The Indian stock market opened on a modest note as elevated crude oil prices, rising US Treasury yields, and persistent geopolitical tensions continue to weigh on the macroeconomic outlook. The Nifty 50 was up 15.1 points or 0.06% at the open to 23,446.60, while Bank Nifty started 32.8 points below the prior close. Sensex fell 21.69 points to 75,742.54.

The broader market also remained under pressure, Nifty Midcap and Nifty Smallcap indices declined 0.5%. The Indian rupee opened at Rs. 95.25 per dollar on Thursday, up from the previous close of Rs. 95.10.

Foreign institutional investors turned net sellers on Tuesday, offloading Rs. 583 crore of Indian equities, while domestic institutional investors bought a net Rs. 1,509 crore, according to NSE data.

Sensex Outlook

Technically, the Sensex is still maintaining a lower high-lower low formation, and on the daily chart, it has formed a bearish candle, which supports further weakness from current levels.

“For day traders, 75,200-75,500 will act as immediate resistance zones. As long as the market trades below these levels, weak sentiment is likely to persist. On the downside, the market could slide towards 74,300-74,000. On the other hand, a close above 75,500 can lift the market towards 75,900-76,100,” said Shrikant Chouhan, Head, Equity Research, Kotak Securities.

Nifty 50 Outlook

The Nifty 50 formed a sizeable bearish candle on the daily chart after opening at a higher level and subsequently losing all its gains. The failure to sustain above 24,000 has brought immediate support zones into focus for the upcoming session.

“Immediate bias in the index remains down and sustaining below 24,025 levels will open downside towards the key support area of 23,800-23,600 levels, being the confluence of the previous major gap area and the low of July 2026," said Dr. Ravi Singh, Chief Research Officer from Master Capital Services Ltd.

However, a stronger return of positive momentum may require the index to cross the highs recorded over the previous two weeks near 24,380

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Bank Nifty Outlook

Bank Nifty continued to trade in a consolidation phase and formed a small bearish candle in the previous session. The index is currently moving around its 50-day EMA, reflecting uncertainty among traders.

In the immediate term, Bank Nifty is seen trading within the 57,000-58,000 range. The lower end of this range will remain important because a decisive close below 57,000 could trigger further selling pressure.

"Overall, the broader 9 weeks consolidation range remains intact between 56,500 and 58,700. We expect the index to extend the current consolidation and only a breakout or breakdown will signal a directional momentum," said Bajaj Broking Research.

On the higher side, the 58,000 level remains a major hurdle for Bank Nifty. A sustained move above this resistance could open the possibility of an upward move towards the 58,500-58,700 range. If the index fails to hold above 58,000, it could continue moving within the narrow 57,000-58,000 range.