**Market Brief: Week of January 26, 2026** **Market Pulse: Bears Tighten Grip** Markets remain closed today for Republic Day, but the setup for the upcoming Budget week is decidedly fragile. The Nifty 50 closed the previous session deep in the red at **25,048.65**, shedding **241 points (0.95%)**. The Sensex mirrored this weakness, plunging **769 points** to finish at **81,537**, driven by relentless FII selling and weak global cues. **Volatility Spikes Ahead of Budget** Anand James' warning of a "fragile technical setup" has materialized. The India VIX—the market's fear gauge—surged **6.31%** to settle at **14.19** on Friday, signaling heightened anxiety ahead of the Union Budget. This validates the forecast for "heightened volatility," with traders aggressively hedging positions as the index flirts with the psychological **25,000** support level. **Technical Outlook** The Nifty’s inability to sustain higher levels confirms the bearish grip. Technical data indicates that **24,700** is now the critical immediate support. On the upside, any relief rallies are likely to face stiff resistance near **25,400**. The "buy-on-dips" strategy is currently risky, with experts advocating for a cautious, sector-specific approach rather than broad index bets. **Stock in Focus: Kalyan Jewellers** Kalyan Jewellers has been battered, closing near **₹398** after hitting a fresh 52-week low of **₹390**. The stock has corrected approximately **32%** over the last six months, pushing it into "oversold" territory on technical charts. While the steep fall might trigger a short-term relief rally, analysts caution that the structure remains damaged. Support is seen in the **₹380–390** zone. However, any bounce toward **₹430–445** is viewed by technical desks as an exit opportunity rather than a trend reversal, unless the stock manages a decisive close above **₹460**.