On January 9, Indian markets are set to open cautiously, with GIFT Nifty showing a slight uptick to around 26,001, up by 15 points. Despite a guarded atmosphere, domestic signals still provide some support. The market’s direction will likely be influenced by global trends, crude oil prices, and institutional investment flows.
In the previous session, Nifty 50 struggled, closing below the key 26,000 threshold. This downturn underscores a wary market lacking new encouraging signals. Sectors like auto, metal, and PSU banking faced significant selling pressure, though a few stocks saw minor gains amid volatility. For now, strong support lies between 25,700 and 25,750. The index needs to hold above the 26,000–26,050 range to avoid further declines, while the resistance level remains between 26,150 and 26,200.
The Bank Nifty also mirrored this weaker trend, showing declines due to selling by major banking shares. Support for this index is found in the 59,300–59,400 range, crucial to prevent poorer performance. On the higher side, breaking above the 59,900–60,000 area is essential for regaining momentum.
On January 8, Foreign Institutional Investors (FIIs) sold off shares worth about ₹3,367 crore, marking their fourth consecutive day of net selling. In contrast, Domestic Institutional Investors (DIIs) stepped in, buying equities worth around ₹3,701 crore. This shift highlights the contrasting strategies of these investor groups amid ongoing market uncertainty.
Experts recommend that traders remain selective during this period. Focus on fundamentally solid stocks, especially when the market dips. Fresh long positions should only be considered after a clear breakout above 26,400 on the Nifty. Historical precedents suggest that similar caution was advised during past market downturns, only for a resurgence in key sectors to follow, reinforcing the importance of strategic decision-making. Staying informed through reliable sources like the BSE India or NSE India can offer deeper insights into the market’s future trends.
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