The Indian stock market opened higher as investors track global risks, crude oil prices, foreign institutional investor (FII) flows, and the rupee's movement. Nifty 50 opened 72.75 points higher at 22,593.20 from the previous day's close, while Bank Nifty started at 55,350.15, up 93.5 points. Sensex edged higher by 298.99 points to 72,771.32.
The Indian rupee opened sharply higher on Monday, gaining 98 paise to Rs. 95.75 per dollar against Friday’s close of Rs. 96.73.
Foreign institutional investors (FIIs) have sold Indian equities worth more than Rs. 45,000 crore in just six trading sessions in October, taking their total net outflows from the equity market to Rs. 3.6 lakh crore so far in 2026.
Sensex following the recent decline, staged a strong recovery and sustained its upward momentum on Friday, reflecting renewed buying interest and short-covering activity.
“Looking ahead, the Sensex has shown encouraging signs of recovery, but the broader structure remains sideways until a decisive breakout emerges. Holding above 71,700-72,000 could support further upward movement towards 72,800-73,100, while rejection near resistance may lead to renewed consolidation,” noted Sachin Gupta, VP, Technical Research at Choice Equity Broking Private Limited.
“The improving RSI and strong daily close indicate that buying interest is returning, although the weekly Doji signals that confirmation is still needed. Traders should monitor the 73,000 zone closely, as a sustained move above it could strengthen bullish momentum, whereas a fall below 71,700 may weaken the recovery,” he further added.
Nifty 50 formed a strong bullish candle. It remained within the previous session’s trading range, signaling a recovery from 22,182. The index also snapped its eight-week losing streak and ended the week marginally higher.
The 22,600 level will be a key resistance to watch. According to Bajaj Broking Research, a move above 22,600 could open the way for a further recovery towards 22,800 and 23,100.
On the downside, failure to cross 22,600 could lead to corrective consolidation within the 22,200-22,600 range. Traders will therefore watch whether the index can sustain its recent gains or faces renewed selling pressure near resistance.
Also Read: What are SME Stocks? Risks and Opportunities for Indian Investors
Bank Nifty also formed a bullish candle, forming a higher high and a higher low after the previous session's corrective decline.
“Going ahead, a follow through up move above 55,500 will signal extension of the pullback towards 55,900 and 56,200 levels in the coming sessions being the recent breakdown area. Failure to move above 55,500 will signal some consolidation in the range of 54,000-55,500 levels in the coming sessions,” said Bajaj Broking Research.
On the downside, the 53,500-54,000 zone is an important short-term support area, supported by the previous month's low.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. Also note that the cryptocurrencies mentioned/listed on the website could potentially be risky, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more about the financial risks involved here.