Indian Markets Pre Market Report Today, October 26, 2026: Can Nifty Hold 22,372?

Indian markets begin the week with a difficult mix of expensive crude, weak overseas sentiment and pressure on banking stocks. There is some relief from an early decline in oil prices, but the broader question remains: can buyers defend Friday’s low and build a lasting recovery?

Nifty closed Friday at 22,600, after recovering from an intraday low of 22,372. That recovery showed buying interest at lower levels, although the index still recorded its fourth consecutive decline.

This Indian Markets Pre Market Report Today looks at the latest available market readings, institutional activity, options positioning and fresh Q2 results from Havells India and JSW Steel.

Indian Markets Pre Market Report Today: Friday’s October 23, 2026 Closing Summary

Indian markets ended lower for the fourth consecutive session on Friday. Nifty recovered from its intraday low but finished at 22,600, while banking stocks remained under pressure.

Closing Market Snapshot

Bank Nifty underperformed both headline indices, showing continued weakness in banking shares.

Important Session Data

Institutional figures are provisional cash-market flows. Recovery and combined-flow figures are calculated from the reported data.

Why Did the Market Remain Weak?

• Higher crude oil prices raised concerns about inflation and business costs.
• Banking weakness weighed on the broader market.
• Selling at higher levels prevented the early strength from developing into a sustained recovery.

Notable Nifty Gainers and Losers

Volatility and Currency Watch

• India VIX: Published feeds showed 16.76–16.86. The exact closing decimal differed across providers, but both indicated higher volatility.
• USD/INR: The rupee closed at ₹94.94 per dollar, around 0.1% weaker on Friday.

What the Session Means for Traders

Friday’s recovery showed buying interest near 22,372, but the weak banking performance leaves the recovery unconfirmed. For the next session, watch whether Nifty holds that low and whether banks participate in any rebound.

Global Cues: US and European Markets

Friday’s overseas session offered limited support.

The week ahead brings the US Federal Reserve decision and several major company earnings announcements. Indian traders should watch how these events affect overseas risk appetite, currencies and borrowing-cost expectations.

US, European and Asian Market Indices — Investing.com

Asian Markets and GIFT Nifty: October 26, 2026

GIFT Nifty has recovered from the earlier overnight reading. The latest available quote checked for this update was 22,588.50 at 7:18 a.m. IST, up 23.50 points against its own previous close. It was also about 12 points above Friday’s domestic October Nifty futures close of 22,576.60, pointing to a nearly flat opening indication. The opening can still change before 9:15 a.m. 

The index provider marks Nikkei and Hang Seng as derived readings. Asian quotes are latest displayed snapshots and may have different feed timestamps. 

Commodities: Latest Available Prices

International figures are indicative provider-derived futures quotes; the displayed clock does not specify an IST timezone. Brent here is a January contract, so it should not be directly compared with an earlier December Brent quote as if it were a single-session price fall. MCX figures are Friday’s last displayed prices, not fresh Monday trades. 

Market takeaway: Asian indices are mostly lower, while GIFT Nifty suggests a broadly flat Indian start. Falling oil futures could offer some relief, though crude remains expensive enough to keep India’s import bill and oil-sensitive stocks in focus.

Global News and Geopolitical Developments

Crude eases, but supply concerns remain

Oil prices declined in early Monday trading after Friday’s sharp rally. Reuters reported that concerns over Houthi attacks in Saudi Arabia had raised fears of disruption to regional energy supplies.

For Indian businesses, persistently expensive oil can affect:

• Fuel and transportation costs.
• Raw-material expenses for oil-linked industries.
• The import bill and demand for dollars.
• Consumer spending if higher costs reach retail prices.

Monday’s early fall offers some breathing room. It does not yet remove those pressures.

Earnings guidance matters as much as reported profit

Infosys lowered its FY27 revenue-growth guidance alongside its latest results. Its US-listed ADR subsequently fell sharply, making Indian IT shares an important opening watch.

A company can report higher quarterly profit and still disappoint investors if its outlook weakens. That distinction matters throughout earnings season.

Indian ADR and GDR Updates

ADR closing prices: October 23 US session

• Infosys: $12.35, down 6.58%.
• Wipro: $2.11, down 3.65%.
• HDFC Bank: $22.09, down 1.56%.
• ICICI Bank: $29.46, down 1.60%.

These are regular-session closes. ADR prices reflect overseas trading hours, currency movements and company news, so Indian shares need not repeat the same percentage moves.

GDR reference prices

Goodreturns’ third-party feed, marked October 23 day-end, displayed:

• Axis Bank: $63.90.
• GAIL: $10.05.
• Larsen & Toubro: $37.75.
• Mahindra & Mahindra: $29.50.
• Reliance Industries: $49.90.
• State Bank of India: $101.00.

These are vendor-reported reference prices; exchange-level confirmation and trading volumes were unavailable. Thinly traded depositary receipts can provide a less reliable signal than actively traded ADRs.

