Investor sentiment faced pressure from rising geopolitical tensions, high crude oil prices, and negative global cues as the Indian stock market began the session. The Nifty 50 shed 27.75 points from its previous close to open at 22,964.50, whereas Bank Nifty started down 2.55 points at 54,9107.10. Meanwhile, the Sensex dropped 48.65 points to begin at 74,199.69.
Following the lead of the primary indices, the broader markets saw the Nifty midcap and smallcap indices each gain 1%. On Friday, the Indian rupee opened slightly stronger at Rs. 95.21 per dollar, moving up from the prior close of Rs. 95.25.
Foreign institutional investors (FIIs) acquired a net Rs. 4,240.39 crore in Indian equities on Tuesday, marking their largest single-day net purchase for the month. Conversely, domestic institutional investors (DIIs) unloaded a net Rs. 1,250.03 crore.
Sensex Outlook
Sensex printed a long bullish candle on the daily timeframe, and its intraday chart maintains an uptrend continuation pattern, pointing toward a continuation of the upward movement from current levels.
“We are of the view that 73,800 and 73,500 would now act as key support zones for trend-following traders. As long as the market is trading above these levels, the bullish sentiment is likely to continue. On the higher side, the rally could continue up to 74,500-74,800. However, below 73,500, the sentiment could change. Below this level, traders may prefer to exit their long trading positions,” said Shrikant Chouhan, Head of Equity Research, Kotak Neo.
Nifty 50 Outlook
Nifty 50 broke out of a five-day consolidation range after posting a bullish candle in the prior session, pointing to robust buying demand, with 23,000 standing as a vital hurdle.
The weekly chart shows Nifty holding support near the 200-week EMA over the last 3-4 weeks. Simultaneously, the hourly chart highlights the index finding support along a rising trendline, rendering this level critical for the near-term direction.
Looking upward, the 23,200-23,300 band is expected to function as a significant resistance barrier. Immediate support sits between 22,800 and 22,600. Holding above this support area will preserve the near-term recovery.
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Bank Nifty Outlook
On the daily timeframe, Bank Nifty finished above the prior session’s bullish piercing-line candle. Furthermore, the index closed past its 10-day EMA, signaling strengthening momentum in the short term.
A clear break past the 55,000-55,100 resistance barrier—which aligns with the 61.8% Fibonacci retracement level and the heaviest concentration of Call open interest—could spark short covering toward 56,000. Support is anticipated to hold firmly within the 54,500-54,700 band. Overall, the short-term outlook supports buying during market dips.
