Nifty Below 26,200, Reliance Falls 5% | IEX Surges, Key Levels to Watch

Nifty Slips Below 26,200 as Reliance Tumbles 5%; Key Supports in Focus

Team SAHI

1 month ago

Nifty: 26,178.70 ▼ -0.27%

Sensex: 85,063.34 ▼ -0.44%

Bank Nifty: 60,118.40 ▲ +0.12%

Market Today: Heavyweights drag, What’s next?

Markets closed lower as sharp selling in Reliance, HDFC Bank and ITC weighed on benchmarks. Bank Nifty showed relative strength, supported by ICICI Bank and insurance names. Market breadth stayed weak at 2:3.

Nifty printed an indecisive candle, with 26,050–26,075 emerging as a crucial support zone. Bank Nifty formed an inside bar, keeping 59,850 as key support. Sensex slipped below its 20-DMA, with 84,650 now the next downside level.

Key Levels to Watch | January 07, 2026

Index	Support	Resistance
Nifty	26,075 & 26,000	26,250 & 26,335
Bank Nifty	59,850 & 59,500	60,250 & 60,450
Sensex	84,650 & 84,400	85,250 & 85,550

Sector & Stock Moves: Where was the action?

Pharma stocks led the session, followed by PSU banks and IT, as selective buying remained visible. Financials stayed steady, with ICICI Bank and Insurance stocks seeing interest ahead of monthly data.

Oil & Gas stocks dragged, with Reliance logging its sharpest single-day fall in 10 months. Trent slid 8.63% to end as the Top Nifty loser on weak revenue growth, while ITC remained under pressure.

Stock-specific action saw IEX jump 10.63% on market coupling developments, Divi’s Labs gain on positive brokerage notes, while Kotak Mahindra Bank, Kaynes Technology, Swiggy and Eternal faced selling pressure.

NIFTY50: Top Movers

Gainers	Losers
APOLLOHOSP +3.74%	TRENT -8.63%
ICICIBANK +2.89%	RELIANCE -4.47%
HDFCLIFE +2.44%	ITC -2.07%

Open Interest Insight

Put writing at 26,000 (9.94L) hints at base formation, while aggressive call writing at 26,200 (45.52L) and 26,300 (25L) signals strong overhead supply. PCR-OI remains near 0.9.

Implication: The setup favours a range-bound market, with sell-on-rise behaviour unless fresh momentum emerges.

Stocks on the Move

Stock	% Move	What’s happening
IEX	+10.63%	Trading near the upper end of the range above 152; breakout may extend gains
DIVISLAB	+4.38%	Continuation breakout past OI resistance near 6,600
APOLLOHOSP	+3.74%	Double-bottom reversal breakout at 7,215 with strong volumes
TATACONSUM	+2.39%	Consolidation breakout to a fresh 52-week high
RELIANCE	-4.47%	Selling pressure amid supply concerns; supports at 1,475 & 1,445

News You Can Use

India Services PMI eases to 58.0 in December from 59.8
Composite PMI slips to 57.8 from 59.7
IPM value growth steady at 10.6%
Paisalo Digital announces ₹188.5 crore fund raise
IEX jumps after developments in the market coupling case

Q3 Business / Result Updates

HDFC Bank: Advances up 11.9% YoY to ₹28.4 trillion; AUM up 9.8%
Axis Bank: Gross advances rise 14.1% YoY; deposits up 15%

Chart of the Day: EMCURE (Weekly)

Pattern: Symmetrical Triangle

Structure: Lower highs and higher lows indicate balance
Validation: Break beyond the boundary with volume confirms direction
Insight: Often leads to a strong directional move post-breakout.