Nifty, Bank Nifty and Sensex: Key Trading Levels

Nifty 50: Friday’s low is the main reference

• Last close: 22,600.
• Immediate downside reference: 22,500.
• Important support: 22,372.
• Lower support area: around 22,180.
• Resistance: 22,787–22,850.

Bajaj Broking’s setup identifies a possible consolidation range around 22,370–22,850, provided Friday’s low holds. A sustained breakdown would weaken that scenario.

The practical test is whether an early rebound attracts further buying. A brief rise above resistance followed by an immediate reversal would offer less confidence.

Bank Nifty: Watch the 54,000 area

Published classical pivot references for Monday are:

• Pivot: approximately 54,407.
• Support: 53,823, followed by 53,359.
• Resistance: 54,871, followed by 55,455.

The round-number area near 54,000 is also useful to monitor, but price behaviour matters more than a single number. Watch whether major banks hold their opening lows.

Sensex: Previous-session boundaries

• Last close: 73,123.83.
• Previous-session low: 72,452.37.
• Previous-session high: 73,766.51.

Using those figures, the classical pivot calculation gives approximately:

• Pivot: 73,114.
• First support: 72,462.
• First resistance: 73,776.

These are calculated reference points, not guaranteed turning points or price targets.

Open Interest, PCR and India VIX

Nifty options positioning

Quantsapp’s October 23, 4:45 p.m. IST snapshot for the October 27 expiry showed:

• Open-interest put-call ratio: 0.74.
• Total call OI: 26.60 crore in the provider’s displayed units.
• Total put OI: 19.62 crore.
• Maximum pain: 22,700.
• 22,500 put OI: approximately 1.21 crore.
• 23,000 call OI: approximately 1.84 crore

A PCR below one means call open interest exceeds put open interest in this dataset. It does not establish whether the participants initiating those positions are bullish or bearish.

Maximum pain describes a calculated options payout level. It is not a forecast that Nifty must reach 22,700.

Nifty Trade Setup and Key Levels — Bajaj Broking

India VIX: Higher volatility needs attention

Friday’s published feeds differed: several displayed 16.76, while RMoney’s closing report showed 16.86. The dependable takeaway is that VIX moved into the 16.8 area, above Thursday’s reading near 15.76; an exact closing decimal could not be reconciled across the sources checked.

For traders, that argues for allowing room for larger swings rather than using unusually tight stops with large positions.

FII and DII Data: Both Were Net Buyers on Friday

The reported provisional cash-market figures for October 23 were:

• FII net buying: ₹887.65 crore.
• DII net buying: ₹3,235.36 crore.
• Combined net buying: ₹4,123.01 crore.

This is a positive change from Thursday’s foreign selling. Still, the indices fell despite institutional net purchases.

Institutional flows cover only part of market activity. Their impact depends on which shares are bought, what other investors sell and how prices respond.

Commodity Update: Brent, WTI, Gold, Silver and MCX

International metals are indicative derived quotes; the retrieved dashboard did not establish an IST timestamp. MCX figures are Friday-night last displayed prices, not Monday trades.

Crude’s early decline is helpful for sentiment, but its absolute level remains important. A small daily fall after a large rally may provide only limited relief to businesses facing higher input costs.

Currency Update: Rupee’s Latest Closing Reference

The rupee closed Friday at ₹94.94 per US dollar, about 0.1% weaker on the day. Reuters linked the pressure to rising oil prices and increased risk aversion.

A verified Monday onshore opening quote was not available for this edition.

For investors, watch the combination of crude and the rupee. Higher dollar-priced oil becomes more expensive for India when the currency weakens at the same time.

SEBI Update: Closing Auction and Settlement Changes

SEBI has announced revisions to the closing auction framework, market timings and derivatives settlement methodology.

The main changes are scheduled from December 7, 2026:

• Regular cash-market trading will continue until 3:30 p.m. for stocks covered by the revised framework.
• The closing auction session will run from 3:30 p.m. to 3:40 p.m.
• Expiring derivatives’ final settlement prices will use the 3:00–3:30 p.m. volume-weighted average price under the announced methodology.

These changes are not starting today. Their practical impact is on traders who enter, exit or carry positions near the close and into expiry.

Two Fresh Q2 Growth Stories to Watch

Havells India: Strong sales growth, with margins worth checking

Havells’ Q2 FY27 earnings update reported the following standalone, rounded figures:

• Net revenue: ₹6,417 crore, up 34.6% year-on-year.
• EBITDA: ₹576 crore, up 30.5%.
• Net profit: ₹353 crore, up 11.1%.
• EBITDA margin: 9.0%, compared with 9.3% a year earlier.

The company also explained that the previous year included a one-time property-sale gain in other income, affecting the profit comparison.

Fundamental reading: Sales growth is encouraging, but investors should examine how much converts into cash and sustainable profit. Faster revenue growth alone does not settle the valuation question.

Technical picture: Havells closed Friday at ₹1,031, down 3.91%, after trading between ₹1,002.80 and ₹1,091.

