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Below the Quote on Pre-market comment for Thursday October 29 by Sachin Gupta, VP-Technical Research at Choice Broking

Indian equities are likely to open lower on 29th October 2026, with Gift Nifty down 69 points at 22,664, signalling renewed caution at the start of the session. Investors will assess the latest US Federal Reserve policy signals, overnight global market trends and ongoing corporate earnings for direction, while stock-specific reactions and foreign fund flows may influence intraday volatility. The Fed’s decision to keep interest rates unchanged, alongside mixed reactions to major technology earnings, may shape global risk appetite.

In the previous session on 28th October 2026, Nifty closed at 22,698.85, down 50.90 points (-0.22%). After slipping to an intraday low of 22,497.70, the index recovered sharply towards 22,778.05 before profit booking trimmed gains. The long lower shadow indicates buying interest near lower levels, while Auto, Media, Pharma and Banking outperformed; IT, Realty, Energy, FMCG and Metal remained weak.

RSI improved to 44.90, above its average of 43.09, while PCR at 1.16 reflected a relatively balanced-to-positive derivatives setup. India VIX eased to 16.2450, indicating some moderation in volatility, although Nifty continues to trade below key moving averages. Immediate support is placed at 22,600–22,650, while resistance is seen at 22,850–22,900.

In the previous session on 28th October 2026, Bank Nifty closed at 54,267.40, up 292.50 points (+0.54%), recovering sharply from its intraday low of 53,626.15 on strong buying interest across banking stocks. However, RSI at 39.53, below its average of 43.49, indicates that momentum remains weak despite the positive close. Immediate support is placed at 53,800–54,000, while resistance is seen at 54,600–54,800.

On 28th October 2026, FIIs continued their buying streak with net equity purchases of Rs 871 crore. DIIs also turned net buyers, investing Rs 643 crore during the session. Buying by both foreign and domestic institutional investors provided broad-based institutional support to the market.

A negative opening indicated by Gift Nifty may keep domestic indices under pressure, although recent institutional buying could offer some cushion. With Nifty still below key moving averages and momentum yet to strengthen decisively, traders may remain selective. The market’s response around nearby support levels and the breadth of buying across sectors will be key to assessing the next directional move.

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