The Indian stock market opened higher amid Wall Street's overnight rebound and gains across Asian equities as easing global bond yields provided some relief. The Nifty 50 was up 37.45 points or 0.16% at the open to 23,910.90, while Bank Nifty started 112.05 points above the prior close. Sensex rose 504.16 points to 76,657.02.

The Indian rupee opened flat at Rs. 94.47 per dollar on Friday against Thursday's close of Rs. 94.49.

Foreign institutional investors (FIIs) were net sellers in Indian equities on September 3, selling shares worth Rs. 2,346 crore, while domestic institutional investors (DIIs) remained net buyers, investing Rs. 4,977 crore.

Sensex Outlook

Technically, the Sensex faces continued pressure below key moving averages as the broader market remains sideways.

Sachin Gupta, VP,  Technical Research at Choice Equity Broking, said holding the 75,500-75,800 support zone will be crucial for stabilization, while a recovery above 76,650-77,000 could provide some relief and improve the near-term trend. Until the index reclaims this higher resistance zone, traders are likely to remain cautious.

Nifty 50 Outlook

The Nifty 50 formed a sizable bearish candle on the daily chart after opening at a higher level and subsequently losing all its gains.  

The Nifty eventually closed near the day's low at 23,873, indicating that sellers remained active at higher levels. 

"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 Bajaj Broking Research.

According to the technical outlook, the 23,800-23,600 range could become a crucial support zone for the Nifty. A sustained move below these levels could increase downside pressure in the coming sessions. 

A move above the current week's high and the 50-day EMA around 24,143 could trigger a recovery towards the 24,300-24,350 range. 

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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. A breakdown below this level may push Bank Nifty toward the 56,500-56,200 support zone. 

"Overall, the broader 9-week 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 toward the 58,500-58,700 range.