The previous low near ₹1,003 is a nearby risk reference. A recovery towards ₹1,091 would test whether buyers can regain control. These are previous-day boundaries, not established long-term levels.

Outlook: Keep the stock on an earnings watchlist, while waiting for the price to stabilise. The market’s reaction shows that healthy business growth and immediate share-price performance can move differently.

Q2 FY27 Earnings Release and Financial Details

JSW Steel: Record sales, but steel-cycle risks remain

JSW Steel’s official Q2 FY27 release reported:

• Revenue: ₹54,486 crore.
• Reported EBITDA: ₹10,120 crore.
• Adjusted EBITDA: ₹9,941 crore.
• Adjusted EBITDA margin: 18.3%.
• Net profit after tax: ₹5,359 crore.
• Steel sales: a record 7.46 million tonnes.

The release showed revenue growth of 31% against its pro-forma prior-year comparison, which excludes BPSL. That comparison basis matters when reading different headline growth rates.

Fundamental reading: Higher volumes supported earnings, but adjusted EBITDA per tonne declined sequentially. Investors should monitor steel realisations, coking-coal costs and debt alongside sales growth.

Technical picture: Friday’s NSE close was ₹1,185.50, down 2.83%. The session ranged from ₹1,181.90 to ₹1,223.70.

The close near the day’s low leaves the short-term chart weak. Holding around ₹1,182 would be an initial test; reclaiming ₹1,224 would improve the immediate picture.

Outlook: The results deserve attention, but steel is cyclical. A strong quarter should be weighed against the price paid and the possibility of changing industry margins.

Q2 FY27 Results — Official Company Press Release

IPO Updates: Open, Upcoming and Listing Watch

• EAAA India Alternatives: Opens October 26; closes October 28. Price band ₹1,585–₹1,665. Scheduled listing: November 2.
• Core4 Engineers — SME: Open until October 27. Price band ₹88–₹93. Scheduled listing: October 30.
• SFC Environmental Technologies: October 27–29. Price band ₹313–₹330.
• BLS Polymers: October 27–29. Price band ₹142–₹150.

Jio Platforms’ October 28 debut is another event on the week’s market calendar.

Before applying, check the offer document, issue status and application deadline. Listing expectations should be weighed against valuation and business risks.

Open and Upcoming IPOs — Zerodha

Short-Term and Long-Term Investment Approach

For short-term traders

• Watch whether Nifty defends Friday’s low.
• Look for banking participation in any rebound.
• Check fresh GIFT and Asian readings before entering a trade.
• Match options data to the contract’s exact expiry.
• Decide the exit level before taking a position.

A good setup can still fail. Position size should allow for that possibility without turning one trade into a large portfolio loss.

For long-term investors

Use earnings season to compare businesses on cash generation, debt, margins and valuation.

Buying in stages can reduce dependence on getting one entry price exactly right. Keep money needed for near-term expenses separate from equity investments, and avoid increasing exposure simply because a stock has fallen sharply.

Today’s Market Forecast: Five Things to Watch

• A cautious opening remains the working view: Fresh Monday GIFT data is needed to confirm the direction; the last available overnight reading was mildly negative.
• Nifty’s 22,372 low is the key downside test: Holding it would leave room for consolidation; a sustained break would weaken the recovery case.
• The 22,787–22,850 area may challenge a rebound: Buyers need follow-through beyond an opening bounce.
• Banking and IT shares could shape the session: Bank Nifty’s weakness and Infosys’ ADR decline deserve close attention.
• Oil offers limited early relief: A continued decline could help sentiment, while renewed supply concerns could quickly reverse that benefit.

Further Reading

Indian Stock Market Weekly View: Fed Decision, Jio Listing & Q2 Earnings in Focus | Oct 26–30, 2026

Trading Strategy 101 – Lesson 7: Previous Day High and Low Strategy

Trading Strategy 101 – Lesson 6: Moving Average Pullback Strategy

Trading Strategy 101 – Lesson 5: RSI + Price Action Trading Strategy

Top 5 Indian IT Stocks Q2 FY27 Results: TCS, Infosys, HCLTech, Wipro and Tech Mahindra

Article Information

Author: Kartalks Research Desk

Reviewed by: Kartalks Editorial Team

Content Type: Indian stock market pre-market report, global market cues, GIFT Nifty update, Nifty 50 levels, Bank Nifty levels, Sensex outlook, support and resistance levels, FII/DII activity, IPO updates, commodity trends, currency movement, and investor education

Sources: NSE, BSE, SEBI, GIFT Nifty market data, US and Asian market updates, FII/DII data, IPO filings, commodity market data, currency updates, company filings, and official public sources

Last Updated: October 26, 2026

Disclaimer:

This report is for information and education, not personalised investment advice or a buy/sell recommendation. Securities and derivatives involve risk. Verify current prices and company disclosures before acting, and consult a SEBI-registered investment adviser where appropriate.