Indian equity benchmarks are poised for a cautious opening on Friday, January 9, 2026, following a severe sell-off in the previous session. While early signals from the Gift Nifty indicated a mildly positive start, trading around 26,002.5—up 35 points or 0.13%—broader market sentiment remains fragile.
Sharp Sell-Off Rattles Markets on Thursday
The trading session on Thursday, January 8, 2026, witnessed a steep and widespread decline. Mirroring weak global cues, both the Sensex and Nifty 50 tumbled significantly. The 30-share BSE Sensex plummeted by 780 points, or 0.92%, to close at 84,180.96. This marked its most severe single-day percentage fall in over four months, since August 26, 2025.
Similarly, the Nifty 50 index breached the crucial 25,900 level, confirming a breakdown from its recent consolidation zone. The sell-off was broad-based, with sectors like IT, metals, and PSU stocks bearing the brunt of the selling pressure.
Expert Analysis and Predictions for Key Indices
Market experts attribute the downturn to a mix of elevated geopolitical tensions, renewed tariff concerns, and persistent foreign portfolio outflows. According to Ponmudi R, CEO of Enrich Money, the market is likely to open flat to range-bound, tracking mixed global signals while holding key supports.
Sensex Technical Outlook
Aakash Shah, Research Analyst at Choice Equity Broking Private Limited, noted that the Sensex faced repeated rejection near the 85,000 mark, forming a bearish daily candle. This signals a loss of momentum and ongoing short-term consolidation.
Immediate support for the index is now seen in the 83,600–83,700 range, which could act as a potential accumulation zone. On the upside, resistance is placed near 84,600–84,700. The overall bias stays cautious as long as the index trades below this resistance zone.
Nifty 50 Technical Outlook
Ponmudi R from Enrich Money stated that the Nifty 50 exhibits short-term bearish momentum after closing below 25,900. The formation of a large bearish candle reflects sustained corrective pressure. However, the broader weekly trend remains intact above 25,700.
Critical support lies in the 25,800–25,700 band. A hold here could trigger a technical rebound, while a decisive break may accelerate the fall towards 25,400–25,300. The 26,000 level now acts as immediate resistance, followed by the 26,050–26,150 zone near the 20-day EMA.
Bank Nifty Shows Relative Resilience
The Bank Nifty index remains in a corrective phase but has shown relative strength compared to the broader market. It successfully defended its lower support levels during the sell-off.
Key support is now at 59,500, a critical demand zone. The psychological barrier and immediate resistance stand at 60,000, with further resistance in the 60,300–60,500 range. A breakdown below 59,500 could extend losses toward 59,000–58,700.
Market Drivers and Cautious Outlook
The current volatility is largely driven by headline-led reactions to global events. Analysts believe the panic is more short-term in nature rather than indicative of a fundamental shift in the domestic economic or corporate outlook. Investors are advised to monitor the mentioned support and resistance levels closely, as the market is expected to remain volatile in the near term.
Disclaimer: This analysis is for educational purposes only. The views are those of individual analysts. Investors should consult certified experts before making any investment decisions.
