IMF raised India’s FY26 GDP forecast to 7.3% despite tariffs and global uncertainties- Daily Market Update 20th Jan 2026

Tracking negative cues from the global front, benchmark Nifty index opened with a gap on the lower side and settled at 25585 spot levels after a cut of 109 points from its previous closing values.

Small cap index underperformed the benchmark as it was down 1%, on the other hand, Mid cap index traded in line with the benchmark.

Majority of sectoral indices, tracked at NSE, ended in red. Amongst them, Realty, Media and Oil & Gas index were the top losers, down in range 1.5% to 2%. On the other hand, FMCG index posted some meaningful gains, rose 0.67%.

Nifty index is gradually heading towards its lower targets of 25300-25200 spot zone (down targets of Double Top formation). Going ahead, we continue to maintain our sell on rise trading approach by the time Nifty is trading below 25950 spot levels on closing basis.

Derivatives Overview & Outlook

Yesterday, Short buildup was seen in Nifty and Midcapnifty futures with an increase in open interest by 1.3% and 1.6% respectively along with some long unwinding in Banknifty and Finnifty futures with decrease in open interest by 6% and 1.8% respectively.

All F&O sectors, barring Capital Goods and Metals, settled lower. Amongst them, Banking and Finance, Chemicals, New_Age and Technology stocks witnessed maximum addition of short positions whereas some long unwinding was seen among Cement stocks.

On options front, further call writing along with some put addition was seen at multiple OTM strike. Maximum positions are at 25800 CE followed by 26000 CE and 25500 PE closely followed by 25400 PE. The quantum of call positions is significantly higher than the quantum of put positions that is a negative sign.

Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 3263 Cr in the cash segment, sold stocks futures worth Rs 1747 Cr and also sold index futures worth Rs 479 Cr. DIIs were net buyers to the tune of Rs 4234 Cr in the cash segment.

Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels

Nifty – Resistances 25700-25800; Supports 25500-25400

Banknifty – Resistances 60200-60400; Supports 59600-59400

Finnifty – Resistances 27700-27800; Supports -27500- 27400

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