The Indian stock market opened higher after a strong upward move in the previous session, supported by global cues. Nifty 50 opened 67.75 points higher at 22,997.35 from the previous day's close, while Bank Nifty started at 55,927.15, up 116.65 points. Sensex edged higher by 25.47 points to 74,341,08.

The Indian rupee opened 33 paise higher at Rs. 94.72 per dollar on Friday, down from the previous close of Rs. 95.05. Foreign institutional investors (FIIs) continued their selling, offloading equities worth around Rs. 5,285 crore on October 15, while domestic institutional investors (DIIs) bought equities worth Rs. 3,319 crore.

Sensex Outlook

Sensex formed a long bullish candle on the daily chart. On the intraday charts, it is maintaining an uptrend continuation pattern, supporting further gains.

“We are of the view that the intraday market outlook is positive. However, buying on intraday dips and selling on rallies would be the ideal strategy for day traders. On the downside, 74,000 and 73,700 are key support zones. On the upside, 74,500-74,800 are key resistance areas for the bulls,” said Shrikant Chouhan, Head of Equity Research, Kotak Neo.

However, sentiment could change if the market falls below 73,700. Below this level, traders may consider exiting their long positions.

Nifty 50 Outlook

On the daily chart, Nifty 50 formed a strong bullish candle, closing near the 23,000 mark. Support is placed in the 22,700-22,800 range, while resistance lies in the 23,200-23,300 zone. The overall bias remains sideways to bullish.

Although the broader positional structure remains weak, the index now holds above its 20-day exponential moving average (EMA), while continuing to trade below its medium- and long-term moving averages. The recent rebound appears to have been driven by short-covering, and further upside remains possible in the near term.

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Bank Nifty Outlook

Bank Nifty rebounded strongly from its support zone, forming a strong reversal candlestick pattern around 53,800. The index is now approaching resistance at 56,200, followed by a stronger hurdle at 56,500. Short-term momentum remains positive, indicating the possibility of further upside. The daily RSI stands at 51.59, reflecting a positive bias. Support is placed in the 55,300-55,500 range, while resistance lies in the 56,100-56,400 zone.