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Below the Quote on Pre Market Comment 08th October 2026 by Hitesh Tailor Technical Research Analyst at Choice Broking

Indian equities are likely to open on a mildly positive note, with Gift Nifty around 22,605, up 13 points. Global cues remain mixed, with Asian markets trading cautiously after a softer Wall Street session, while elevated oil prices and US Treasury yields continue to warrant attention. Domestically, the RBI’s 25-bps repo rate hike to 5.50% and calibrated tightening stance is likely to keep banking and rate-sensitive stocks in focus.

In the previous session on 7th October 2026, Nifty closed at 22,603.05, down 173.05 points (-0.76%), after opening at 22,690.45 and briefly touching 22,717.65. Profit booking later pushed the index to 22,546.30, followed by a modest recovery. The session ended with a small-bodied candle and lower shadow, reflecting continued uncertainty and some buying at lower levels.

RSI stood at 33.13, with its average at 31.45, indicating weak but relatively stable momentum. Immediate support is placed at 22,400–22,500, while resistance is seen at 22,700–22,800.

In the previous session on 7th October 2026, Bank Nifty closed at 55,055.55, down 72.85 points (-0.13%), after moving between 55,340.10 and 54,636.20. A doji-like candle reflected indecision, while RSI at 40.87 remained below 50 but above its average of 37.99, indicating some short-term improvement. Immediate support is placed at 54,500–54,700, while resistance is seen at 55,500–55,700.

On 7th October 2026, FIIs remained net sellers, offloading equities worth over ?6,121 crore, while DIIs continued to provide support through net purchases of around ?4,596 crore. The contrasting flows highlight continued foreign selling pressure alongside steady domestic institutional buying.

The near-term tone appears cautiously positive, supported by the mildly higher Gift Nifty and signs of buying interest at lower levels. However, the recent FII selling streak and mixed global cues continue to limit conviction. With the RBI’s policy stance also in focus, the market may remain selective and range-bound until stronger directional participation emerges.

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