Daily Morning Report – 09/10/2026

Date 09.10.2026

Technical Summary Nifty

As discussed yesterday market behavior remained on the expected lines during the day, as profit booking at high were taken down the nifty extremely up to 22179.9

Further a long bearish candle appeared on daily chart of nifty suggest continuation of its south ward journey. Hence if nifty decisively breakdown 22166 then it may slide further up to 22100 to 22034. If more supply will accentuate then it may have chances to test 21968.

However for upside 22298 to 22363 may act as immediate resistance for nifty, if break through above these resistances and sustain may push the nifty up to 22430 to 22495.

Bank nifty:

• Closed at 54,515.05, down 50 points (-0.98%); intraday low was around 54,383.15.
• Immediate Support: 54,300–54,150.
• Major Support: 54,000–53,800.
• Immediate Resistance: 54,700–54850.
• Major Resistance: 55,300, followed by 55,500–56,000.
• Bias: Bearish below 55,000; failure to hold 54,200 would increase downside risk.

Open Interest Analysis

NIFTY: The latest 08 October option-chain snapshot showed a Put-Call Ratio (OI) of approximately 0.62, with max pain near 22,400. The 23,000 strike remains the strongest Call-OI resistance, while 22,000 is the key immediate Put-OI support reference. The low PCR and sharp price decline indicate defensive positioning and persistent bearish pressure. Since Nifty closed near 22,232, a sustained break below 22,200–22,000 could open further downside; any recovery may face supply around 22,400–22,600.

BANK NIFTY: For the 27 October expiry, the end-of-day chain showed total Call OI of about 1.51 crore against Put OI of 1.31 crore, with PCR near 0.87 and max pain around 55,500. The largest Call-OI resistance is near 56,000, while 55,000 is the principal OI support reference, now above the spot close. This structure is bearish in the near term: 54,400–54,200 is the immediate price support area, while rallies toward 55,000–55,500 may encounter supply.

3.  Pivot Levels: 

Classic pivot levels calculated from 08 October 2026 OHLC data.

4.  FII / DII Activity:

• FII: a net sale of ₹12,943.58
• DII: a net purchase of ₹10,703.11
• FII cash-market selling accelerated to ₹12,943.58 crore on 08 October, while DIIs bought

₹10,703.11 crore. Domestic buying cushioned—but did not prevent—the sharp decline. The scale of foreign selling remains a significant headwind; derivatives flows are mixed and should be interpreted alongside price action.

5.  International Cues

• Brent crude surged above $104/bbl amid geopolitical shipping and supply concerns, increasing inflation and current-account risks for India.
• S. Treasury yields remained elevated, pressuring equity valuations and emerging-market flows.
• The rupee weakened amid persistent foreign outflows and the stronger
• S. equities were under pressure as investors assessed oil prices, inflation risks and the Federal Reserve’s rate outlook.
• Asian markets were weak, reflecting global bond-market stress and higher energy
• Gold and other defensive assets remained sensitive to the dollar and Treasury
• India VIX rose to around 28, up about 10% on the day, signaling increased near-term volatility.
• Overall global setup: negative for Indian equities while crude remains elevated and foreign selling

Overall View:

Indian equities sold off sharply on 08 October, with Nifty falling 1.64% to 22,231.80—its lowest close in 18 months—and Bank Nifty declining 0.98% to 54,515.05. Surging crude, elevated global bond yields, rupee weakness and heavy FII selling weighed on sentiment following the RBI’s hawkish policy shift. Markets are oversold, so a short-covering bounce is possible, but the trend remains weak unless key resistance zones are reclaimed.

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