Daily Morning Report – 07/10/2026

Date 07.10.2026

Technical Summary Nifty

As discussed yesterday market behavior remained on the expected lines during the day, as bulls were take the control and CAS advance the nifty rally up to 22776.1

Further a bullish candle appeared on daily chart of nifty suggest continuation of positive momentum hence if nifty successfully surpassed 22836 it may rally further up to 22896 to 22957. If more demand will accentuate then it may have chances to test 23017.

However for down side 22715 to 22655 may act as immediate supports for the nifty, if break through below these supports and sustain may drift down the nifty up to 22596 to 22535.

Bank nifty:

• Closed at 55,128.40, up 30 points (+0.76%). Banking stocks remained supportive ahead of the RBI decision.
• Immediate Support: 55,000–54,920.
• Major Support: 54,500–54,300.
• Immediate Resistance: 55,220–55,350.
• Major Resistance: 55,500–56,000. A sustained move above 55,500 can strengthen upside
• Bias: Positive above 54,700; policy reaction around 55,200–55,500 will be

Open Interest Analysis:

NIFTY: The 06 October expiry option chain showed strong Put-side positioning. Total Call OI was approximately 27.18 crore at the highest Call-OI strike of 22,800, while the highest Put OI was 41.98 crore at 22,600. Overall PCR (OI) was 1.54, with max pain at 22,700. For the next session, 22,800–23,000 is the key resistance zone, while 22,600 and 22,400 are important support levels.

BANK NIFTY: For the 27 October expiry, the latest chain showed total Call OI of approximately 1.41 crore against Put OI of 1.28 crore, with PCR around 0.91. Highest Call OI was at 58,000 and highest Put OI at 55,000. Positioning remains broadly neutral, with 55,000 an important support/reference level and 58,000 the larger Call-OI resistance. Near term, 55,000–55,500 is important for directional confirmation.

3.  Pivot Levels:

Classic pivot levels calculated from Friday, 06 October 2026 OHLC data.

4.  FII / DII Activity:

• FII: a net sale of ₹2961.30
• DII: a net purchase of ₹5088.92
• FIIs remained net sellers for the third consecutive session in October, while DIIs continued to provide strong Cumulative October FII selling was about ₹17,145 crore versus DII buying of about ₹20,312 crore. The divergence remains an important factor to monitor during any policy-led rally.

5.  International Cues:

• Brent crude moved below $100/bbl during the previous session, providing some relief to India’s inflation and current-account outlook.
• The Indian rupee weakened to around ₹96.42/USD on 06 October, reflecting foreign equity outflows and elevated U.S. yields.
• The U.S. dollar index remained around 102; currency weakness remains a risk for emerging-market
• S. equities closed higher, while global bond yields eased, providing a relatively supportive external backdrop.
• RBI monetary policy decision is the major domestic trigger Markets are pricing a 25-basis-point rate hike; guidance on inflation, liquidity and future policy will be closely watched.
• GST Council developments and quarterly corporate updates are additional domestic
• Overall: Short-term sentiment is positive, but RBI policy, rupee weakness, FII selling and global yields can produce sharp volatility.

Overall View:

 The bias is positive but event-driven. Expect a flat start, then a sharp move at 10:00 am after the RBI decision. The likely range is 22,600–22,900 for Nifty and 54,830–55,500 for Bank Nifty.

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