Quote on Pre-market comment for Thursday July 9 by Hitesh Tailor, Technical Research Analyst at Choice Broking
Below the Quote on Pre-market comment for Thursday July 9 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 23,959, up by 81 points, indicating firm opening cues for domestic indices. Global market sentiment has improved after the sharp sell-off witnessed in the previous session, with most Asian markets trading higher and risk appetite showing signs of recovery. Although markets remained under pressure on 8th July due to renewed geopolitical tensions and higher crude oil prices, the positive Gift Nifty trend suggests investors may attempt a relief rebound in early trade while continuing to monitor developments in the Middle East and energy markets.
Nifty ended on a sharply negative note on 8th July 2026, closing at 23,882.05, down 516.65 points or 2.12%, amid broad-based selling pressure across sectors. The index opened with a sharp gap-down at 24,259.55, briefly recovered to an intraday high of 24,300.00, but persistent selling dragged it to an intraday low of 23,805.20 before closing near the day's low. Technically, the formation of a strong bearish candlestick reflects renewed weakness and loss of short-term momentum, while the RSI slipped to 48.51 and India VIX surged to 14.68, indicating increased market volatility. Immediate support is placed around the 23,750–23,800 zone, while resistance is seen near the 24,200–24,250 range.
Bank Nifty ended on a sharply negative note on 8th July 2026, closing at 56,742.60, down 1,458.10 points or 2.51%, amid heavy selling across banking and financial stocks. The index opened with a sharp gap-down at 57,918.25, recovered briefly to an intraday high of 58,075.00, but sustained selling pressure dragged it to an intraday low of 56,549.00 before settling near the day's low. Technically, the formation of a strong bearish candlestick reflects renewed weakness and deterioration in the short-term trend after failing to sustain higher levels. Immediate support is placed around the 56,000–56,300 zone, while resistance is seen near the 57,400–57,500 range.
Foreign Institutional Investors (FIIs) extended their buying streak to the fourth consecutive session on 8th July 2026, purchasing Indian equities worth ?1,962 crore, reflecting continued confidence despite heightened market volatility. Meanwhile, Domestic Institutional Investors (DIIs) also turned net buyers after a one-day pause, investing ?790 crore in equities, providing additional support to the broader market.
Despite the sharp correction witnessed in the previous session, the positive Gift Nifty trend and improved global sentiment indicate the possibility of a relief rebound at the opening. However, volatility is likely to remain elevated, and market direction will depend on the ability of benchmark indices to sustain above key support levels. A decisive move beyond immediate resistance could help restore near-term buying momentum.
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