Daily Morning Report – 09/01/26

NIFTY OUTLOOK: 25876.85
FII: -Rs.3,367.12 cr  DII: Rs.3,701.17 cr

As discussed yesterday, market behaviour remained on the expected lines during the day. Selling pressure opened Nifty near our breakdown level of 26100 (day’s open at 26106.5). From there, continued selling pressure dragged Nifty down sharply to an intraday low of 25858.45.

Further, a long bearish candle appeared on the daily chart of Nifty, suggesting weakness in the coming sessions. If this weakness persists, then on a decisive breakdown of 25833, Nifty may slip further towards 25789–25745. If selling pressure intensifies further, it may even test 25701.

On the upside, 25921–25965 will act as immediate resistance for Nifty. A sustained breakout above this zone may push Nifty towards 26010–26053.

Bank Nifty Outlook:

SPOT: 59686.50
PCR: 0.94
Max CE OI: 59500  Max PE OI: 59500

On 7th January 2026, Bank Nifty closed at 59990.85, down 304.35 points (-0.51%). The index witnessed a total movement of 548.05 points, recording a high of 60112.85 and a low of 59564.80 during the session.

Technical View:

• Important support and resistance levels for Bank Nifty are 59750 and 60560, respectively.
• Intraday support and resistance are placed at 59536 and 59837, respectively.
• The RSI for Bank Nifty stands at 56.0. Below 30 is considered oversold, while above 70 is considered overbought.

Bank nifty Day SMA Analysis:

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

Bank nifty is trading below 1 out of 8 SMA’s (5 Day).

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

Macro :

1.Dollar index is @ 98.697

2.Vix is @ 15.45

3.Crude is @ 62.33

4.US 10 years bond yield is @ 4.16

Note:

U.S. weekly jobless claims rose marginally, as data released on Thursday showed a moderate increase in new applications for unemployment benefits amid relatively low layoffs. Meanwhile, U.S. job openings fell more than expected in November, while hiring eased, according to a Labor Department report released on Wednesday.

“The market is looking for a bit more definitive evidence as to which way the economy is going,” said Marvin Loh, Senior Global Market Strategist at State Street in Boston. “The consensus is that the dollar will continue to weaken from here, given that rate cuts from the Fed are still expected.”

As far as Indian markets are concerned, India’s finance ministry is planning to scrap five-year-old restrictions on Chinese firms bidding for government contracts, according to two government sources. This move comes as New Delhi looks to revive commercial ties amid easing border tensions. The curbs were imposed in 2020 following a deadly military clash and required Chinese firms to register with a government committee and obtain political and security clearances.

Conclusion:

Companies such as L&T and BHEL may feel the heat, as competition from Chinese firms is likely to intensify following the government’s move to relax restrictions on Chinese bidders.

Important Pivot Point Levels for Today           

Nifty

Bank Nifty

By Ashok Bhandari (RA)

SEBI Regd. No. INH00019549