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Below the Quote on Pre-market comment for Friday October 23 by Hitesh Tailor, Technical Research Analyst at Choice Broking

Indian equities are expected to open higher on 23rd October 2026, with Gift Nifty up 111 points at 22,826. However, global sentiment remains weak as the Nasdaq plunged 2.6% amid an AI-led technology sell-off, while Asian markets also opened lower, with Japan’s Nikkei falling around 1.7%. Rising crude oil prices amid West Asian tensions could limit the domestic market’s recovery despite the positive opening signal.

In the previous session on 22nd October 2026, Nifty closed at 22,687.65, down 123.70 points (-0.54%). After opening lower, the index recovered from an intraday low of 22,554.85 to 22,785 before losing momentum and forming a doji-like candle, reflecting indecision. Pharma, PSU Banks and Healthcare edged higher, while IT, Media, FMCG and Auto came under pressure.

RSI stood at 43.98, above its average of 38.86, while PCR eased to 0.82 and India VIX rose to 15.8175, indicating cautious sentiment. Immediate support is placed at 22,600–22,650, with the session low near 22,555 as the next downside reference. Resistance is seen at 22,900–23,000, where selling pressure may re-emerge.

In the previous session on 22nd October 2026, Bank Nifty closed at 54,925.70, down 51.20 points (-0.09%), recovering from an intraday low of 54,459.35 before consolidating. The indecisive candle reflected buying at lower levels but limited strength near the highs. RSI stood at 43.05, below its average of 43.48, indicating subdued momentum. Immediate support is placed at 54,500–54,600, while resistance is seen at 55,400–55,500.

On 22nd October 2026, FIIs remained net sellers, offloading equities worth Rs 3,459 crore, while DIIs provided buying support with net purchases of Rs 2,891 crore. However, domestic institutional buying only partially offset the sustained selling pressure from foreign investors.

Overall market bias remains cautious despite Gift Nifty indicating a positive start, as the sharp Nasdaq decline and weakness across Asian markets may temper domestic optimism. Recent price action reflects tentative buying at lower levels, while continued FII selling and elevated volatility could keep traders selective. The market’s ability to absorb global pressure and sustain early gains will be key to the next directional move.

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