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Below the Quote on Pre-market comment for Monday August 10 by Hitesh Tailor, Technical Research Analyst at Choice Broking

Indian equity markets are expected to open on a mildly positive note, with Gift Nifty trading around 24,666, up 25 points, indicating a steady start for domestic indices. Global markets remain broadly supportive, with easing geopolitical tensions and softer crude oil prices helping risk sentiment, although investors remain cautious ahead of key U.S. inflation data due later this week.

In the previous session on 7th August 2026, Nifty 50 ended at 24,570.65, down 65.35 points (-0.27%), after failing to sustain above the crucial 24,600 level. The index remained range-bound during the session, reflecting indecision among market participants. Technically, the long upper wick on the daily chart indicates selling pressure at higher levels, while the index continues to hold above its key moving averages. The RSI at 59.89 remains in the bullish zone, keeping the broader structure constructive.

From a technical perspective, 24,450–24,500 is expected to act as the immediate support zone, while 24,750–24,800 remains the key resistance area. The index may continue to consolidate in the near term, with sustained holding above support likely to preserve the positive structure. Fresh buying interest could emerge on a decisive move through the resistance zone.

In the previous session on 7th August 2026, Bank Nifty ended at 57,746.45, down 317.20 points (-0.55%), as selling pressure emerged after the index failed to sustain above the 58,000 mark. The bearish daily candle indicates near-term profit booking, although the index continues to hold above key moving averages, keeping the broader structure constructive. Immediate support is placed at 57,300–57,500, while resistance is seen around 58,200–58,500. Holding above support could help stabilize the index and attract buying interest at lower levels.

The overall market setup remains cautiously positive, supported by a stable global backdrop, mildly positive Gift Nifty cues and improving risk appetite. However, with benchmark indices still facing supply at higher levels, consolidation may continue before a clear directional move emerges. Strong support at lower levels should limit downside pressure, while renewed participation in heavyweight stocks could help the market regain upward momentum during the session.

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