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Below the Quote on Pre Market Comment Thursday October 01 by Hitesh Tailor  Technical Research Analyst at Choice Broking

Indian equities are likely to open on a weak note, with Gift Nifty at 22,601, down 58 points. Global cues remain mixed, with Asian markets trading mostly positive despite a softer close on Wall Street. Investors are tracking the latest US economic data and expectations around the Federal Reserve’s rate path, while the start of the new month may keep domestic sentiment cautious after September’s sharp decline.

In the previous session on 30th September 2026, Nifty closed at 22,620.45, down 95 points (-0.42%), after witnessing a volatile session. The index moved above the previous day’s high and touched 22,809 in the first half, but profit booking in healthcare, pharma and select heavyweight stocks dragged it lower in the latter half. However, Nifty managed to hold near the weekly 200-SMA support zone around 22,600 and closed above the day’s low.

The near-term structure remains sideways to bearish, although continued holding above the long-term support area may provide a base for a recovery attempt. Immediate support is placed at 22,500–22,550, while resistance is seen at 22,800–22,900. Sustained trade above the resistance zone could improve sentiment, while a break below support may keep the pressure intact.

In the previous session on 30th September 2026, Bank Nifty closed at 54,633.05, up 373 points (+0.69%), after staging a strong intraday recovery of nearly 900 points and touching 55,135.50. Strength across major banking stocks helped the index close above the previous day’s high with a strong bullish candle, improving the short-term structure. Immediate support is placed at 53,800–54,000, while resistance is seen at 54,700–55,000.

FIIs remained net sellers for the fifth consecutive session, offloading equities worth more than Rs 10,148 crore on 30th September 2026. Meanwhile, DIIs continued to provide strong domestic support, purchasing equities worth Rs 11,271 crore during the session.

The near-term setup remains mixed, with Nifty still consolidating around its long-term support while Bank Nifty shows better price strength after its recent recovery. Heavy FII selling remains a key overhang, although strong DII participation is providing a counterbalance. Market direction is likely to depend on whether banking strength broadens across the wider market.

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