The Indian stock market opened lower amid elevated crude oil prices and continued uncertainty over the US-Iran conflict, weighing on market sentiment. The Nifty 50 opened 47.8 points, or 0.21%, lower at 22,732.45, while the Bank Nifty opened 188.05 points lower at 54,283.60 compared with the previous day’s close. The Sensex opened 138.04 points lower at 72,633.68.
Broader markets also ended weak, with the Nifty midcap index falling 1.6% and the smallcap index declining 1.8%. The Indian rupee opened lower at Rs. 96.05 per dollar on Tuesday versus the previous close of Rs. 95.98.
On September 28, foreign institutional investors (FIIs) remained net sellers for the third consecutive session, offloading equities worth over Rs. 5,300 crore. Meanwhile, domestic institutional investors (DIIs) continued to support the market, remaining net buyers with purchases of around Rs. 5,189 crore during the session.
Sensex Outlook
Technically, the Sensex fell below 73,500 mark, and selling pressure intensified following the breakdown, forming a bearish candle on the daily chart indicating weakness from current levels.
“We are of the view that the market’s short-term trend remains weak. However, due to temporarily oversold conditions, we could see a quick pullback rally from current levels. For day traders, 72,800 is the key level to watch. Below this level, weak sentiment is likely to persist, with support at 72,500-72,000. On the upside, a move above 72,800 could lead to a bounce toward 73,200-73,500,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Nifty 50 Outlook
Nifty 50 has its monthly expiry today, volatility is likely to remain elevated and sharp intraday swings can be expected. The immediate support is at 22,650-22,750, while 22,900-23,050 will act as the key resistance zone. The market remains weak after the recent decline, and the bias is likely to remain cautious unless Nifty manages to reclaim the 22,900-23,050 zone.
Any recovery towards resistance can see selling pressure, while a decisive break below 22,650 can lead to further weakness, said Gaurav Udani, Founder, Thincredblu Securities. At the same time, if the 22,650-22,750 support zone holds, some short-covering recovery cannot be ruled out.
Also Read: Wall Street Futures Slide as Oil Climbs After Trump Rejects Iran Peace Plan
Bank Nifty Outlook
The Bank Nifty is nearing the critical support level of 54,000-54,200. However, price action hasn’t gone below the lowest point of June 2026; but RSI has recorded lower lows. Currently, the RSI is at 30, down from 47 in June.
Thus, this creates a bullish divergence, a sign of weakness in downward momentum, while the price action is still under pressure. If the price stays above 54,000-54,200 and RSI improves, this suggests we could expect a recovery in the coming sessions.
