Daily Morning Report – 28/09/2026

Date 28.09.2026

Technical Summary Nifty

As we discussed in the previous report dated 21st September 26 market behavior remained on the expected lines during the week passed by as nifty start with buying pressure and gave bounce up to our target of 23477 i.e. nifty made a weekly high of 23489 but failed to sustain over their and slip to weekly low of 23020.95.

Further, witnessing a bearish streak of eight consecutive weeks on the weekly chart is a rare occurrence. This suggests that while sellers have maintained full control, the momentum may now be on the verge of exhaustion. Although a definitive reversal signal has not yet emerged, a positive divergence on the daily RSI indicates a growing possibility of a ‘relief rally’ towards the 23267–23393 levels following such a prolonged decline. If the Nifty breaks above these resistance levels and sustains above them, it could extend its gains to the 23520–23647 range.

Furthermore, a lower high and lower low formation on the weekly chart suggests that the underlying bearish trend remains firmly in place. This continuation of the prevailing downtrend is expected to find initial support around the 22887 to 22761–22716 zone. If selling pressure intensifies further, the price has a strong probability of testing the 22635 level. Ahead of the larger move between 23140.5 and 22887, immediate minor support is anticipated at 23013.

Bank nifty

• Close: 55,580.40 | Immediate Support: 55,450–55,350 | Major Support: 55,200 | Immediate Resistance: 55,600–56,800 | Major Resistance: 56900.
• Technical view: Bank Nifty gained 26% on Friday. The index remains range-bound, with 55,200–55,000 as the key downside zone and 56,000–56,150 as the first important hurdle.

Open Interest Analysis:

NIFTY: For the 29 September expiry, Nifty’s OI PCR is around 0.92. The major Call OI concentration is at 24,000, indicating significant overhead resistance, while Put OI is concentrated around the lower strikes, with 23,000 an important support zone. The option structure therefore indicates a cautious setup, with 23,000–24,000 forming the broader OI range.

BANK NIFTY: For the 29 September expiry, Bank Nifty’s OI PCR is around 0.79–0.80. The major Call OI concentration is at 57,500, while the Put OI wall is around 54,000. This indicates comparatively heavier Call positioning and a cautious derivatives setup. 56,500 is also reported as the Max Pain level.

3.  Pivot Levels:

Classic pivot levels calculated from Friday, 25 September 2026 OHLC data.

4.  FII / DII Activity

• FII: Net seller of ₹3,693.93 crore on 25
• DII: Net buyer of ₹2,838.17
• September-to-date: FII net selling remains significant, while DII buying continues to provide market
• Institutional flows remain an important factor for near-term market

5.  International Cues

• Crude oil: Brent remains elevated around $105–106/barrel, keeping inflation and India’s import-cost concerns active.
• US 10-year yield: Around 2%, keeping global financial conditions tight and potentially affecting emerging-market flows.
• Geopolitical risk: Developments surrounding the US–Iran situation and Strait of Hormuz remain key drivers for crude and global risk sentiment.
• Global markets: Investors will monitor upcoming US economic data and bond yields for indications regarding the global interest-rate outlook.
• Overall external cue: Cautious, with crude, yields and geopolitical developments likely to keep volatility elevated.

Overall Market View:

NIFTY: 23,000 is the key support; 23,250–23,330 is the immediate resistance zone.

BANK NIFTY: 55,450–55,350 is the key support zone; 55600–56,800 is the immediate resistance zone. Market levels are research references and should be reassessed with real-time price action at the open.