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Market Setup for 28 January 2026: Key Levels to Watch Today : Nifty, Bank Nifty Outlook and Budget Watch
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Summary
- Global markets are mixed, with US indices under pressure
- GIFT Nifty indicates a mildly positive opening
- FIIs remain net sellers, while DIIs continue to support markets
- Nifty is testing a crucial support zone near 24,919
- Bank Nifty shows strength after rebounding from 58,000
Market Setup for 28 January 2026: Key Levels to Watch Today
Indian equity markets enter the session on 28 January 2026 with cautious optimism. Mixed global cues, continued FII selling, and critical technical levels suggest a range-bound but volatile trading day ahead.
With the Union Budget approaching and monthly F&O expiry nearing, market participants are increasingly selective, focusing on key support and resistance zones rather than aggressive directional bets.
Global Market Cues Set a Mixed Tone
Overnight global cues offer limited clarity for Indian markets.
US equities closed on a mixed note, with the Dow Jones ending sharply lower by over 400 points. This reflects lingering concerns around global growth and interest rate expectations. Dow futures are trading flat, indicating no strong directional bias ahead of the Indian market open.
Asian markets are trading mixed, mirroring the lack of conviction seen globally. However, GIFT Nifty trading 18 points higher suggests a mildly positive start for domestic indices, though sustainability will depend on follow-through buying.
FII and DII Activity: Institutions Tell a Split Story
Institutional flows continue to shape short-term sentiment.
Foreign Institutional Investors remained net sellers in the cash market, offloading shares worth over ₹3,000 crore. This persistent selling reflects caution ahead of macro events and expiry-related adjustments.
On the other hand, Domestic Institutional Investors stepped in with strong buying of nearly ₹9,000 crore, cushioning downside pressure and reinforcing confidence in India’s medium-term growth outlook.
The net institutional flow remains positive, highlighting that domestic liquidity continues to play a stabilising role in volatile phases.
Derivatives Data and Volatility Check
In the derivatives segment, the Nifty Put Call Ratio stands at 1.02, indicating a neutral to mildly bullish undertone compared to earlier lower readings. However, traders should note that PCR readings can be less reliable close to monthly expiry.
India VIX has edged higher to 14.45, reflecting rising uncertainty and the possibility of sharp intraday swings.
The highest open interest for the upcoming expiry remains concentrated at 25,000 on the put side and 26,000 on the call side, while the Max Pain level is placed near 25,200. This suggests a tendency for the index to gravitate toward this zone unless a strong trigger emerges.
Nifty Outlook: Crucial Support in Focus
Nifty is currently attempting to stabilise near a critical support zone around 24,919. This level holds importance from both technical and psychological perspectives.
On the upside, any recovery is likely to face immediate resistance near 25,300, followed by a stronger hurdle around 25,450. A decisive move above these levels could revive short-term momentum.
However, if Nifty slips below 24,919 on a closing basis, the next support zones to watch are 24,725 and 24,600. Traders should remain cautious and avoid aggressive positions until a clear directional breakout is seen.
Bank Nifty Outlook: Relative Strength Visible
Bank Nifty continues to show relative strength compared to the broader market. The index has witnessed a smart rebound from the 58,000 support zone, indicating buying interest at lower levels.
The immediate resistance is placed near 59,500. A sustained move above this level could open the path toward the psychological 60,000 mark in the near term.
On the downside, 58,800 and 58,300 remain key support levels. As long as Bank Nifty holds above these zones, the structure remains constructive.
What This Means for Traders and Investors
For intraday traders, today’s session demands discipline. Volatility is likely to remain elevated, and false breakouts cannot be ruled out. Trading with defined stop losses and reduced position sizes is advisable.
For positional traders, the focus should remain on index levels rather than stock-specific momentum, given expiry-related noise.
Long-term investors should view any sharp corrections as opportunities to accumulate fundamentally strong stocks, especially in banking, infrastructure, and capital goods, which continue to benefit from structural tailwinds.
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Frequently Asked Questions
What is the market sentiment for 28 January 2026?
The sentiment is cautiously neutral, with mixed global cues and strong domestic institutional support.
Why is Nifty 24,919 an important level?
It is a key technical support zone, and a break below it could lead to further downside.
Is Bank Nifty stronger than Nifty currently?
Yes, Bank Nifty is showing relative strength after rebounding from the 58,000 level.
Are FII flows a concern for markets?
Short-term volatility may persist due to FII selling, but strong DII buying is providing stability.
Should long-term investors worry about current volatility?
No. Long-term investors should focus on fundamentals and use volatility as an opportunity.
Final Takeaway
The market setup for 28 January 2026 points to a cautious but balanced trading environment. While global cues remain mixed and volatility is rising ahead of expiry and the Budget, strong domestic participation and well-defined technical levels offer clarity for disciplined market participants.
With the right insights and a trusted platform like Swastika Investmart, investors can navigate uncertainty with confidence and precision.
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