Daily Morning Report – 28/01/26

NIFTY OUTLOOK: 25175.40   FII -3068.49 cr    DII 8999.71 cr

As discussed yesterday market behaviour remained on the expected lines during the day, as oversold RSI attracted bounce upto our level of 25253, i.e. nifty made a day high of 25246.65

Further a bullish candle with lower wick appeared on daily chart of nifty suggest buying pressure for nifty from support hence if nifty will get supporting buying then on successful surpass of 25245 it may rally upto 25315 to 25383. If more demand will accentuate then it may have chances to test 25453.

However for down side 25106 to 25037 may act as immediate support for the nifty if break below these supports and sustain may drift down the nifty upto 24967 to 24900.                      

Bank Nifty OUTLOOK:   

SPOT:   59205.45  Pcr: 0.93 Max Ce OI on 60000 & Max Pe OI on 59200

On January 27, 2026, a Bank Nifty index was closed at 59205.45 (732.35) (1.25%). The total movement in the index was 1315.20 during the trading session.  The index made a high of 59436.80 and a low of 58121.60.

Technical view                                        

Important support and resistance level of Bank nifty are 57970 and 59500 respectively.  

Intraday Support and resistance of Bank nifty are 58844 and 59567 respectively.

The Relative Strength Index (RSI) for the Nifty Bank index at 48.5. Below 30 is considered oversold and above 70 overbought.  

Bank nifty Day SMA Analysis:

Bank nifty is trading above 4 out of 8 SMA’s (5, 100, 150, 200 Day).

Bank nifty is trading below 4 out of 8 SMA’s (10, 20, 30, 50 Day).

No Candlestick Pattern was identified in bank nifty on daily chart.

Macros .

1.Dollar index is @ 95.965

2.Vix is @ 16.5 (+1.24%)

3.Brent crude is @ 66.71

4.US 10 years bond yield is @ 4.233

Note : India and the European Union struck a long‑delayed deal on Tuesday that will slash tariffs on most goods, aiming to boost two‑way trade and reduce reliance on the United States amid growing global trade tensions.

The deal is expected to double EU exports to India by 2032 by eliminating or reducing tariffs in 96.6% of traded goods by value, and will lead to savings of 4 billion euros ($4.75 billion) in duties for European companies.

The EU will cut tariffs on 99.5% of goods imported from India over seven years, with tariffs to be cut to zero on Indian marine goods, leather and textile products, chemicals, rubber, base metals and gems and jewelry, India’s trade ministry said in a statement.

Canada’s Prime Minister Mark Carney, in a speech that got a standing ovation in Davos last week, urged middle powers to come together to avoid becoming victimized. He is planning to visit India to sign deals on uranium, energy and minerals, after striking a deal recently with China.

As far as commodities are concerned as mentioned & expected Metals & bullions again outperform. Lower US dollar ( trading @ 4 years low ) will further benefit Metals & bullions . Brent crude slowly inching up lower dollar index + Tension in Middle East will keep crude on edge.

Conclusion : Counties across the globe are making new trading partners to avoid getting bullied by Mr. Trump tariff terror.

 Lower dollar index will keep metals & bullions prices elevated along with Crude oil related companies (ONGC+Oil India ) .

Important Pivot Point Levels for Today           

Nifty

Bank Nifty

By Ashok Bhandari (RA)

SEBI Regd. No. INH00019549