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Below the Quote on Pre-market comment for Thursday July 30 by Hitesh Tailor, Technical Research Analyst at Choice Broking

Indian equity markets are expected to open on a mildly negative note, with Gift Nifty trading around 24,242, down by 61 points, indicating subdued opening cues for domestic indices. Global markets remained mixed after the U.S. Federal Reserve kept interest rates unchanged, while investors closely assessed the policy commentary for clues on the future rate path. The cautious global sentiment, along with profit booking at higher levels, may keep domestic markets range-bound in the early trade despite the broader market structure remaining resilient.

In the previous session on 29th July 2026, Nifty 50 extended its winning streak for the fourth consecutive session, closing at 24,250.20, up 264.85 points (+1.10%). The index opened with a strong gap-up at 24,176 and traded with a positive bias throughout the day, gradually advancing towards the 24,250 mark before ending near the day's high. Technically, the formation of a strong bullish candlestick reflects sustained buying interest, while the RSI improved to 56.11, indicating strengthening momentum. The decline in India VIX to 12.00 further points to easing volatility and improving investor confidence.

From a technical perspective, 24,000–24,100 is expected to act as the immediate support zone, while 24,400–24,500 remains the key resistance area. A sustained move above the resistance band could strengthen the ongoing recovery and attract fresh buying interest, whereas holding above the support zone will be crucial to maintain the broader positive undertone.

In the previous session on 29th July 2026, Bank Nifty closed at 57,205.90, up 450.30 points (+0.79%), supported by a gap-up opening and steady buying interest throughout the session. However, profit booking near the 57,300 zone led to a mild pullback towards the close, indicating resistance at higher levels. Technically, the index continues to face resistance near its 20-day EMA, while the overall undertone remains cautiously positive. Immediate support is placed at 56,700–56,800, while resistance is seen around 57,500–57,600.

Despite mildly negative opening cues from Gift Nifty, the broader market undertone remains constructive, supported by improving global sentiment and resilient domestic participation. Some consolidation or profit booking at higher levels cannot be ruled out following the recent rally. However, as long as benchmark indices hold above their immediate support zones, the prevailing trend is likely to remain positive, with any dips expected to attract selective buying interest.

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