Daily Morning Report – 02/01/2026

NIFTY OUTLOOK: 26146.55 FII -3268.60 cr DII 1525.89 cr

As discussed yesterday, market behaviour remained on expected lines during the day, as Nifty opened at our breakout level of 26173 and rallied from there up to our level of 26216, i.e., it made a day high of 26197.

Further, a bearish candle appeared on the daily chart of Nifty, suggesting a diminishing of buying pressure and some profit booking. Hence, if further profit booking persists, Nifty may drift down to 26066–26026 on a decisive breakdown of 26106. If supply intensifies further, it may have a chance to test 25986.

Furthermore, the imminent trend for Nifty remains positive and may encounter resistance around 26187–26227. A break and sustained move above these resistance levels may push Nifty up to 26267–26310.

Bank Nifty OUTLOOK:
Spot: 59711.55 PCR: 1.09 Max CE OI: 59500 Max PE OI: 59500

On 1st January 2026, the Bank Nifty index closed at 59711.55 (+129.70, +0.22%). The total movement in the index was 173.55 during the trading session. The index made a high of 59743.20 and a low of 59569.65.

Technical View:
Important support and resistance levels of Bank Nifty are 59000 and 60100, respectively.
Intraday support and resistance levels are 59664 and 59759, respectively.
The Relative Strength Index (RSI) for the Nifty Bank index is at 62.0. Below 30 is considered oversold and above 70 overbought.

Bank nifty Day SMA Analysis

Bank nifty is trading above 8 out of 8 SMA’s (5, 10, 20, 30, 50, 100, 150, 200 Day).

Bank nifty is trading below 0 out of 8 SMA’s.

One Candlestick Pattern was identified in bank nifty on daily chart.

• Inside Uptrend

Macro:

1. Dollar index is @ 97.887

2. Vix is @ 14.95

3. Brent crude is @ 61.06

4. 10 years bond yield is @ 4.841

Note: Trump’s aggressive stance on tariffs appears to be getting a bit softer. U.S. President Donald Trump signed a proclamation on Wednesday to delay increases in tariffs for upholstered furniture, kitchen cabinets, and vanities for another year, the White House said.

As far as Indian equities are concerned, the Indian market is trading in a tight range of 25700–26300. The next triggers will be the Budget, the earnings season, and a tariff deal. If the earnings season goes well, we may see FIIs returning to the Indian market.

Important Pivot Point Levels for Today           

Nifty

Bank Nifty

By Ashok Bhandari (RA)

SEBI Regd. No. INH00019549