The Indian stock market is likely to start with a subdued note on Wednesday amid mixed global trends. Gift Nifty futures were trading close to 25,212, a 13-point discount from the previous close of Nifty futures, indicating a flat to mild negative start to domestic equities.

Previous Session Recap

On Tuesday, benchmark indices extended gains for the fourth consecutive session. Sensex closed higher by 136.63 points or 0.17% at 81,926.75, while Nifty 50 index gained 30.65 points or 0.12% to close at 25,108.30.

The market remained in the green, led by strength in banking, IT, and FMCG counters.

Nifty 50 Outlook

Nifty 50 formed a shooting star candle on the daily chart, signaling profit booking at higher levels. It hints at a short-term reversal that will get confirmed if the index closes below 25,000.

A slide below 25,000-24,900 could open a downward correction, while a sustained move above 25,200 may push Nifty towards 25,450.

Nilesh Jain of Centrum Broking said the index remains in a constructive zone with the RSI improving to 55, indicating renewed momentum. 

“The support has shifted higher to 25,000. As long as Nifty stays above this level, a move towards 25,500 looks likely in the October series,” Jain added.

Sensex Outlook

Sensex has shown resilience, maintaining its uptrend for four straight sessions. Analysts believe that 81,800-81,900 will provide near-term support, while the 82,200-82,500 area remains strong resistance. 

Sensex has consolidated after its strong rally, and we could see some short-term profit booking near 82,300. 

The momentum indicators, such as the MACD and RSI, remain positive, indicating any dip toward 81,500-81,700 will see buyers coming in. 

A breakout above 82,500 could open up for the 83,000 level in the short term, whereas weakness below 81,500 might prompt mild shorts.

Bank Nifty Outlook

Bank Nifty index ended up 134.50 points (0.24%) at 56,239.35, forming a bullish candle with a long upper shadow, indicating mild selling pressure developing just under the highs. 

The immediate resistance is 56,500. A sustained move above 56,500 will lead to continued gains towards 57,000-57,500, while the support level is around 56,000-55,700.

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Global Market Cues

Wall Street ended lower. The Dow Jones slipped 0.2%, the S&P 500 declined 0.38%, and the Nasdaq Composite fell 0.67%. 

Asian markets opened mixed on Wednesday, with Japan’s Nikkei flat, Topix up 0.62%, and Australia’s ASX 200 down 0.3%. Hang Seng futures traded higher at 27,165, hinting at some regional recovery.