Quote on Pre-market comment for Thursday September 17 by Sachin Gupta, VP-Technical Research at Choice Equity Broking
Below the Quote on Pre-market comment for Thursday September 17 by Sachin Gupta, VP - Technical Research, Choice Equity Broking
Indian equities are likely to open lower, with Gift Nifty trading around 23,234.50, indicating a weak opening for the domestic markets. Global cues remain mixed, as U.S. equities closed sharply lower following the Federal Reserve’s rate hike amid persistent inflation concerns and elevated crude oil prices. Asian markets are mostly trading higher, with Japan and South Korea gaining, while investors assess the Fed’s policy outlook and geopolitical developments.
In the previous session on 16th September 2026, Nifty recovered from an intraday low near 23,116 to close at 23,217.60, gaining 99 points (+0.43%). Broad-based buying supported the recovery, although the index formed a Doji-like candle, reflecting indecision after the recent decline. RSI at 27.31 remains in oversold territory, while Nifty continues to trade below key moving averages.
Technically, Nifty may maintain a cautious bias, with the 23,000–23,080 zone acting as crucial support and 23,300–23,450 as the immediate resistance area. Put OI around 23,200–23,000 may provide downside support, while Call OI near 23,300–23,500 could limit the recovery. With PCR at 0.97 and VIX at 13.17, oversold conditions may support a technical rebound, although a sustained move above resistance is required for further recovery.
Bank Nifty closed at 56,292.45 on 16th September, gaining 497.70 points (+0.89%), after recovering strongly from an intraday low of 55,812.20. Buying from lower levels resulted in a positive daily candle, with PSU Banks showing stronger participation. Immediate support is placed at 55,700–56,000, while resistance is seen at 56,500–56,800. A sustained move above the resistance zone could improve short-term momentum, while failure to hold support may bring selling pressure back.
FIIs remained net sellers, offloading equities worth approximately Rs 2,000 crore. Meanwhile, DIIs continued to provide support, purchasing equities worth Rs 3,900 crore during the session. The divergence between foreign selling and domestic institutional buying remains an important factor for market sentiment.
The overall market bias remains cautious, with Gift Nifty indicating a weak opening despite the previous session’s recovery in Nifty and Bank Nifty. Oversold RSI conditions may support buying interest at lower levels, but global weakness and continued FII selling could limit the upside. Traders should monitor the key support and resistance zones, as sustained buying above resistance may extend the recovery, while a break below crucial supports could revive selling pressure.
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