NIFTY50:
The Nifty50 opened higher strong at 14,730.95 levels, and to hit a fresh record high 14,753.55 levels, positive global cues on January 21 but failed to hold the gains due to profit booking in the last hour of the intrady trade. 
The index close at 14,590.40 and index formed a bearish candle that resembled a "Dark Cloud Cover pattern" on the daily chart. All NIFTY sectoral indices ended at bearish.It index end of the close session low at 14,590.35 down 54.35 points or 0.37 per cent. 
The short-term reversal in the Nifty50 index will be confirmed if the Nifty closes at below 14,500 in next trading session, If the index manages to get past 14,750, then the rally shall get extended towards the 15,000 level.analyst said.
On the options trades, maximum Put options open interest was at 14,000 followed by 13,500 strike, while maximum Call option open interest was at 15,000 followed by 14,700 strike. Call option writing was seen at 14,700 then 15,200 strike, while Put option writing was seen at 14,600 and 14,500 strike. The options data indicated that Nifty index could see an immediate trading range at 14,400 to 14,800.

BANK NIFTY:
The Bank Nifty opened higher at 32,732.80 and headed towards a new high at 32,842.30 but the second half of the day saw bullish pressure that dragged the index to the days low at 31,985.55.and the index end of the session closed at 32,186.90, down at 356.80 points or 1.10 per cent. 
It index candle forms a "Bearish Engulfing pattern" on the daily chart and the process to form a Doji candle on the weekly chart.
The Bank Nifty has to continue to hold on above 32,000 levels to witness an upmove towards 32,500 to 32,750, while on the downside support will be seen at 31,750 to 31,500, analyst said.
Nifty Top 5 GAINERS AND LOSERS: 
GAINERS: TATAMOTORS, BAJFINANCE, RELIANCE, BAJAJ-AUTO and UPL
LOSERS: ONGC, TATASTEEL, COALINDIA,GAIL and NTPC