Stock Market Technical Analysis | 27 to 30 Jan 2026 Weekly Wrap

Markets stayed volatile last week as Nifty slipped below key levels, while Bank Nifty showed relative strength. Here’s a sharp breakdown of index moves, sector leadership, FII-DII activity and derivatives positioning.

Expert recommendation by:

• Mr. Ketan Kaushik - Derivative Analyst

Equity

• Benchmark Index traded volatile in the previous week before closing with 0.89% cut at 24825 level. Banking Index performed better than the benchmark index as it closed with 0.10% cut at 58417 level.
• Among the Nifty constituents, AXISBANK and ADANIENT outperformed the benchmark index as they closed with 6.55% and 4.22% gains while ASIANPAINT and MARUTI underperformed as they closed with 12.82% and 8.21% cut respectively. Among the Bank Nifty constituents AXISBANK outperformed the benchmark index as it closed with 6.55% gain while CANBK underperformed the benchmark index as it closed with 7.09% cut.
• Among sectors, NIFTYDEFENCE index outperformed the benchmark index during the previous week as it closed with 3.27% gain while NIFTYFMCG index underperformed as it closed with 3.13% cut. Broader market performed better than the benchmark index as MIDCAP index closed with 0.04% cut while SMALLCAP index closed with 0.40% gain.
• Volatility index (India VIX) closed with 5.91% gain at 15.23 level.
• FII were net sellers as they sold stocks worth Rs 1,319 Cr while DII were net buyers as they bought stocks worth Rs 13,715 Cr during the previous week in the cash segment.
• Globally, equity markets traded mixed as US market (DJIA) closed with 0.42% cut while European market (STOXX 600) closed with 0.44% gain.

Derivatives

• Derivatives data for Nifty suggest max OI addition at 26000 call and 23500 put with max OI at 26000 call and 23500 put side (03rd Feb expiry). Nifty cumulative PCR closed at 0.59 for Feb 01.
• Derivatives data for Bank-nifty suggest max OI addition at 59000 call and 56000 put with max OI at 60000 for both side call and put side (24th Feb expiry). Bank-nifty cumulative PCR closed at 0.91 for Feb 01.

💡 Want to understand how derivatives drive these market swings?  
Master the basics of stock market derivatives here.

Performance:

Indices

Source: NSE

Sector Gainers/Losers

Source: NSE

FII / DII ACTIVITY (WEEKLY)

Source: NSE

SUPPORT/RESISTANCE LEVEL FOR UPCOMING WEEK

Source: NSE

DAILY EXPONENTIAL MOVING AVERAGE

Source: NSE

TECHNICAL OUTLOOK

NIFTY (WEEKLY)

• Benchmark index traded volatile in the previous week and closed with indecisive candlestick formation on the weekly chart
• Benchmark index is likely to trade volatile in the coming week
• Benchmark Index has support at 24,350 – 24,150 level and resistance at 25,300– 25,500 level

BANKNIFTY (WEEKLY)

• Banking index performed better than the benchmark index and closed with indecisive candlestick formation on the weekly chart
• Banking index is likely to trade in line with the banking index in the coming week
• Banking index has support at 57,300-56,800 and resistance at 59,500 -60,000 level

FINNIFTY (WEEKLY)

• FINNIFTY index lagged the banking index and closed with indecisive candlestick formation on the weekly chart
• FINNIFTY is likely to trade in line with the banking index in the coming week
• FINNIFTY has support at 26,200-26,000 level and resistance at 27,200-27,400 level.

Turn insights into action — invest in Index ETFs and Derivatives now.  
Open your MNCL Demat Account today!

Market FAQs – Weekly Summary

Why did Bank Nifty outperform Nifty last week?

Bank Nifty showed resilience due to strength in AXISBANK and supportive derivatives positioning, despite overall market volatility.

What does rising India VIX indicate?

A higher India VIX signals increased market uncertainty and potential for sharp price swings in the near term.

How important is FII and DII activity for markets?

FII selling often adds pressure, but strong DII buying can stabilize markets and limit downside.

What do derivatives data suggest for Nifty and Bank Nifty?

High OI at 26,000 Call–23,500 Put for Nifty and 60,000 levels for Bank Nifty indicate defined trading ranges.

Before You Trade, Strengthen Your Foundations with These Guides

• For a stronger understanding of indicators such as RSI, VWAP, and trendlines, check our 👉 Technical Analysis Fundamentals section.
• Want to refine your risk-reward planning? Explore our insights on 👉 Position Sizing & Risk Management Strategies.
• Understand the sectoral trends impacting stocks like Asian Paints. 👉 Consumer Durables Sector Analysis
• Learn how to interpret derivatives data for better trading decisions. 👉 Advanced Trading Strategies