Indian stock markets are likely to start the day on a mixed or slightly positive note on Tuesday, Jan 6, as regional markets in Asia are showing gains.
What the numbers say
Pre‑market data on the Gift Nifty showed the index at 26,392, up about 0.3%.
Sensex outlook
The Sensex closed at 85,440 on Monday, down 322 points (‑0.38%). Analysts say the 85,000‑85,200 range now acts as the main support. If the index falls below 85,000, it could test the 100‑day moving average around 83,500. The 85,800‑86,000 zone is seen as strong resistance.
- Support: 85,000‑85,200
- Resistance: 85,800‑86,000
Nifty 50 outlook
The Nifty 50 ended Monday at 26,250, after briefly hitting a record high of 26,373. It fell back to an intraday low of 26,210. Analysts view the 26,300 level as a key resistance, while the 26,200‑26,150 band offers support. The market‑wide RSI is around 58, showing weaker momentum.
- Support: 26,200‑26,150
- Resistance: 26,400‑26,450
Bank Nifty outlook
Bank Nifty touched a fresh high of 60,437 on Monday but slipped below 60,000 before closing at 60,044. The index appears to be consolidating within an overall uptrend. Resistance sits near 60,300‑60,400, while support is around 59,700‑59,800.
- Support: 59,700‑59,800
- Resistance: 60,300‑60,400
Open interest and sentiment
For the Jan 6 expiry, call buying is strong at the 26,300 strike for Nifty, creating resistance, while put positions are concentrated at 26,200 and 26,000, providing a safety net. The put‑call ratio is about 0.96, indicating a fairly balanced market.
Bottom line
Traders are likely to stay cautious ahead of U.S. labor data and upcoming corporate earnings, but the overall tone is modestly positive. Keeping an eye on the support zones mentioned above can help manage risk.
Disclaimer
These views are from individual analysts, not financial advice. Always do your own research or consult a qualified professional before making any investment decisions.