Market Closing View for 7th Jan by Ponmudi R, CEO, Enrich Money

Indian equity markets ended today’s session on a subdued and cautious note, with investors adopting a selective approach amid mixed domestic and global cues. Market participation remained largely stock-specific, as buying interest was restricted to companies with stable fundamentals and clear earnings visibility. Elevated geopolitical tensions and renewed tariff-related concerns continued to cap risk appetite and deter aggressive positioning. 

Technical Views

The Nifty 50 traded lower during the session, extending profit-booking pressure and touching an intraday low of 26,068. However, the index recovered from lower levels to close above the 26,100 mark, indicating the presence of underlying buying interest. The 26,050 zone continues to serve as immediate support, while the psychologically important 26,000 level has emerged as a strong demand area, helping preserve the broader bullish structure. Key moving averages remain intact, signalling that the primary trend continues to be supportive. Momentum indicators are neutral, with the RSI hovering around 54, pointing to short-term indecision rather than a trend reversal. A sustained move above 26,300 would be required to reinvigorate upside momentum toward the 26,500 level, while a decisive break below 26,000 could trigger a short-term corrective phase toward the 25,900–25,800 zone.  

Bank Nifty opened on a flat note and witnessed intraday volatility, reflecting indecision among participants. The index continues to trade within a declining structure, respecting the falling trendline. Strong buying interest emerged near the 59,780–59,820 support zone, leading to a recovery in the latter half of the session. However, persistent selling pressure near the 59,950–60,000 resistance band capped the upside, resulting in a close below key supply levels. The near-term structure remains sideways to weak, with a sustained breakout above 60,150 required to open further upside toward 60,300 and above. On the downside, a decisive break below 59,780 could accelerate weakness toward the 59,600 region.

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