Quote on Pre-market comment for Wednesday September 4 by Sachin Gupta, VP - Technical Research, Choice Equity Broking
Below the Quote on Pre-market comment for Wednesday September 2 by Sachin Gupta, VP - Technical Research, Choice Equity Broking
Indian equity markets are likely to open on a positive note, with Gift Nifty at 24,023, up 90 points, signalling a recovery from the previous session’s weakness. Global sentiment has improved as Wall Street closed higher and Asian markets are largely positive, while U.S. Treasury yields have eased. However, Brent crude remains elevated near $96–97, keeping geopolitical risks around the U.S.–Iran conflict a key factor for market sentiment.
In the previous session on 3rd September 2026, Nifty 50 continued to face selling pressure and closed at 23,873.45, down 41.00 points (-0.17%). After opening nearly 83 points higher, the index failed to hold the gains and ended at the day’s low, reflecting weak short-term momentum. However, the broader technical setup suggests scope for a rebound if the key support zone holds.
Technically, immediate support is placed at 23,800–23,850, while resistance is seen at 24,050–24,100. Sustaining above the support zone could encourage a recovery towards the resistance band, whereas a decisive break below 23,800 may extend the corrective move. The near-term bias remains cautious, with support levels crucial for any meaningful rebound.
In the previous session on 3rd September 2026, Bank Nifty closed at 57,380.60, gaining 208.60 points (+0.36%), after opening sharply higher but witnessing profit booking from the day’s high of 57,753.60. Despite the late-session weakness, the index continues to hold its broader recovery structure. Immediate support is placed at 57,000–57,200, while resistance is seen at 57,800–58,000. A sustained move above resistance could strengthen the upside momentum.
On 3rd September 2026, Foreign Institutional Investors (FIIs) turned net sellers, offloading Rs2,346 crore from Indian equities, while Domestic Institutional Investors (DIIs) remained supportive with net buying of Rs4,977 crore. The strong DII inflow provided a cushion against foreign selling pressure and helped maintain domestic liquidity support.
Overall, the bias remains cautiously positive, as Gift Nifty indicates a firm start and global equities are supportive. However, elevated crude prices and persistent U.S.–Iran tensions could restrict sustained gains. Nifty may witness selective buying on dips, but volatility is likely to remain high, making the 24,000–24,050 zone crucial for further upside.
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