Indian equities commenced the trading session on the downside, pressured by high bond yields and elevated crude oil prices. The Nifty 50 began at 22,665, dropping 51.20 points compared to its previous close, whereas the Bank Nifty opened lower by 84.05 points at 54,175.90. Meanwhile, the Sensex dipped 87.92 points to open at 72,441.15.
Among sectoral performers, Nifty IT led the gains with a 1.57% increase, closely followed by Nifty Media, which climbed 2.14%. Nifty Chemicals, PSU Bank, and Oil and Gas advanced by 1.84%, 1.22%, and 1.21%, respectively. At the open, the Indian rupee ticked up slightly to Rs. 95.95 against the dollar, compared to its previous closing rate of Rs. 95.98.
On September 29, foreign institutional investors (FIIs) prolonged their selling streak to a fourth straight session, dumping equities totaling roughly Rs. 10,000 crore. Conversely, domestic institutional investors (DIIs) provided market support by purchasing equities worth nearly Rs. 7,000 crore during the same trading day.
Sensex Outlook
From a technical standpoint, the Sensex maintains a bearish technical structure, with the 72,000-72,200 range serving as a vital threshold to prevent additional losses.
Sustaining this support level might spark a rebound toward 72,700-73,000, whereas a clear drop beneath 72,000 could deepen the existing downward trend.
Market participants should keep a close eye on the 72,000 Put and 73,000 Call open interest (OI) concentrations alongside price movement to confirm the upcoming directional trend, advised Sachin Gupta, VP of Technical Research at Choice Equity Broking Private Limited.
Nifty 50 Outlook
Following recent downward pressure, the Nifty 50 outlook remains cautious, identifying immediate support between 22,500 and 22,550 and resistance within the 22,900-23,000 band. The near-term bias stays weak, meaning any bounce toward the 22,900-23,000 area could attract selling interest.
A definitive breach under 22,500 risks sparking further losses, whereas maintaining the support zone might trigger a period of sideways consolidation.
Looking upward, only if the Nifty holds firm above 23,050—signaling a potential near-term trend reversal—will market sentiment shift to invite a push toward higher levels. Until that occurs, rallies are expected to encounter selling pressure, keeping the focus anchored on price action around these vital thresholds.
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Bank Nifty Outlook
The Bank Nifty printed a narrow red candle featuring an extended lower shadow, reflecting a doji-like formation that highlights a standoff between buyers and sellers.
The index continued to hover below its major exponential moving averages (EMAs), leaving the broader technical setup weak. The Relative Strength Index (RSI) stayed beneath 30, and the Moving Average Convergence Divergence (MACD) maintained a downward slope, pointing to ongoing bearish momentum.
The 53,800-53,700 area is expected to function as essential support. A breakdown under this region could provoke additional selling toward 53,200. Conversely, the 54,700-54,800 band presents an immediate barrier, and a sustained break above it could stretch the recovery to 55,300.
