Indian equities commenced trading on an upward trajectory, bolstered by positive global recovery signals and a softening of crude oil prices. The Nifty 50 advanced 83.15 points—or 0.37%—to open at 22,314.95 compared to its prior close, whereas Bank Nifty began the session 231.2 points higher at 55,746.25. Meanwhile, the Sensex climbed 183.43 points to reach 71,776.67.
Sector-wise, the Nifty IT index spearheaded the gains with a 1.93% jump, followed by Media, which grew 1.09%. Additional advances included Auto at 0.43% and Consumer Durables at 0.41%.
The Indian rupee continued to face headwinds, hovering near Rs. 96.80 against the US dollar. National Stock Exchange (NSE) data indicates that foreign institutional investors (FIIs) offloaded a net Rs. 12,943.58 crore in domestic equities on Thursday, whereas domestic institutional investors (DIIs) acquired a net Rs. 10,703.11 crore in shares.
Sensex Outlook
Sensex opened lower and stayed under pressure, unable to hold above the 73,000 threshold. This dynamic drove a weak finish and prolonged a cautious market sentiment.
“Sensex continues to trade sideways, with the 72,000-72,300 support zone crucial for maintaining stability. A decisive move above 73,000-73,200 could strengthen buying interest and open the way for further recovery, while a sustained break below 72,000 may revive the bearish momentum. For now, the index remains caught between strong Put support and Call resistance, suggesting that traders should wait for a clear breakout or breakdown before taking aggressive directional positions,” noted Sachin Gupta, VP, Technical Research at Choice Equity Broking Private Limited.
Nifty 50 Outlook
Nifty 50 maintains a cautious-to-negative outlook. The India VIX surged 10%, driving up option premiums and highlighting increased anxiety among traders. The benchmark formed a bearish candle, finishing just above its 52-week low of 22,179.90.
Immediate support is situated in the 22,180-22,000 range. Because the RSI is not plotting fresh lower lows, it hints at interim support near 22,000. A definitive break beneath this band could clear the path for subsequent declines toward 21,700 and potentially 21,560.
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Bank Nifty Outlook
Examining the daily chart, Bank Nifty printed a bearish candle alongside an RSI reading of 36.45. After establishing a low near 53,800 on September 29, the index has largely moved sideways.
The broader structure remains bearish, though ongoing consolidation is expected as long as the index stays above 53,750. Solid resistance sits at 55,700; a sustained breakthrough past this barrier could clear the way toward 56,200 and 56,700. Conversely, a drop under 53,750 risks pulling the index down toward 53,000.
