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Below The Quote on Morning Outlook from Amruta Shinde, Technical & Derivative Analyst at Choice Equity Broking Private Limited

"The Indian equity markets are expected to open on a flat to mildly positive note today, as indicated by the GIFT Nifty, which was trading around the 25,996 mark in early trades, reflecting a modest gain of 19 points. This suggests a cautiously optimistic sentiment, even as weak global cues and the absence of strong domestic triggers keep traders on alert. Investors are likely to track global market trends, crude oil price movements, and institutional flows for further direction.

In the previous session, the Nifty 50 opened with a gap-up of nearly 200 points, but witnessed intraday profit booking, erasing most gains and ending flat, indicating volatile market behavior. The index continues to exhibit a sideways to bullish bias, holding firmly above key support levels at 25,700 and 25,750. Immediate resistance is placed at 25,950, with further upside targets at 26,000 and 26,100. The overall trend remains bullish, provided the index sustains above 25,780 on a closing basis.

The Bank Nifty also mirrored similar volatility, closing 70 points higher after an intraday swing of nearly 520 points, reflecting mixed momentum with underlying bullish undertones. The index is likely to trade sideways to positive, with strong support between 57,700–57,900 and resistance at 58,200–58,400. A sustained move above 58,400 could open the door for a further rally, while a break below 57,830 may invite mild profit booking.

On the institutional front, Foreign Institutional Investors (FIIs) turned net sellers, offloading equities worth ?1,165 crore on October 23, while Domestic Institutional Investors (DIIs) provided strong support, purchasing equities worth ?3,893 crore on the same day.

Given the current setup of heightened volatility and mixed market signals, traders are advised to adopt a cautious “buy-on-dips” approach, especially when using leverage. Booking partial profits during rallies and maintaining tight trailing stop-losses will be key to managing risk effectively. Fresh long positions should be considered only if the Nifty sustains above the 26,200 mark. While the broader market undertone remains cautiously bullish, close monitoring of key technical levels and global developments will be crucial in the sessions ahead."

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