Indian Stock Market Preview: January 30, 2026
Introduction
Indian equity markets are entering the final trading session of the week with a sense of cautious anticipation. As of Friday, January 30, 2026, the domestic indices are expected to open flat to slightly negative, following a period of relative strength. The GIFT Nifty is currently signaling a subdued start, trading near the 25,457 level, suggesting that the initial momentum may be tempered by global headwinds and local anxieties.
For retail investors, today's session is particularly critical as it represents the final full trading day before the Union Budget 2026, which is scheduled to be presented on Saturday, February 1. Historically, the pre-budget period is characterized by heightened volatility as participants adjust their portfolios in anticipation of policy shifts. With the Nifty 50 hovering near its immediate resistance of 25,500, today's close will set the psychological tone for the post-budget market reaction.
Previous Session Recap
On Thursday, January 29, 2026, the Indian benchmark indices managed to secure their third consecutive session of gains. Despite mixed cues from international markets, domestic sentiment remained resilient, supported by selective buying in the banking and energy sectors.
| Index | Closing Value | Change (Points) | Change (%) |
|---|---|---|---|
| Nifty 50 | 25,418.90 | +76.00 | +0.30% |
| Bank Nifty | 59,957.85 | +359.00 | +0.60% |
| BSE Sensex | 82,566.37 | +221.00 | +0.27% |
The outperformance of the Bank Nifty was a notable highlight, as private and public sector lenders saw accumulation ahead of their quarterly results. This resilience suggests that despite global uncertainty, domestic institutional liquidity continues to provide a floor for the market.
Global Market Cues
US Markets Performance
The US markets presented a fragmented picture on January 29, 2026. While industrial stocks showed some strength, the technology sector faced significant selling pressure. The Nasdaq Composite fell by 0.7% to settle around 23,704 levels, primarily weighed down by Apple Inc., which issued a warning regarding rising component costs that could squeeze future profit margins. This sentiment was exacerbated by a broader selloff in tech giants led by Microsoft.
- Dow Jones Industrial Average: Rose 0.11% to approximately 49,070 levels.
- S&P 500: Marginal decline of 0.1%, closing near 6,988 levels.
Asian Markets in Early Trade
Asian markets are reflecting a cautious mood this morning, with most regional indices trading in the red as investors digest the tech-led weakness from Wall Street.
| Asian Index | Current Value | Change (%) |
|---|---|---|
| Nikkei 225 (Japan) | 53,220.60 | -0.29% |
| Hang Seng (Hong Kong) | 27,705.40 | -0.94% |
| Shanghai Composite (China) | 4,132.48 | -0.61% |
| Kospi (South Korea) | 5,284.54 | +1.21% |
South Korea's Kospi is the lone outperformer, bucking the regional trend with a gain of over 1%. Meanwhile, the GIFT Nifty at 25,457 and SGX Nifty at 25,448 both point toward a start in the 25,450–25,470 range for the Indian indices.
Market Sentiment Analysis
Data suggests that the market is currently in a 'wait-and-watch' mode. The confluence of several factors points toward a range-bound session with high intraday volatility:
- Pre-Budget Positioning: With the Union Budget just a day away, large-scale institutional bets are likely to be limited. Investors are awaiting clarity on capital gains taxation and infrastructure spending.
- Tech Sector Drag: The weakness in US technology stocks is expected to weigh on Indian IT heavyweights like TCS and Infosys, potentially capping the Nifty's upside.
- Q3 Earnings Divergence: We are seeing a sharp divide in performance. While companies like Vedanta and Paytm have delivered beats, sectors like Auto (Tata Motors) and Consumer Durables (Voltas) have shown signs of stress.
Technical Analysis & Key Levels
Nifty 50 Outlook
The Nifty 50 is currently trading above its short-term moving averages, indicating a bullish bias. However, the Relative Strength Index (RSI) is in neutral territory, suggesting the index is neither overbought nor oversold. Maximum Call Open Interest (OI) is concentrated at 26,000, while Put OI at 23,300 defines the broader monthly range.
| Support Levels | Value | Resistance Levels | Value |
|---|---|---|---|
| Immediate Support | 25,300 | Immediate Resistance | 25,500 |
| Strong Support | 25,250 | Next Resistance | 25,550 |
| Major Support | 25,160 | Major Resistance | 25,680 |
| Crucial Support | 25,150 | Extended Target | 25,700 |
Bank Nifty Outlook
Bank Nifty continues to show relative strength, driven by robust credit growth expectations. A decisive breach above the 60,300 mark could trigger a short-covering rally toward the 61,000 zone.
| Support Levels | Value | Resistance Levels | Value |
|---|---|---|---|
| Immediate Support | 59,700 | Immediate Resistance | 60,100 |
| Strong Support | 59,600 | Next Resistance | 60,200 |
| Major Support | 59,500 | Major Resistance | 60,300 |
| Deep Support | 59,400 | Extended Target | 60,450 |
Stocks to Watch Today
1. Bajaj Auto (Earnings Watch)
Bajaj Auto is set to report its Q3 results today. Investors will be closely monitoring volume growth figures and management commentary on export markets, which have been volatile. Consensus estimates suggest a positive festive season impact. Watch for support/resistance volatility as options premiums are currently elevated.
