Quote on Pre-market comment for Wednesday October 21 by Sachin Gupta, VP-Technical Research at Choice Broking
Below the Quote on Pre-market comment for Wednesday October 21 by Sachin Gupta, VP-Technical Research at Choice Broking
Indian equities are likely to open on a positive note on 21st October 2026, with Gift Nifty trading at 23,009, up 75 points. The opening indication suggests a potential recovery, though global risk appetite and overnight market trends will be important in determining its strength. Investors will also monitor the ongoing quarterly earnings season, crude oil movements and institutional fund flows for fresh direction, particularly amid the possibility of volatility around key index levels.
In the previous session on 19th October 2026, Nifty closed at 22,888.95, declining 257.20 points (-1.11%) as selling pressure intensified in the second half. The index formed a strong bearish candle, closing below the previous session’s low. Sectoral performance was broadly negative, with Private Banks and Financial Services under pressure, while PSU Banks bucked the trend with a 2.46% gain.
RSI slipped to 47.72, below its recent recovery trajectory, while PCR stood at 0.88 and India VIX rose 5.33% to 14.7725, signalling increased caution. Immediate support is placed at 22,800–22,850, while resistance is seen at 23,100–23,200.
In the previous session on 19th October 2026, Bank Nifty closed at 55,488.10, down 355.90 points (-0.64%), as selling pressure pushed the index below its opening levels. Private banks remained weak, while PSU banks gained 2.46%, led by Union Bank. RSI stood at 48.25, above its average of 41.80 but below the neutral 50 mark. Immediate support is placed at 54,800–55,000, while resistance is seen at 55,800–56,100.
On 19th October 2026, FIIs remained net sellers, offloading equities worth approximately Rs 1,148 crore. Meanwhile, DIIs continued to support the market with net purchases of around Rs 3,200 crore, partially offsetting foreign investor outflows amid broader market weakness.
Overall market sentiment remains cautious despite a positive opening indication from Gift Nifty, as recent selling pressure and elevated volatility continue to weigh on confidence. DII inflows have offered a cushion against FII selling, but sustained recovery will depend on renewed buying participation and improved sectoral breadth. Traders may remain selective, with global cues and Q2 earnings likely to influence intraday direction.
Above views are of the author and not of the website kindly read disclaimer
