Pre-Market Market Outlook & Derivatives Setup – 23 January 2026

Market Overview Indian equity markets are expected to open on a cautiously positive note, supported by strong global cues, easing geopolitical tensions, and encouraging quarterly earnings. However, intraday volatility may persist due to derivatives positioning and continued FII selling. Global markets rallied overnight after improved risk sentiment, while Asian indices traded marginally higher. Domestically, the index continues to hold crucial long-term averages, suggesting resilience despite recent swings. Index Technical Outlook Nifty 50 Nifty formed a Doji candle, indicating indecision but also a potential pause in the recent corrective phase. The index has broken its short-term lower high–lower low structure, hinting at stabilization. Immediate Support: 25150 → 25000 Key Resistance: 25450 → 25600 Bias: Hold above 25200 to maintain recovery momentum Expected Range: 25100 – 25500 (Broader range: 24800 – 25800) Sensex Sensex witnessed high volatility but showed strong buying interest at lower levels, reflecting support from institutional investors. Resistance: 82500 → 83000 Support: 82200 → 81900 Structure: Sideways with positive undertone Bank Nifty Bank Nifty formed a Doji with long wicks, indicating active participation from both buyers and sellers. Support Zone: 59000 → 58750 Resistance Zone: 59250 → 59750 Trend: Range-bound, stock-specific action likely Derivatives & Options Data Nifty Put Call Ratio (PCR): ~0.85 (Neutral to mildly positive) Maximum Call OI: 25400 → 25500 Maximum Put OI: 25000 → 25200 Option Data Indicates: Immediate range: 25100 – 25500 Broader range: 24800 – 25800 FII Activity Net sellers in cash market Index futures shorts increased Stock futures show selective long build-up DII Activity Continued net buying, providing downside support Sector-wise Outlook Positive / Focus Sectors Metals: Rising global steel prices supportive Defence: Budget expectations and order inflows Public Sector Banks: Improved asset quality trends Infrastructure & Capital Goods: Strong order visibility Gold Finance: Record-high gold prices supportive Cautious / Weak Sectors Real Estate: Margin pressure visible Consumer Durables: Cost pressures impacting profitability Selective NBFCs: Asset quality concerns in pockets Global Market Snapshot US Markets: Closed higher on strong GDP and tech rally Asia: Trading mildly positive Gold: At record highs due to geopolitical uncertainty Crude Oil: Corrected sharply on peace-talk developments Volatility Index (VIX): Low-to-moderate, but can spike intraday Strategy for the Day Expect range-bound trade with stock-specific action Buy on dips near strong supports Avoid aggressive leverage near resistance zones Focus on earnings-driven and sector rotation trades Disclaimer This blog is for educational and informational purposes only. We are NOT SEBI registered. The views expressed are based on technical, derivatives, and publicly available market data and do not constitute investment advice. Stock market investments are subject to market risks. Please consult a SEBI-registered investment advisor before making any trading or investment decisions.