Indian markets opened higher on Wednesday, tracking positive global cues. Nifty 50 gained 44.3 points or 0.18% to open at 24,361.45; Bank Nifty climbed 78.4 points or 0.14% to start at 57,225.90. Sensex opened at 77,998.66, around 70 points higher from its previous close.

Midcap fell 0.4% and smallcap dropped 0.6%, both underperforming the benchmarks. The Indian rupee opened higher by 29 paise at Rs. 95.39 per dollar on Friday versus the previous close of Rs. 95.68. 

Foreign investors (FIIs) were net buyers of shares worth Rs. 3,624 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs. 1,864 crore on July 30. FIIs have been net buyers over the last three sessions.

Sensex Outlook 

Technically, the Sensex traded comfortably above the 20-day SMA, which is largely positive. A bullish candle on daily charts and an uptrend continuation formation on intraday charts indicate the possibility of further uptrend. 

"For trend-following traders, now 77,500 would act as a key support zone. Above this, the uptrend wave is likely to continue. On the higher side, the rally could extend till 78,300-78,500. On the flip side, below 77,500, the uptrend would become vulnerable. Below this, traders may prefer to exit their long positions," said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

Nifty 50 Outlook

The Nifty 50 continues to show a constructive technical setup after closing above last week's high and maintaining a higher highs and higher lows pattern on the daily chart.

"Going ahead, bias remains positive as the index continues to form higher highs and higher lows in daily charts, and we expect the index to maintain positive bias and head towards 24,370 and 24,480 in the coming sessions. Wednesday's gap area of (24,041-24,136) is likely to act as immediate support," said Bajaj Broking.

The benchmark index is expected to gradually move towards the crucial resistance zone of 24,500-24,600, which coincides with the current month's high and the peak recorded in April 2026.

On the downside, the brokerage sees immediate support in the 23,800-24,000 zone, where the 20-day and 50-day exponential moving averages (EMAs) converge.

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Bank Nifty Outlook 

Bank Nifty continued to consolidate around the 57,000 mark after forming its second consecutive high-wave candle, indicating stock-specific movement within a broader sideways trend.

A decisive breakout above Wednesday's high and the 57,500 mark could trigger fresh buying momentum and pave the way for a rally towards 58,000.

"However, failure to surpass 57,500 levels is likely to keep the index range-bound between 56,500-57,500. On the downside, the 56,500-56,000 zone remains a crucial support area. This region is reinforced by the confluence of the lower band of the six-week trading range, an ascending trendline, and the 52-week EMA, making it a strong demand zone. As long as the index holds above this support cluster, the broader outlook is expected to remain constructive," said Bajaj Broking Research.