Morning Market Report — 20th October 2025 (Pre-Open View)

Sentiment: Positive Expected Opening: Strong gap-up as GIFT Nifty indicates +200 points Global & Macro Setup • U.S. markets closed positive; dollar and bond yields cooled — risk-on sentiment building • Crude remains stable around $61 — supportive for India • FIIs have covered nearly 50,000 index short contracts in last 3 sessions — strong short unwinding • Strong earnings from Reliance, ICICI Bank, and HDFC Bank • RBL Bank jumps into spotlight after Emirates partnership announcement Nifty and Bank Nifty Futures Key Levels Nifty Futures: Support at 25,800 and resistance at 26,000 Bank Nifty Futures: Support at 57,500 and resistance at 58,500 Spot Index Levels to Track Nifty 50: Support at 25,800 and 25,700; resistance at 25,900 and 26,000 Bank Nifty: Support at 57,700 and 57,500; resistance at 58,200 and 58,500 Nifty Financial Services: Support at 27,700 and 27,600; resistance at 28,000 and 28,100 Sensex: Support at 84,000 and 83,800; resistance at 84,500 and 84,800 Stocks to Watch

— Strong earnings + steady GRM outlook. Likely to drive Nifty sentiment if gap sustains. — Asset quality strong in results; could lead Bank Nifty if it holds above 58,000. RBL Bank — High momentum candidate post Emirates deal — potential dark horse in midcap financials. Opening Bias If Nifty sustains above 25,900 after the gap-up, a bullish continuation is likely. Bank Nifty strength gets confirmed only if 58,200 is crossed and sustained. Avoid shorting at open — only look for short opportunities if gap-up fails and Nifty breaks below 25,800.