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Below the Quote on Pre-market comment for Wednesday September 9 by Hitesh Tailor, Technical Research Analyst at Choice Broking

Indian equities are likely to open on a softer note, as Gift Nifty is trading around 23,661, down 52 points. Global markets remain unsettled, with U.S. equities declining and Asian markets showing mixed signals. The sharp rise in crude towards $100 a barrel is emerging as a key market concern, raising worries over energy costs and their impact on India’s market sentiment.

In the previous session on 8th September 2026, Nifty 50 remained under pressure for the second consecutive session and settled at 23,635.10, down 144.05 points (-0.61%). After opening lower, the index failed to sustain the early recovery and slipped to an intraday low of 23,623.10, reflecting persistent selling pressure. Weak momentum and elevated crude prices continue to keep the short-term structure under pressure.

Technically, RSI at 30.88 indicates weak momentum, with Nifty approaching the oversold zone while remaining below its key moving averages. Immediate support is placed at 23,500–23,600, while resistance is seen at 23,800–24,000. A hold above support could allow a technical rebound, whereas a decisive break below 23,500 may extend the downside. Overall, the near-term bias remains bearish.

In the previous session on 8th September 2026, Bank Nifty remained weak and closed at 56,777.55, down 310.75 points (-0.54%). The index slipped to an intraday low of 56,720.45, where it found support near its 200-Day EMA, keeping this long-term support zone crucial for the near-term trend. Immediate support is placed at 56,500–56,700, while resistance is seen at 57,300–57,500. A sustained hold above support could trigger a recovery, while a breakdown may deepen weakness.

On 8th September 2026, Foreign Institutional Investors (FIIs) turned net sellers, offloading equities worth Rs 123 crore, while Domestic Institutional Investors (DIIs) remained net buyers, purchasing equities worth Rs1350 crore.

The overall bias remains tilted towards the downside, as weak opening cues and elevated crude prices may continue to weigh on sentiment. However, oversold conditions in Nifty and support near key long-term levels in Bank Nifty could trigger intermittent buying. Traders may therefore prefer a sell-on-rise approach until broader participation improves and the indices reclaim key resistance zones.

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