EU suspends export benefits for certain Indian goods ahead of key FTA conclusion- Daily Market Update 23rd Jan 2026

Benchmark Nifty index ended higher at 25290 spot levels after adding 132 points to its previous closing values.

Mid cap index outperformed the benchmark, rose 1.34%. On the other hand, Small cap index traded in line with the benchmark, gained 0.76%.

All sectoral indices, barring Realty and Consumer Durables, ended in green. Amongst them, Media and PSU Bank index were at the top of the tally, gained 2.39% & 2.34% respectively followed by Chemicals, Metal, FMCG and Healthcare index that gained in range 1% to 1.85%.

After having support around the upward-sloping trendline (24900 spot levels) of the previous Triangle formation, Nifty index traded sideways in process to stabilize around the key supports of 24900 spot levels. Going ahead, we anticipate a sideways move for a couple of trading session followed by a pre-budget rally in the coming week. A decisive close above 25550 spot levels will confirm the start of a short term upmove that might take it up to 25900-26000 spot levels in immediate near term.

Derivatives Overview & Outlook

Yesterday, long buildup was seen in Nifty and Finnifty futures with an increase in open interest by 4.2% & 3.5% respectively along with short covering in Banknifty and Midcapnifty futures that shed 1% and 1.6% of open interest respectively.

All of the sectoral indices, barring Realty, settled on a positive note. Amongst them, Cement, Metal, Pharma and Telecom stocks witnessed maximum addition of long positions along with short covering among Auto, Chemical, Infrastructure and Technology stocks.

On option front, put writing along with call addition was seen at multiple strikes. Maximum positions are at 26000 CE followed by 25500 CE and 25000 PE followed by 24000 PE.

Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 1788 Cr in the cash segment, bought stocks futures worth Rs 1511 Cr and sold index futures worth Rs 569 Cr. DIIs were net buyers in the cash segment to the tune of Rs 4520 Cr.

Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels

Nifty – Resistances 25500-25620; Supports 25200-25100

Banknifty – Resistances 59800-60000; Supports 59000-58800

Finnifty – Resistances 27400-27500; Supports -27100- 27000

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