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Below the Quote on Morning Outlook 26th October 2026 by Sachin Gupta, VP – Technical Research at Choice Broking

"Indian equities may open on a muted note on 26th October 2026, with Gift Nifty at 22,601, down 6 points. Global markets remain under pressure after Wall Street’s weekly decline, while Asian equities started cautiously amid elevated oil prices and West Asian tensions. Investors will also track this week’s US Federal Reserve policy meeting, major technology earnings and inflation data, which could influence global risk appetite and domestic market direction.

In the previous session on 23rd October 2026, Nifty closed at 22,600.00, down 87.65 points (-0.39%). The index recovered nearly 200 points from its intraday low of 22,372, forming a long lower wick, but selling pressure limited the rebound. Metal, Realty and PSU Banks underperformed, while IT showed relative resilience.

RSI stood at 42.38, above its average of 40.28, while PCR was 0.74 and India VIX jumped 6.96% to 16.86, signalling elevated uncertainty. Immediate support is placed at 22,400–22,450, while resistance is seen at 22,800–22,850.

In the previous session on 23rd October 2026, Bank Nifty closed at 54,287.35, down 638.35 points (-1.16%), after heavy selling dragged it to 53,942.35 before a partial recovery. PSU banks faced stronger pressure, while RSI slipped to 37.73, below its average of 43.83, indicating weakening momentum. Immediate support is placed at 53,800–54,000, while resistance is seen at 54,600–54,800.

On 23rd October 2026, FIIs turned net buyers with equity purchases of ?887 crore, while DIIs extended their buying streak to four consecutive sessions, recording net purchases of ?3,236 crore. Continued domestic institutional support, alongside renewed foreign buying, provided a positive counterbalance to the recent market weakness.

The near-term outlook remains under pressure, as sharp declines in Nifty and Bank Nifty highlight fragile market sentiment despite buying interest from FIIs and DIIs. Gift Nifty’s marginally negative signal points to a subdued start, while global uncertainty and elevated volatility may keep participants selective. Traders will watch whether key support zones attract fresh demand or selling resumes across heavyweight stocks."

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