Daily Market Quote: 07 October 2026

Authored By Prime Research | Published at: Oct 7, 2026 04:34 PM IST

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After showing promising bounce back in the last couple of sessions, Nifty failed to sustain the highs and slipped into weakness on the backdrop of 25bps rate hike by RBI on its MPC meeting. Nifty closed the day lower by 173 points.

A reasonable negative candle was formed on the daily chart that has closed lower after a gap down opening. Technically, Nifty seems to have turned down from near the immediate resistance of 22800 levels. It looks like a formation of new lower top at Tuesday’s high of 22776. However, sharp follow-through weakness in the subsequent session could confirm a lower top formation.

Further weakness from here could find supports around 22400 and next 22200 levels. Any bounce back could find resistances around 22800 and next 23100 levels for the near term.

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