Daily Morning Report – 30/09/2026

Date 30.09.2026

Technical Summary Nifty

As discussed yesterday market behavior remained on the expected lines during the day, as continuation of selling pressure take down the nifty up to 22569.65

Further a bearish candle with lower long wick resemblance to hammer kind candlestick pattern appeared on daily chart of nifty after a long decline suggest that intense selling pressure may be exhausting and Buyers are stepping in to drive price back up. Hence if buyers will get supportive buying then nifty may rally up to 22828 to 22885 on decisively breakout of 22773. If more supply will accentuate then it may have chances to test 22940.

Furthermore bearish trend is underway and this may find support around 22660 to 22603, if break through below these supports and sustain may drift down the nifty up to 22548 to 22493.

Bank nifty

• Close: 54,259.95, down 0.39%. The index tested 53,800 during the session and remains under selling
• Immediate Support: 53,800–53,750. A decisive break below 53,750 can extend weakness towards 53,500–53,300.
• Major Support: 53,500–53,300.
• Immediate Resistance: 54,400–54,600.
• Major Resistance: 54,800–55,000.
• Bias: Bearish below 54,600; sustained recovery above 54,600 would be needed to improve the short-term setup.

Open Interest Analysis

NIFTY: The September monthly expiry was completed on 29 September, so the focus shifts to the next active expiry. The latest available chain snapshot showed the Nifty around 22,716 with total Call OI of about 20.24 crore against Put OI of 17.85 crore, giving a PCR near 0.88. The structure remains relatively call-heavy, suggesting overhead supply, while Put OI around the lower strikes provides support references. With the index near the lower end of its recent range, traders should monitor fresh Call writing above 22,800–23,000 and Put writing around 22,500–22,600 for the next directional signal.

BANK NIFTY: For the next monthly expiry, the available option-chain snapshot showed a call-heavy structure, with approximately 1.98 crore Call OI versus 1.57 crore Put OI and PCR around 0.79. The 55,000 area remains an important psychological resistance reference, while the 54,000–53,800 zone is important on the downside. Fresh OI build-up around these strikes should be monitored because the index is trading close to its recent lows.

3.  Pivot Levels
 

Classic pivot levels calculated from Friday, 29 September 2026 OHLC data.

4.  FII / DII Activity

• FII: Net seller of ₹9980.22 crore in the cash market on 29
• DII: Net buyer of ₹6952.71
• Foreign institutional selling remained substantial on 29 September, while domestic institutions provided meaningful buying support.
• The FII cash-market outflow remains an important near-term risk factor for market

5.  International Cues

• Crude Oil: Brent remained elevated around $103–106/bbl. Oil prices continue to be sensitive to Middle East developments and supply-risk headlines.
• US Treasury Yields: The US 10-year yield remained near 29%, close to multi-year highs, keeping global financial conditions tight.
• Asian Markets: Asian equities opened firmer on 30 September, offering some relief after the recent risk-off tone.
• Rupee: The rupee closed near ₹95.98/USD on 29 September after touching a two-month low; crude prices and dollar strength remain key variables.
• Dollar: The Dollar Index remained around 4, reflecting continued dollar strength amid elevated US yields.
• Global Risk: Middle East uncertainty, crude prices and US bond yields remain the principal external variables for Indian equities.

Overall Market View:

The short-term structure remains cautious-to-bearish. Nifty needs to hold 22,570–22,550 and reclaim 22,800–22,850 for a meaningful recovery attempt. Bank Nifty needs to defend 53,800–53,750, while 54,400–54,600 is the first important recovery barrier. With the September monthly expiry completed, fresh OI formation in the next expiry should become increasingly important for directional cues.

BY ASHOK BHANARI | SEBI REGISTERED REASERCH ANALYST | REG. INH000019594

Mandatory Discloser Under regulation 19 https://ashokbhandari.in/mandatory-disclosure