The Indian stock markets opened a bit lower on Tuesday, 11 August, as Brent crude oil prices jumped sharply and weighed on investor sentiments. Nifty 50 started 8.7 points or 0.04% lower at 24,575.10. Meanwhile, Bank Nifty slipped 82.6 points or 0.14%. Sensex also began 32.67 points weaker at 78,509.77.

On the wider front, the trend looked uneven as the Nifty Midcap 100 went up around 0.6%, while the Nifty Smallcap 100 eased 0.3%.

Indian rupee opened lower at Rs. 95.39 per dollar on Tuesday versus the previous close of Rs. 95.29.

Foreign institutional investors (FIIs) turned net buyers of Indian equities on August 10, purchasing shares worth Rs. 1,974.76 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs. 1,290.29 crore.

Sensex Outlook

Technically, the Sensex formed a green candle on the daily chart, hinting at modest buying interest, you know.

After a muted start, the market hovered between 78,300 and 78,700 for the session.

“For traders now, 78,800 and 79,000 would act as immediate breakout levels. Above these, the market could rally to 79,300-79,500. On the flip side, below 78,300, selling pressure may accelerate. Below this, the market could retest levels of 78,000-77,800,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Nifty 50 Outlook

The Nifty 50 formed a doji candle on the daily chart, and there were shadows on either side, pointing to continued consolidation. 

Also, the index has retraced only about 23.6% of that earlier sharp push from 23,606 to 24,774, so it seems like the ongoing range may be a higher-base setup rather than a reversal of the bigger trend.

"Going ahead, holding above the 24,300-24,400 support zone could trigger a pullback towards the previous week's high of 24,800. A decisive breakout above 24,800 would confirm the resumption of the uptrend, opening the way towards 25,000-25,200 in the coming weeks," said Bajaj Broking.

On the downside, the 24,400-24,300 area remains the immediate support zone for the index. 

Also Read: S&P 500 Holds Near Record High as Oil Gains and Technology Stocks Fall

Bank Nifty Outlook

The Bank Nifty also remained range-bound, with the index forming a second consecutive bearish candle with shadows on either side. The pattern indicates some profit booking at higher levels. 

Bank Nifty remained within last week's 57,300-58,300 range, with 58,000 continuing to act as an immediate hurdle. 

"Within the consolidation index holding above 57,500-57,300 would keep the near-term bias constructive and could trigger a pullback towards 58,300, followed by 58,700 levels. On the downside, a decisive break below 57,500-57,300 (20-day EMA & Previous week low) would signal an extended corrective move towards 56,500, which forms the lower band of the broader consolidation channel," said Bajaj Broking.