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Below the Quote on Pre-market comment for Monday August 24 by Hitesh Tailor, Technical Research Analyst at Choice Broking

Indian equity markets are expected to open on a positive note, with Gift Nifty around 24,383, up 97 points, signalling a recovery after Friday’s subdued close. Global cues are relatively supportive as U.S. equities ended higher on Friday, while early Asian markets remain mixed. Oil prices have eased ahead of expected U.S. sanctions on Iran, although Brent remains elevated near $93, keeping geopolitical risks relevant. Investors will also track Nvidia’s earnings and Fed Chair Kevin Warsh’s Jackson Hole speech later this week.

In the previous session on 21st August 2026, Nifty 50 closed at 24,252.00, gaining 20.15 points (+0.08%) after a narrow trading session. The index continued to hold above its rising short-term trendline and the 24,000–24,050 zone, keeping the recovery structure intact. However, RSI at 49.09 remained neutral, while the index stayed below its 50-Day MA, indicating limited momentum.

PCR at 1.08 reflected a balanced-to-positive derivatives setup, with Put OI concentrated around 24,200–24,000 and Call OI around 24,300–24,500. Immediate support is placed at 24,100–24,150, while resistance is seen at 24,400–24,500.

In the previous session on 21st August 2026, Bank Nifty closed at 57,761.95, gaining 266.05 points (+0.46%), while holding above its rising trendline and key moving averages. RSI at 53.72 indicated mildly positive momentum, although the index is approaching a supply zone. Immediate support is placed at 57,300–57,500, while resistance is seen around 58,200–58,500, keeping the near-term structure cautiously positive.

On 21st August 2026, DIIs extended their buying streak to the ninth consecutive session, purchasing equities worth ?2,124 crore, while FIIs remained net sellers for the second straight session, offloading equities worth ?543 crore. The continued domestic institutional support helped cushion the impact of foreign outflows.

The near-term setup appears cautiously positive, with Gift Nifty pointing to a firm opening and softer crude prices offering some relief to oil-sensitive markets. However, Asian equities remain largely subdued as investors await developments on U.S. sanctions on Iran, while Nvidia’s upcoming results remain important global triggers. Overall, the bias is range-bound with a positive undertone, subject to global cues.

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