Quote on Pre Market Comment 18th september 2026 by Hitesh Tailor Technical Research Analyst at Choice Broking
Below the Quote on Pre Market Comment Friday September 18 by Hitesh Tailor Technical Research Analyst at Choice Broking
Indian equities are likely to begin on a mildly positive note, with Gift Nifty trading around 23,342, up 10 points. Global sentiment has improved after Wall Street rebounded sharply, while Asian markets are also broadly firmer following Thursday’s recovery.
In the previous session on 17th September 2026, Nifty closed at 23,270.60, up 53 points (+0.23%) after recovering from an intraday low of 23,193.65 and touching 23,363.55. However, profit booking at higher levels capped the recovery, with the index forming an Inside Bar candle, reflecting indecision and selling pressure near the upper end.
The broader technical structure remains weak, while RSI at 29.95 continues to indicate oversold momentum. Immediate support is placed at 23,000–23,150, where sustained buying could help limit downside, while resistance is seen at 23,350–23,450. A decisive move beyond this zone would be required for stronger recovery, whereas failure to hold support may keep the corrective bias intact.
In the previous session on 17th September 2026, Bank Nifty closed at 56,055.75, down 236.70 points (-0.42%), after facing sharp rejection from the intraday high of 56,570.45 and forming a bearish rejection candle with a long upper shadow. Immediate support is placed at 55,500–55,800, while resistance is seen at 56,500–57,000. Sustaining above support may aid stability, whereas rejection near resistance could keep the near-term tone cautious.
On 17th September 2026, Foreign Institutional Investors (FIIs) remained net sellers, offloading equities worth Rs 3,208 crore. In contrast, Domestic Institutional Investors (DIIs) continued to provide support, recording net purchases of Rs 3,617 crore during the session.
The market may remain in a consolidation phase with a cautious undertone, as lower-level buying is yet to translate into a decisive trend reversal. Nifty’s oversold zone could support short-covering moves, while Bank Nifty’s rejection near higher levels warrants vigilance. For a meaningful improvement in sentiment, indices would need to demonstrate sustained follow-through on the upside rather than brief intraday recoveries.
Above views are of the author and not of the website kindly read disclaimer
