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Below the Quote on Pre-market comment for Wednesday October 28 by Hitesh Tailor, Technical Research Analyst at Choice Broking

Indian equities are likely to open sharply lower on 28th October 2026, with Gift Nifty down 196 points at 22,616. Despite overnight gains on Wall Street and strength across Asian markets, sentiment remains cautious amid ongoing West Asian tensions. Investors will track the US Federal Reserve’s policy decision, quarterly earnings and Jio Platforms’ market debut, which could influence market direction and volatility through the session.

In the previous session on 27th October 2026, Nifty closed at 22,749.75, down 3.45 points (-0.02%), after an early recovery was capped by profit booking near the intraday high of 22,829.75. The doji-like candle reflected indecision, with Media, Realty, Pharma and Auto gaining, while IT, Banking and Financial Services remained under pressure.

RSI stood at 46.00, above its average of 42.25, while PCR was 1.04 and India VIX eased to 16.5325. Despite improving momentum, Nifty remains below key daily moving averages. Immediate support is placed at 22,500–22,550, while resistance is seen at 22,850–22,900.

In the previous session on 27th October 2026, Bank Nifty closed at 53,974.90, down 391.80 points (-0.72%), retreating sharply from its intraday high of 54,654.05 and ending near the day’s low. Trading below key daily moving averages, the index showed persistent selling pressure, while RSI at 35.66, below its average of 43.59, indicated weak momentum. Immediate support is placed at 53,800–54,000, while resistance is seen at 54,600–54,800.

On 27th October 2026, FIIs turned net buyers, recording equity purchases of Rs 4,240 crore. In contrast, DIIs ended their five-session buying streak, emerging as net sellers with outflows of Rs 1,250 crore. Foreign investor buying provided support to market flows, while domestic institutional selling partially offset the inflows.

Domestic markets may face a weak start, with Gift Nifty signalling downside pressure despite support from recent FII buying. However, the sharp opening gap, elevated crude prices and the Fed’s policy decision could keep volatility high. Nifty’s ability to stabilise near key support levels will be crucial in determining whether early weakness attracts buying interest or extends the decline.

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