Market Outlook – Tuesday, 20 January 2026

Nifty Weekly Expiry – Volatile with Bullish Bias Today is Nifty weekly expiry, and the market setup indicates high volatility with selective buying near support levels. Global cues remain mixed due to geopolitical tensions and renewed trade concerns, while domestic fundamentals continue to provide support. --- Nifty Technical Snapshot Weekly VWAP: 25,620 Nifty is trading slightly below VWAP, indicating a volatile stance for the expiry-day perspective. Trend Outlook Bias: Volatile to mildly bullish Sharp intraday swings are expected, with buying interest visible near lower support zones. Key Levels Resistance: 25,700 → 25,850 Support: 25,450 → 25,350 Bullish Trigger: Sustained trade above 25,650 Expected Expiry Range 25,350 – 25,850 --- Derivatives Overview – Nifty Max Call OI: 25,800 / 26,000 Max Put OI: 25,500 / 25,700 Put-Call Ratio (PCR): 0.77 (slightly improved) OI Build-up Zones Call Writing: 25,800 – 25,850 Put Writing: 25,500 – 25,600 ➡️ Derivatives data suggests mixed cues with a broader range of 25,200 – 26,000. --- Expiry Day Strategy (Educational View) Bull Call Spread: Buy near-ATM Call and Sell higher strike Call to manage risk Range-bound Strategy: Option writing near extreme support and resistance levels (high risk, suitable only for experienced traders) ⚠️ Strict risk management is essential on expiry day. --- Bank Nifty Outlook Current Range: 59,500 – 60,500 Key Levels Resistance: 60,000 → 60,250 → 60,500 Support: 59,750 → 59,500 Bank Nifty formed an inside-bar pattern, indicating consolidation. A decisive move above 60,000 is required for fresh upside momentum. --- Global & Macro Cues Gold & Silver: Trading at record highs amid geopolitical uncertainty Crude Oil: Slightly weak below $64 per barrel IMF Update: India’s FY26 GDP growth forecast raised to 7.3%, supportive for long-term sentiment Global Markets: Weak US and European cues due to renewed tariff and geopolitical tensions --- Sectoral Outlook (Instead of Stock-specific) Positive Sector Bias PSU Banks: Supported by strong quarterly results and improving asset quality IT Services: Selective buying on stable margins and deal pipeline Metals: Benefiting from rising global metal prices Defense: Positive momentum on fresh procurement approvals FMCG: Expectations of steady earnings and demand recovery Tyre & Auto Ancillaries: Margin improvement and strong quarterly performance Weak / Cautious Sectors Large-cap Energy & Telecom: Profit booking Disclaimer: We are not SEBI registered. All views shared are personal and for educational purposes only. Market investments are subject to risk. Please do your own research or consult a SEBI registered advisor before investing.