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Below the Quote on Pre Market Comment 22nd October 2026 by Deepesh Sarawagi Technical Research Analyst at Choice Broking

Indian equities are expected to start on a weak note on 22nd October 2026, with Gift Nifty trading at 22,654, down 74 points. Overnight global weakness and persistent concerns over inflation and interest rates could keep traders defensive, while earnings-led moves in heavyweight stocks may determine whether the Nifty finds support at lower levels or extends its recent decline.

In the previous session on 21st October 2026, Nifty closed at 22,811.35, declining 77.60 points (-0.34%) for a second consecutive session. Despite a gap-up opening and an early rise to 23,120.90, selling pressure dragged the index lower before a partial recovery. IT outperformed with a 2.88% gain, while Chemical, Metal, Auto and Realty stocks faced pressure.

RSI stood at 46.27, above its average of 37.52, while PCR fell to 0.70 and India VIX climbed 6.11% to 15.6750, indicating heightened caution. Immediate support is placed at 22,600–22,650, while resistance is seen at 22,950–23,000.

In the previous session on 21st October 2026, Bank Nifty closed at 54,976.90, declining 511.20 points (-0.92%) after strong selling erased its early gains. The index broke below its rising trendline support, while RSI stood at 43.51, marginally above its average of 42.83, indicating subdued momentum. Immediate support is placed at 54,500–54,600, while resistance is seen at 55,400–55,500.

On 21st October 2026, FIIs turned net buyers, purchasing equities worth approximately Rs 1,022 crore. DIIs also maintained their buying stance, recording net purchases of around Rs 1,614 crore. Buying support from both foreign and domestic institutions provided a positive counterbalance to the recent weakness in the broader market.

The near-term outlook remains defensive, with weak price action in Nifty and Bank Nifty keeping recovery attempts under pressure. Although FIIs and DIIs both turned net buyers, the improvement in institutional flows has yet to translate into stronger market momentum. Gift Nifty’s negative indication may weigh on the opening, while elevated volatility and resistance overhead could encourage selective trading and limit aggressive buying.

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