The Indian stock market opened higher on supportive cues from global recovery and easing crude oil prices. Nifty 50 opened 83.15 points, or 0.37%, higher at 22,314.95 from the previous day's close, while Bank Nifty started at 55,746.25, up 231.2 points. Sensex edged higher by 183.43 points to 71,776.67.

The Nifty IT index jumped 1.93%, leading sectoral gains, while Media advanced 1.09%. Auto rose 0.43%, and Consumer Durables gained 0.41%. 

The rupee remains under pressure near Rs. 96.80 against the US dollar. Foreign institutional investors (FIIs) net sold Indian equities worth Rs. 12,943.58 crore on Thursday, while Domestic institutional investors (DIIs) net bought shares worth Rs. 10,703.11 crore, according to NSE data.

Sensex Outlook

Sensex opened lower and remained under pressure, failing to sustain above the 73,000 mark. This resulted in a weak close and extended the cautious tone in the market.

“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 positioning remains cautious to negative. The India VIX jumped 10%, lifting option premiums and reflecting heightened nervousness among market participants. The index formed a bearish candle, closing just above its 52-week low of 22,179.90.

Immediate support lies in the 22,180-22,000 zone. The RSI is not forming fresh lower lows, suggesting temporary support near 22,000. A decisive breakdown below this zone could open the door to further downside towards 21,700 and potentially 21,560.

Also Read: US Stock Market: Dow, S&P 500 and Nasdaq Futures Fall as Oil Prices Jump Nearly 5%

Bank Nifty Outlook

On the daily chart, the Bank Nifty formed a bearish candle, with the RSI at 36.45. It formed a low near 53,800 on September 29 and has largely remained sideways since then.

The overall setup remains bearish, but as long as the index holds above 53,750, further consolidation is likely. Strong resistance is placed at 55,700. A sustained move above this level could open the path towards 56,200 and 56,700. On the downside, a break below 53,750 could drag the index towards 53,000.