Quote on Pre-market comment for Friday October 16 by Hitesh Tailor, Technical Research Analyst at Choice Broking
Below the Quote on Pre-market comment forFriday October 16 by Hitesh Tailor, Technical Research Analyst at Choice Broking
Indian equities are likely to open on a positive note on 16th October 2026, with Gift Nifty trading at 22,078, up 90 points. Global market cues remain mixed amid concerns over elevated US inflation, interest-rate expectations and volatility in AI-linked stocks, while investors continue to assess overnight Wall Street performance and trends across Asian markets. Domestically, the quarterly earnings season, crude oil movements and foreign fund flows will remain key factors influencing market direction and the sustainability of early gains.
In the previous session on 15th October 2026, Nifty closed at 22,997.35, surging 374.65 points (+1.66%) after a sharp rally lifted the index to an intraday high of 23,056.40. The bullish candle broke the previous 11-session trading range, with the index closing above its 20-day EMA. IT, Auto, Oil & Gas, Realty and Financial Services supported the advance, while Media and PSU Bank underperformed.
RSI improved to 49.94, above its average of 33.37, while the PCR stood at 1.04 and India VIX eased 4.1% to 14.0250, reflecting improved sentiment and lower volatility. Immediate support is placed at 22,800–22,900, while resistance is seen at 23,100–23,200.
In the previous session on 15th October 2026, Bank Nifty closed at 55,810.50, gaining 494.50 points (+0.89%) after strong buying lifted the index to an intraday high of 56,065.50, followed by mild profit booking. RSI improved to 51.59, above its average of 39.51, indicating strengthening momentum. Private banks largely advanced, while PSU banks underperformed. Immediate support is placed at 55,300–55,500, while resistance is seen at 56,000–56,300.
On 15th October 2026, FIIs intensified their selling, recording net equity outflows of approximately ?5,285 crore. DIIs continued to offer domestic support, with net purchases of around ?3,319 crore, partially offsetting the heavy foreign investor selling and helping cushion overall market pressure.
Overall market bias appears cautiously positive, with Gift Nifty indicating a firm start and the previous session’s broad-based rally improving near-term sentiment. However, aggressive FII selling remains a key concern and could limit the upside despite DII support. Global cues and earnings-related stock movements may keep trading selective, while the market’s ability to absorb selling pressure near higher levels will determine the durability of the recovery.
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