Indian markets may start Friday on the back foot, with GIFT Nifty indicating a weaker opening.
The key question now is whether the expected weakness near 24,000 becomes an opportunity for buyers or turns into another round of selling.
—-> FIIs Book Profit, But DIIs Provide Strong Support
Institutional Activity — 28 August 2026
• FII Cash Market: -₹298.26 Cr
• DII Cash Market: +₹4,977.17 Cr
• FII Index Futures: -₹1,871.04 Cr
• FII Index Options: +₹6,885.99 Cr
• FII Stock Futures: -₹1,714.67 Cr
• FII Stock Options: -₹641.90 Cr
##Nifty: 24,000 Is the Big Test
If Nifty opens around 24,000, this level becomes extremely important.
24,000–24,100 → Strong Support Zone
A gap-down followed by a successful defence of this zone could create a buy-on-dips opportunity.
But if Nifty decisively breaks below 24,000, the setup changes.
Support Breakdown = Risk of Further Selling
@@Bank Nifty: 57,300–57,350 Is Key
Bank Nifty also has an important support zone:
57,300–57,350 → Major Support
If this zone holds, banking stocks could attempt a recovery.
##US Markets Give Some Comfort
Despite the weak Indian setup, overnight US markets closed higher.
The S&P 500 gained 0.7%, Nasdaq rose 1.6% and Dow added 0.2%, with Nvidia leading the technology rally after its strong results and outlook.
##IT Stocks in Focus
The strong Nvidia reaction could keep the global technology theme active.
Indian IT stocks to watch:
!WIPRO
!TCS
!PERSISTENT
!COFORGE
!MPHASIS
##PCR UPDATE ( PUT CALL RATIO )
BANKNIFTY PCR- 1.1 ( TURN GOOD AFTER GAPDOWN )
NIFTY PCR- 0.55 ( ALREADY AT GOOD LEVELS )
——>Bottom Line
Gap-down may test 24,000, but the real question is whether buyers defend it.
If Nifty holds 24,000–24,100 and Bank Nifty protects 57,300–57,350, a recovery attempt could emerge.
Today’s approach: Don’t chase the opening gap — watch the support reaction first.