Technical View Nifty 50 The Nifty formed a bullish candle on the daily chart and successfully negated the lower-highs pattern seen over the past two sessions. Key Resistance: 25,450 – 25,600 Immediate Support: 25,200 Major Support: 25,050 For a sustained upward move, the index needs to hold above the 25,300 level. Sensex The Sensex showed strong recovery from intraday lows, indicating buying interest at lower levels and improving momentum. Upside Levels: 82,700 – 83,000 Support Zone: 82,000 – 81,800 With monthly expiry today, volatility may remain elevated. Bank Nifty Bank Nifty remained range-bound but maintained a positive bias. Buying interest was visible near lower levels. Resistance: 59,750 – 60,000 Support: 59,250 – 59,000 Holding above 59,500 is crucial for further upside. Derivatives & Options Insight Maximum Call Open Interest is placed near higher resistance zones Maximum Put Open Interest indicates strong support near key levels Put writing at lower strikes suggests confidence in downside protection Option data indicates: Immediate range: 25,100 – 25,500 Broader range: 24,800 – 25,800 The Put/Call Ratio has slightly softened, suggesting cautious optimism. Institutional Activity Foreign Institutional Investors (FIIs): Net buyers in cash market Domestic Institutional Investors (DIIs): Strong net buying continues This buying interest supports market stability despite global headwinds. Sectoral Outlook Positive Bias Sectors Metals: Rising base metal prices on global exchanges Defence: Budget expectations and strong order pipelines Railways & Infrastructure: Anticipation of higher government spending Public Sector Banks: Improved asset quality and earnings momentum Energy & Upstream Oil: Rising crude prices support realizations Weak or Cautious Sectors FMCG Consumer Durables Paints Aviation Selective Pharmaceuticals Global Market Cues The US Federal Reserve kept interest rates unchanged, in line with expectations US markets closed mixed after varied corporate earnings Asian markets opened mixed Crude oil prices rose to a four-month high amid geopolitical tensions Gold prices surged to record highs due to risk aversion and currency weakness Key Events to Watch Today Release of India’s Economic Survey Monthly expiry for Sensex derivatives Major corporate earnings across banking, FMCG, auto, power, and technology sectors Global data including US jobless claims and Japan consumer confidence Overall Market View The broader trend remains constructive, supported by strong domestic fundamentals, improving earnings, and institutional buying. While near-term volatility may persist due to global factors and derivative expiry, the medium-term outlook remains positive as long as key support levels are respected. Traders are advised to remain disciplined, manage risk carefully, and focus on sectoral opportunities rather than aggressive index-level positions. Disclaimer This blog is for educational and informational purposes only. We are not SEBI registered advisors. The views expressed are based on publicly available data and technical analysis and should not be construed as investment advice. Investments in the securities market are subject to market risks. Readers are advised to consult a qualified financial advisor before making any investment decisions.