Trade Setup For Jan. 13: Nifty 50 At 23,600 – Key Level To Watch

For NSE Nifty 50, the 23,600 mark would be the key level to watch, according to Amol Athawale, vice president of technical research at Kotak Securities. While above this level, the pullback move could continue till 23,800, he said.

“On the flip side, if the market falls below 23,350, selling pressure is likely to accelerate. Below which, the market could slip to the 23,250-23,100 range,” he said.

If selling pressure persists in the broader markets, any rally in the market is likely to fizzle out quickly, according to Aditya Gaggar, director of Progressive Shares.

“The overall structure of the market is bearish but considering a sharp decline, some relief rally can be expected but once again, the ability to sustain the higher levels remains uncertain,” he said. 

The 250-day simple moving average for Bank Nifty is placed near 49,900, which will operate as a powerful barrier for the index, according to Hrishikesh Yedve, assistant vice president, technical and derivatives research at Asit C. Mehta Investment Interrmediates Ltd.

“The psychological level of 48,000 will act as support. If Bank Nifty maintains below 49,900 levels, traders are advised to book profits on a bounce,” he said.

Indian equities seesawed through gains and losses but closed lower for the second consecutive day on Friday as financials, pharma and energy stocks weighed. Gains in information-technology stocks helped soften the decline.

The NSE Nifty 50 ended 95 points or 0.4%, lower at 23,431.5, while BSE Sensex closed 241.3 points or 0.31%, down at 77,378.91.

The foreign portfolio investors on Friday stayed net sellers of Indian shares and sold stocks worth approximately Rs 2,254.68 crore, according to provisional data from the National Stock Exchange.

The DIIs that have been buyers for the 18th session bought stocks worth Rs 3,961.92 crore.

Nifty January futures were down by 0.56%, reaching 23,515, with a premium of 84 points. The open interest for Nifty January futures saw a decline of 0.72%.

Regarding Nifty options for the Jan. 9 expiry, the maximum call open interest was recorded at 24,500, while the maximum put open interest stood at 22,000.

Additionally, the following securities were in the ban period: Bandhan Bank, Hindustan Copper, Manappuram Finance, RBL Bank, and LTF.

• Infosys—the company has filed a counterclaim against Cognizant, accusing it of anti-competitive practices and talent poaching. The claim also included allegations of the misuse of its healthcare platform, Helix. This legal battle came after Cognizant sued Infosys for stealing trade secrets.

• JSW Energy—The company's arm, JSW Neo Energy, has completed the acquisition of special purpose vehicles holding a portfolio of 125 megawatts of renewable energy from the Hetero Group. The enterprise value of the Hetero portfolio was estimated at around Rs 630 crore.

• Waaree Energies—The company has entered into a share purchase agreement with Enel Green Power for the acquisition of Enel Green Power India Pvt. Ltd. for Rs 792 crore. Following this acquisition, EGPIPL will become a subsidiary of Waaree Energies.

Stocks in the Asia Pacific region began the week cautiously as uncertainties mounted on future rate cuts by the Federal Reserve following the latest US jobs data.

Australia's S&P/ASX 200 opened lower with the benchmark index falling by 0.89%, or 74 points, to 8,220 as of 6:30 a.m. South Korea's Kospi was down 17 points, or 0.71% at 2,497. Japan’s market is closed for a holiday on Monday.

Future contracts in Mainland China and Hong Kong pointed to a negative start. Stocks in Beijing are seeing their worst start to a year since 2016 after falling over 5% in the first seven trading sessions of 2025.

The dollar index — which tracks the greenback's performance against a basket of 10 leading global currencies — was 0.03% up at 109.68. This comes after the index strengthened to a two-year high on Friday.

Bond yields in Australia and New Zealand rose on Monday while their US counterpart closed at 4.76%, the highest since 2023. 

Stocks on Wall Street nosedived on uncertainties about the pace of Federal Reserve cuts and inflation after an unexpected jobs report. The US economy in December added the most jobs since March and the unemployment rate unexpectedly fell, capping a surprisingly strong year.

The S&P 500 and the tech-heavy Nasdaq Composite plunged 1.54% and 1.63%, respectively. The Dow Jones Industrial Average fell 1.63%. The focus on Wall Street will switch to US inflation data scheduled to be released this week. Meanwhile, the consumer price index report out on Wednesday.

Trade data for China and inflation for report India will be the key figures to be monitored on Monday in Asian markets. China’s December money supply may also be released anytime through Jan. 15.

Crude oil prices advanced to the highest in four months on pressures of fresh US sanctions against Russia’s energy industry. The Brent crude was trading 1.73% higher at $81.14 a barrel as of 6:50 a.m. IST, and the West Texas Intermediate was up 1.92% at $78.04. 

The Indian rupee weakened by 11 paise to close at an all-time low against the US dollar on Friday, just three paise away from hitting the 86 mark.

The domestic currency closed at 85.97 against the greenback in comparison to a close of 85.86 a day ago, according to Bloomberg data.