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Below the Quote on Pre-market comment for Wednesday July 1 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 23,978, down by 26 points, indicating subdued opening cues for domestic indices. The softer Gift Nifty trend suggests a cautious start, and traders are likely to remain watchful near key support and resistance levels during the session.

Nifty ended on a weak note on 30th June 2026, closing at 23,865.75, down 80.50 points or 0.34%, as selling pressure erased the gains from a positive opening. The index opened with a gap-up at 24,032.05 and touched an intraday high of 24,035.55, but sustained profit booking dragged it to an intraday low of 23,829.20 before closing near the day's low. Technically, the formation of a bearish candlestick pattern reflects continued weakness and selling pressure at higher levels. The RSI stood at 51.69, indicating neutral momentum, while India VIX remained stable at 13.60. Immediate support is placed around the 23,750–23,800 zone, while resistance is seen near the 24,050–24,100 range.

Bank Nifty ended on a negative note on 30th June 2026, closing at 57,542.90, down 184.45 points or 0.32%, as sustained selling pressure erased the gains from a strong gap-up opening. The index opened at 58,011.95, which also marked the day's high, before declining steadily to an intraday low of 57,456.65 and settling near the day's low. Technically, the formation of a bearish Marubozu-like candlestick pattern reflects persistent selling pressure and bearish control throughout the session. The RSI stood at 60.06, indicating that the broader momentum remains relatively strong despite the recent correction. Immediate support is placed around the 57,000–57,200 zone, while resistance is seen near the 58,000–58,200 range.

Foreign Institutional Investors (FIIs) remained net sellers on 30th June 2026, offloading equities worth ?2,556 crore, reflecting continued caution among overseas investors. In contrast, Domestic Institutional Investors (DIIs) extended their buying streak to the sixth consecutive session, purchasing equities worth ?6,842 crore. The strong domestic inflows continued to absorb foreign selling pressure, providing stability to the broader market despite the day's weakness.

The near-term market outlook remains cautiously optimistic despite subdued Gift Nifty indications. Supportive global cues and continued strength in domestic institutional buying may help limit downside, though investors are likely to remain selective after the recent corrective phase. Sustaining above key support levels will be crucial for maintaining stability, while a decisive move above immediate resistance could restore bullish momentum in the sessions ahead.

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