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Below the Quote on Pre Market Comment Monday October 05 by Hitesh Tailor  Technical Research Analyst at Choice Broking

Indian equities are likely to open sharply higher, with Gift Nifty at 22,648, up 157 points. Global cues are supportive, with Asian markets trading mostly positive after softer-than-expected US jobs data reduced expectations of an immediate Fed rate hike. The improved global risk appetite and stronger opening indication could provide some relief to domestic equities after the recent correction.

In the previous session on 1st October 2026, Nifty closed at 22,421.95, down 198.50 points (-0.88%), after opening lower and facing selling pressure around the 22,600 zone. The index slipped to an intraday low of 22,217.30 amid strong volumes before recovering from the lows, supported by IT and banking stocks. India VIX rose to 14.4550, reflecting elevated volatility.

The short-term structure remains weak, with Nifty sustaining below key resistance levels after eight consecutive weeks of selling. Immediate support is placed at 22,300–22,350, while resistance is seen at 22,600–22,650. A sustained recovery above the resistance zone would be required to improve the near-term setup.

In the previous session on 1st October 2026, Bank Nifty closed at 54,450.75, down 182 points (-0.33%), after recovering from an intraday low of 54,066.60. The index initially moved up to 55,091.45 but faced selling pressure in the latter half, keeping the broader structure sideways to bearish. Immediate support is placed at 54,500–54,700, while resistance is seen at 55,300–55,500.

On 1st October 2026, FIIs remained net sellers, recording a net outflow of Rs 9,484 crore, while DIIs continued their buying support with a net inflow of Rs 10,041 crore.

The sharp improvement in the opening indication offers scope for a recovery after the recent correction, with Nifty and Bank Nifty approaching important resistance zones. However, the broader trend remains fragile due to persistent FII selling. Strong DII participation and positive global cues may provide near-term support, but follow-through buying will be essential for a meaningful improvement in market sentiment.

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