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Below the Quote on Pre-market comment for Friday August 7 by Hitesh Tailor, Technical Research Analyst at Choice Broking

Indian equity markets are expected to open on a mildly negative note, with Gift Nifty trading around 24,662, down by 86 points, indicating weak opening cues for domestic indices. Global markets are trading mixed as investors remain cautious ahead of key U.S. economic data and continue to assess the implications of recent trade-related developments. Meanwhile, crude oil prices have edged higher amid persistent geopolitical tensions, which may keep market sentiment subdued and lead to a cautious start for domestic equities.

In the previous session on 6th August 2026, Nifty 50 ended at 24,636.00, up 11.35 points (+0.05%), after a subdued and range-bound trading session. The index traded within a narrow range throughout the day, reflecting indecisive market sentiment and a lack of strong directional momentum. Technically, Nifty formed a small-bodied candlestick on the daily chart, indicating continued consolidation while holding firmly above its key moving averages. The RSI improved to 62.20, suggesting the broader bullish momentum remains intact despite the muted price action.

From a technical perspective, 24,400–24,450 is expected to act as the immediate support zone, while 24,750–24,800 remains the key resistance area. As long as the index sustains above the support zone, the prevailing positive structure is likely to remain intact, while a decisive improvement in buying interest near resistance could provide the next directional trigger.

In the previous session on 6th August 2026, Bank Nifty ended at 58,063.65, gaining 323.70 points (+0.56%) after witnessing steady buying interest throughout the session. The index recovered from early weakness and gradually advanced to close near the day's high, forming a strong bullish candlestick on the daily chart. The price action reflects continued buying on declines and suggests that the broader undertone remains constructive. Immediate support is placed at 57,300–57,500, while resistance is seen around 58,200–58,500. Holding above the support zone is likely to keep the positive bias intact, while strength near the resistance band will be crucial for further upside momentum.

The near-term market outlook remains cautiously constructive despite weak opening cues from Gift Nifty and mixed global sentiment. While elevated crude oil prices and global uncertainties may keep volatility higher, the domestic market continues to display resilience supported by healthy technical indicators and institutional participation. Maintaining key support levels will be crucial, as any stability at lower levels could encourage selective buying and help sustain the broader positive trend.

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