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Below the Quote on Pre Market Comment 07th October 2026 by Deepesh Sarawagi Technical Research Analyst at Choice Broking

Indian equities are likely to open on a weak note, with Gift Nifty trading around 22,683, down 91 points. Global cues are mixed, with Asian markets showing a cautious tone despite Wall Street’s recent strength. Domestic attention is likely to remain on the RBI MPC outcome and policy commentary, with banking and rate-sensitive stocks expected to remain in focus.

In the previous session on 6th October 2026, Nifty closed at 22,776.10, up 220.35 points (+0.98%), after opening higher at 22,603.25 and briefly declining to 22,561.60. Thereafter, sustained buying lifted the index to its day’s high and close of 22,776.10, forming a strong bullish candle and indicating improving short-term momentum.

The RSI improved to 36.31, while the RSI average stood at 31.03, supporting the recovery in momentum. The decline in India VIX to 13.6075 also indicates easing volatility. Immediate support is placed at 22,500–22,550, while resistance is seen at 22,800–22,850.

In the previous session on 6th October 2026, Bank Nifty closed at 55,128.40, up 414.30 points (+0.76%), after touching a high of 55,201.00. The index sustained buying interest through the session and closed near the day’s high, while RSI improved to 41.50, indicating strengthening momentum. Immediate support is placed at 54,800–55,000, while resistance is seen at 55,500–55,700.

On 6th October 2026, FIIs continued their selling streak for the eighth consecutive session, recording net sales of Rs 2,961 crore. Meanwhile, DIIs maintained strong buying support, with net purchases of over Rs 5,088 crore, helping cushion the impact of sustained foreign outflows.

The near-term setup remains constructive, with strong price recovery and improved market breadth supporting sentiment. However, the ongoing FII selling streak remains a key overhang, while both indices are approaching important resistance levels. The market’s ability to absorb supply around these zones will be crucial in determining whether the recent rebound develops into a sustained recovery.

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