Quote on Pre-market comment for Thursday September 3 by Hitesh Tailor, Technical Research Analyst at Choice Broking
Below the Quote on Pre-market comment for Thursday September 3 by Hitesh Tailor, Technical Research Analyst at Choice Broking
Indian equity markets are expected to open sharply higher, with Gift Nifty around 24,093, up 128 points, signalling a strong recovery after the recent sell-off. Global cues have improved as Wall Street closed higher, while Asian equities are witnessing a relief rally and U.S. Treasury yields have eased. However, U.S.–Iran tensions and elevated crude prices near $95 remain key risks for Indian markets.
In the previous session on 2nd September 2026, Nifty 50 witnessed strong selling pressure and settled at 23,914.45, down 141.35 points (-0.59%). The index formed a bearish candlestick pattern, reflecting continued weakness after repeated rejection from higher levels. However, Nifty recovered from around the 23,800 support zone and closed at 23,914.45, recovering nearly 127 points from the intraday low of around 23,787.
Technically, immediate support is placed at 23,800–23,850, and a sustained break below this zone could extend the correction towards 23,600. On the upside, immediate resistance is seen at 24,150–24,200; a decisive move above this zone would be required to improve the short-term structure.
In the previous session on 2nd September 2026, Bank Nifty closed at 57,172, down 237.60 points (-0.41%), after facing selling pressure during the session. The index recovered from the intraday low of around 56,823, indicating buying interest at lower levels, and managed to sustain above the 57,000 mark. Technically, immediate support is placed at 56,800–57,000, while resistance is seen at 57,700–58,000. Holding above 57,000 could support a recovery, while a break below 56,800 may extend weakness. Overall, the near-term bias remains cautious.
Foreign institutional investors (FIIs) continued their buying for the second consecutive session on September 2, emerging as strong net buyers of Rs 6,688 crore in Indian equities. Domestic institutional investors (DIIs) also remained supportive, recording net buying of Rs 2,813 crore. The combined institutional inflow of nearly Rs 9,501 crore indicates strong underlying liquidity support despite the decline in benchmark indices.
Overall, the near-term bias is cautiously positive, supported by Gift Nifty at 24,093, up 128 points, along with firmer global equities and easing bond yields. However, elevated crude prices and ongoing U.S.–Iran tensions could limit the upside and keep volatility elevated. Hence, a positive opening with selective buying interest is likely, while traders should remain watchful at higher levels.
Above views are of the author and not of the website kindly read disclaimer
