Daily Morning Report – 8/01/26

NIFTY OUTLOOK: 26140.75 FII -1527.71 cr DII 2889.32 cr

As discussed yesterday, market behaviour remained on the expected lines during the day, as selling pressure took Nifty down to our support of 26055, i.e., Nifty made a day low of 26067.9.

Further, a bearish wave candle appeared on the daily chart of Nifty, suggesting volatility and indecision about Nifty’s direction and a diminishing of selling pressure. Very near-term sentiment is bearish; hence, if bears take the lead, then on a decisive breakdown of 26100, we may see a downside move up to 26061–26021. If supply accentuates further, it may have chances to test 25981.

Furthermore, Nifty has reached near its 25 EMA (26057), from where it has bounced many times in the past. Hence, if bulls take the lead, then on a decisive breakout of 26181, we may see an upmove up to 26220–26260. If demand accentuates further, it may have chances to test 26300.

Bank Nifty OUTLOOK:
SPOT: 59990.85 PCR: 1.05 Max CE OI at 59500 & Max PE OI at 59500

On January 07, 2026, the Bank Nifty index closed at 59990.85 (-127.55) (-0.21%). The total movement in the index was 304.75 during the trading session. The index made a high of 60065.40 and a low of 59760.65.

Technical view
Important support and resistance levels of Bank Nifty are 59750 and 60560, respectively.
Intraday support and resistance levels of Bank Nifty are 59907 and 60075, respectively.
The Relative Strength Index (RSI) for the Nifty Bank index is at 62.9. 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 (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 @ 98.50 ( +0.025)

2.Vix is @ 15.38

3.Brent crude is @ 60.36

4.US 10 years bound yield is @ 4.149

Note: After the Venezuela military action, Trump has warned Mexico and Cuba with similar action, and his statement on purchasing or acquiring Greenland (part of Denmark, a NATO member) has created tension. The U.S. seized two oil tankers with the Russian flag in the Atlantic Ocean along with the UK Royal Army, which has also created tension. After capturing Venezuelan President Nicolas Maduro in a Saturday military raid on Caracas, the U.S. is escalating its blockade of vessels that are under sanctions and moving to and from the South American country, a member of the OPEC oil producers group.

As far as Indian equities are concerned, trades are cautious after Trump said he may impose more tariffs if India does not comply with the U.S. on the purchase of Russian oil. Hopes of a tariff deal were hurt due to this statement. This suggests that the U.S. is in no mood to finalise a trade deal in the near term. We may see a trade deal not coming for the next 4–6 months.

Important Pivot Point Levels for Today           

Nifty

Bank Nifty

By Ashok Bhandari (RA)

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