IGI Logo

Below the Quote on Pre-market comment for Thursday July 31 by Hitesh Tailor, Technical Research Analyst at Choice Broking

Indian equity markets are expected to open on a positive note, with Gift Nifty trading around 24,420, up by 57 points, indicating firm opening cues for domestic indices. Global market sentiment remained upbeat after a strong rally on Wall Street, driven by robust earnings from major U.S. technology companies, particularly Microsoft, which boosted confidence in AI-led growth. Stable global cues and easing crude oil prices are also expected to support investor sentiment in the early part of the session.

In the previous session on 30th July 2026, Nifty 50 ended on a positive note, closing at 24,317.15, up 66.95 points (+0.28%), after a range-bound yet constructive trading session. The index opened flat at 24,249.55 and remained largely range-bound during the first half before fresh buying interest in the latter half pushed it to an intraday high of 24,342.95, where it eventually settled near the day's high. Technically, the formation of a fifth consecutive bullish candlestick reflects sustained buying interest, while the RSI improved to 57.66, indicating strengthening momentum.

From a technical perspective, 24,200–24,250 is expected to act as the immediate support zone, while 24,500–24,550 remains the key resistance area. A sustained move above the resistance band could extend the ongoing recovery, whereas holding above the support zone will be crucial to maintain the prevailing positive market structure.

In the previous session on 30th July 2026, Bank Nifty ended at 57,147.50, down 58.40 points (-0.10%), after a volatile trading session. Early selling pressure dragged the index lower, but strong buying interest emerged near the 56,800 zone, helping it recover most of the intraday losses and settle around the 57,000 mark. Technically, the formation of a pin bar-like candlestick near the 50-day EMA indicates buying support at lower levels. Immediate support is placed at 56,900–57,000, while resistance is seen around 57,800–58,000.

With positive Gift Nifty indications and supportive global cues, the domestic market is likely to begin the session on a firm footing. Although intermittent profit booking may emerge near higher levels after the recent upmove, the overall trend continues to favour the bulls. Sustaining above immediate support zones will be essential to maintain momentum, while a decisive move beyond resistance could open the door for further upside in the near term.

Above views are of the author and not of the website kindly read disclaimer