Daily Morning Report – 7/01/26

NIFTY OUTLOOK: 26178.70 FII -107.63 cr DII 1749.35 cr

As discussed yesterday, market behaviour remained on expected lines during the day, as profit booking drifted Nifty down to our support of 26125, i.e., Nifty made a day low of 26124.75.

Further, a bearish Doji candle appeared on the daily chart of Nifty, suggesting volatility and indecision regarding Nifty’s direction. This candle, with an upper shadow, suggests selling pressure on Nifty. Hence, if selling pressure intensifies, a decisive breakdown of 26137 may lead Nifty to slip further to 26097–26055. If supply intensifies further, it may have a chance to test 26013.

However, on the upside, 26220–26261 may act as immediate resistance for Nifty. A break and sustained move above these resistance levels may push Nifty to 26305–26344.

Bank Nifty OUTLOOK:
Spot: 60118.40 PCR: 1.11 Max CE OI: 59500 Max PE OI: 59500

On 6th January 2026, the Bank Nifty index closed at 60118.40 (+74.20, +0.12%). The total movement in the index was 460.20 during the trading session. The index made a high of 60305.00 and a low of 59844.80.

Technical View:
Important support and resistance levels of Bank Nifty are 59750 and 60560, respectively.
Intraday support and resistance levels are 59992 and 60245, respectively.
The Relative Strength Index (RSI) for the Nifty Bank index is at 66.0. 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.

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

Important Pivot Point Levels for Today           

Nifty

Bank Nifty

By Ashok Bhandari (RA)

SEBI Regd. No. INH00019549