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Below the Quote on Pre-market comment for Friday October 27 by Mandar Bhojane, Research Analyst, Choice Broking

Morning Outlook for 27th Oct 2023

The Sensex and Nifty indices are expected to open slightly higher today, with GIFT Nifty trends indicating a gain of 25 points.

On October 26, the bearish trend on Dalal Street continued for the sixth consecutive session, primarily due to rising US bond yields and the escalating conflict between Hamas and Israel. Most indices were down by over 1%, although the small-cap index did see a smart recovery but still closed lower.

According to the daily chart, Nifty is maintaining a bearish trajectory, targeting 18,400 in line with correction wave C. The immediate resistance is at 18,650. However, if the price closes above 19,000, a bounce towards 19,200 could be anticipated. For Bank Nifty, the immediate support is near 42,000 and 41,900, while on the flip side, 42,600 and 42,800 act as immediate resistance levels.

In a scenario where clear trends are lacking in both the Nifty and Bank Nifty, it is advisable for market participants to exercise caution and adopt a more selective, stock-specific approach to their investments.

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