2. ITC (Dividend & Earnings Analysis)
ITC reported a largely flat standalone net profit of ₹4,931 crore (down 0.07% YoY). However, the board declared an interim dividend of ₹6.50 per share. While the cigarette business faces some regulatory headwinds, the FMCG and Hotels segments continue to show growth. The stock is currently at 318.60, and historical trends indicate it may find support near 315.
3. Swiggy (Volatility Expected)
Swiggy reported a widened Q3 loss of ₹1,065 crore, despite a robust 54% increase in revenue to ₹6,148 crore. The market is currently weighing its high-growth trajectory against the lack of immediate profitability. Expect significant price swings today.
4. Vedanta (Outperformer)
Vedanta posted a stellar set of numbers with a 61% surge in profit to ₹5,710 crore and a 37% rise in revenue to ₹23,369 crore. This performance was driven by operational efficiencies and a recovery in commodity prices. This remains a "buy on dips" candidate for many analysts.
5. Paytm (One 97 Communications)
In a significant turnaround, Paytm reported a Q3 profit of ₹225 crore compared to a loss of ₹208 crore in the previous year. Revenue grew 20% to ₹2,194 crore. This shift to profitability is a major milestone for the fintech giant.
6. Hindustan Aeronautics (HAL)
HAL has secured a contract with Pawan Hans for 10 Dhruv NG helicopters and spares, valued at over ₹1,800 crore. This further strengthens its massive order book and aligns with the government's indigenization push.
7. NTPC (Earnings Watch)
India's largest power generator, NTPC, is expected to release its results today. With increasing power demand and a shift toward renewable energy through NTPC Green Energy, management's future outlook will be the key driver for the stock.
Comprehensive Earnings & Corporate Actions Tracker
Q3 Results Highlights (Reported)
- Dixon Technologies: Profit up 67.8% to ₹287.3 crore.
- Syrma SGS Technology: Profit up 110.7% to ₹102.8 crore.
- MTAR Technologies: Profit up 117.3% to ₹34.7 crore.
- Tata Motors CV: Profit fell 48% to ₹705 crore.
- Voltas: Profit fell 35.7% to ₹85 crore.
- NTPC Green Energy: Profit fell 73.4% to ₹17.5 crore.
Major Earnings Today (January 30)
Investors should track the following companies for intraday moves:
- Auto/Industrial: Bajaj Auto, Exide Industries, KEC International, Ashoka Buildcon, Welspun Corp.
- PSUs/Power: NTPC, Power Grid, SAIL, NALCO, Bank of Baroda, LIC Housing Finance.
- Consumption/Pharma: Nestle India, Ambuja Cements, Glenmark Pharma, Dr Lal PathLabs, Ajanta Pharma.
- Finance: Jindal Steel, Cholamandalam Investment, New India Assurance.
Ex-Dividend Stocks Today
The following stocks will trade ex-dividend, which may lead to minor price adjustments:
- Coforge, CG Power, Godrej Consumer, Motilal Oswal, Sona BLW, Siemens Energy India, Mastek, and Computer Age Management Services (CAMS).
Trading Strategy for the Day
For Nifty Traders
- Range-Bound Approach: Historical trends indicate consolidation ahead of the budget. Investors may consider buying near 25,300–25,320 for targets of 25,450–25,500.
- Aggressive Longs: Enter only if Nifty sustains above 25,500 with high volumes, targeting 25,600 and 25,680.
- Defensive Strategy: Use a Bull Put Spread (February expiry) by selling the 25,750 PE (at ₹370) and buying the 25,500 PE (at ₹210) for a net credit of ₹160 per lot.
For Bank Nifty Traders
- Bullish Bias: Accumulate on dips toward the 59,700–60,000 zone. Stop loss should be placed at 59,600 on a closing basis, with targets of 60,300 and 60,450.
- Neutral Strategy: An Iron Condor (selling 60,500 CE/59,500 PE and buying 61,000 CE/59,000 PE) is suitable if you expect the index to remain within a 1,000-point range.
Stock-Specific Recommendations
- Value Picks: HDFC Bank (buy near 930–935), SBI (buy near 1,055), and Reliance Industries (long above 1,410).
- Momentum/Breakout: Infosys (above 1,670) and ONGC (on dips to 270).
- Avoid: TCS (weakness below 3,125) and ITC (until a clear post-earnings trend emerges).
Key Takeaways
- GIFT Nifty at 25,457 suggests a flat to negative start for the domestic indices.
- Nifty 50 faces a major psychological hurdle at 25,500, while support is firmly placed at 25,300.
- Bank Nifty showed relative strength in the previous session, closing up 0.60% at 59,957.85.
- Paytm and Vedanta are in focus following strong Q3 numbers, while Swiggy and Tata Motors face earnings pressure.
- Union Budget 2026 (Feb 1) remains the primary catalyst for market volatility over the next 48 hours.
What This Means for Investors
Investors may consider monitoring the market with a high degree of discipline today. The proximity to the Union Budget means that the "noise" in the market will be high. Retail participants should focus on quality earnings rather than speculative pre-budget rumors.
Risk Management Guidelines:
- Position Sizing: Limit positions to 50% of normal size to account for budget-related volatility.
- Overnight Risk: Minimize carrying heavy positions into the weekend, as the Budget announcement on Saturday could lead to a gap opening on Monday.
- Stop Losses: Strict stop losses are mandatory; avoid averaging down in a falling market.