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Below the Quote on Pre-market comment for Friday October 30 by Hitesh Tailor, Technical Research Analyst at Choice Broking

Indian equities are likely to open on a mildly negative note on 30th October 2026, with Gift Nifty down 39 points at 23,003, indicating some profit-booking after the previous session’s strong rally. Global sentiment remains cautious following weakness in US technology stocks, particularly amid concerns over heavy AI-related spending and mixed corporate earnings. Investors will also track developments in US-Iran relations, crude oil movements and the upcoming US inflation data for further directional cues.

In the previous session on 29th October 2026, Nifty closed at 22,936.75, up 237.90 points (+1.05%), marking a strong recovery from its intraday low of 22,656.75 and finishing near the day's high. The index also broke out of its previous five-session sideways range, with Realty, FMCG, Banking, Media and IT leading the gains, indicating broad-based buying participation.

The index formed a strong bullish candle and moved above its 20-day EMA, while RSI improved to 50.85, above its average of 44.75, signalling strengthening momentum. The breakout has improved the short-term technical structure, although follow-through buying remains important. Immediate support is placed at 22,800–22,850, while resistance is seen at 23,100–23,200.

In the previous session on 29th October 2026, Bank Nifty closed at 54,909.65, up 642.25 points (+1.18%), recovering strongly from its intraday low of 54,047.90 and ending near the day's high. The index formed a strong bullish candle, while RSI improved to 47.06, above its average of 44.25, indicating strengthening momentum. However, it continues to trade below key moving averages. Immediate support is placed at 54,500–54,700, while resistance is seen at 55,300–55,500.

On 29th October 2026, FIIs turned net sellers, recording equity outflows of rs 943 crore, snapping their two-session buying streak. In contrast, DIIs continued their buying activity for the second consecutive session, with net purchases of Rs1,924 crore, providing domestic institutional support amid renewed foreign selling.

After the sharp rebound in the previous session, markets may witness some consolidation amid mildly negative global cues. Continued DII buying could help absorb intermittent selling, but renewed FII outflows and resistance near higher levels may restrict further upside. Sectoral participation and the ability of Nifty to hold its recent breakout zone will remain important for sustaining positive sentiment.

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