Quote on Pre Market Comment 23rd september 2026 by Hitesh Tailor Technical Research Analyst at Choice Broking
Below the Quote on Pre Market Comment Wednesday September 23 by Hitesh Tailor Technical Research Analyst at Choice Broking
Indian equities are likely to open on a softer note, with Gift Nifty trading around 23,337, down 62 points. Global cues are mixed as Asian markets remain broadly positive, supported by technology stocks, while Wall Street stayed near record levels amid renewed AI optimism.
In the previous session on 22nd September 2026, Nifty closed at 23,329, down 100 points (-0.43%), after opening higher at 23,454.05 and briefly advancing to 23,489 before facing sustained selling pressure. Although the index recovered from an intraday low of 23,285.75, it failed to hold the rebound and formed a Bearish Engulfing candle, signalling renewed weakness at higher levels.
The technical setup remains cautious, with RSI at 34.88 against its average of 31.97, indicating weak momentum despite some improvement from lower levels. Immediate support is placed at 23,150–23,200, while resistance is seen at 23,450–23,500.
In the previous session on 22nd September 2026, Bank Nifty closed at 56,215.55, down 279.35 points (-0.49%), after facing selling pressure from the intraday high of 56,671.10 and forming a Bearish Engulfing candle. The index remains below its 200-day EMA, with RSI at 41.63 indicating weak momentum. Immediate support is placed at 55,800–56,000, while resistance is seen at 56,500–56,600.
Foreign institutional investors (FIIs) continued their selling activity for the second consecutive session, offloading equities worth Rs 3,800 crore on 22nd September 2026. Meanwhile, domestic institutional investors (DIIs) maintained their supportive stance, recording purchases of Rs 4,120 crore during the session.
The near-term setup remains under pressure, with repeated supply at higher levels limiting the recovery in both indices. Weak momentum readings suggest that downside risks remain, although the prevailing oversold conditions could still trigger short-lived rebounds. Market direction is likely to remain sensitive to support-zone behaviour, while any sustained recovery would require stronger participation from buyers.
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