Quote on Pre-market comment for Tuesday August 4 by Hitesh Tailor, Technical Research Analyst at Choice Broking
Below the Quote on Pre-market comment for Tuesday August 4 by Hitesh Tailor, Technical Research Analyst at Choice Broking
Indian equity markets are expected to open on a flat to mildly negative note, with Gift Nifty trading around 24,650, down by 14 points, indicating subdued opening cues for domestic indices. Global markets remain cautiously positive as investors continue to assess the latest U.S. corporate earnings and the outlook for interest rates following last week's Federal Reserve policy decision. With no major negative global triggers overnight, domestic markets are likely to witness stock-specific action while participants closely monitor global cues and upcoming macroeconomic developments.
In the previous session on 3rd August 2026, Nifty 50 ended at 24,774, gaining 390.70 points (+1.60%) after witnessing broad-based buying throughout the session. The index opened with a strong gap-up at 24,572 and remained largely range-bound before a sharp late-session rally propelled it to close at the day's high. Technically, the formation of a strong bullish candlestick and a decisive close above the 200-day EMA reinforce the strengthening long-term trend. The RSI improved to 66.87, while India VIX remained at a comfortable 11.92, indicating healthy momentum with controlled volatility.
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. A sustained move above the resistance band could extend the ongoing rally towards higher levels, whereas any decline towards support is likely to attract fresh buying interest and keep the broader outlook positive..
In the previous session on 3rd August 2026, Bank Nifty ended at 58,247, gaining 983.10 points (+1.72%) after a strong buying-led rally. The index opened with a gap-up and maintained a positive bias throughout the session, with a sharp late-session surge helping it close near the day's high and form a strong bullish candlestick. Technically, the index continues to maintain strength, with improving momentum and sustained buying interest at higher levels. Immediate support is placed at 57,300–57,500, while resistance is seen around 58,500–58,700. A sustained move above resistance could further extend the ongoing bullish momentum.
Foreign Institutional Investors (FIIs) remained net buyers on 3rd August 2026, purchasing Indian equities worth rs 922 crore, reflecting continued confidence in the domestic market. Domestic Institutional Investors (DIIs) also extended their support, investing Rs 1,571 crore in equities. The combined institutional buying provided a strong cushion to the market and reinforced the positive undertone despite selective profit booking in certain sectors.
The overall market setup continues to remain constructive, backed by strong institutional participation, favourable global cues, and improving technical momentum. While some consolidation at higher levels is possible following the recent sharp rally, the broader trend remains positive. Sustaining above immediate support levels will be crucial to maintain the current strength, while a decisive breakout above resistance could pave the way for the next leg of the upward move.
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