The Indian stock market opened lower amid elevated crude oil prices and bond yields. The Nifty 50 opened at 22,665, which is a decline of 51.20 points from the previous day's close, while the Bank Nifty started at 54,175.90, falling 84.05 points. The Sensex opened 87.92 points lower at 72,441.15.

The Nifty IT sector performed the best, as it increased by 1.57%. In addition, the Nifty Media increased by 2.14%. The Nifty Chemicals, PSU Bank and Oil and Gas sectors rose by 1.84%, 1.22% and 1.21%, respectively. The Indian rupee opened at Rs. 95.95 per dollar, a slight decrease from the previous day’s close of Rs. 95.98.

Foreign institutional investors (FIIs) extended their selling streak to the fourth consecutive session on September 29, offloading equities worth nearly Rs. 10,000 crore. Meanwhile, domestic institutional investors (DIIs) continued to support the market, buying equities worth nearly Rs. 7,000 crore during the session. 

Sensex Outlook

Technically, the Sensex continues to maintain a bearish structure, with the 72,000-72,200 zone crucial for limiting further downside. 

Holding this support could lead to a recovery toward 72,700-73,000, while a decisive break below 72,000 may extend the prevailing weakness. 

Traders should closely monitor the 72,000 Put and 73,000 Call OI concentrations along with price action for confirmation of the next directional move, said Sachin Gupta, VP, Technical Research at Choice Equity Broking Private Limited.

Nifty 50 Outlook

After recent weakness, Nifty 50 continues to remain cautious, with immediate support at 22,500-22,550 and resistance at 22,900-23,000. The near-term bias remains weak, and any recovery toward the 22,900-23,000 zone can see selling pressure. 

A decisive break below 22,500 can lead to further weakness, while holding the support zone could result in some consolidation. 

On the upside, if Nifty sustains above 23,050, which can signal a reversal in the near-term trend, then only then could sentiment flip and open the possibility of a move toward higher levels. Until then, rallies are likely to face selling pressure and the focus should remain on price action around these key levels.

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Bank Nifty Outlook

Bank Nifty formed a thin-bodied red candle with a long lower shadow, resembling a doji-like candle and indicating indecision between bulls and bears. 

The index continued to trade below its key EMAs, keeping the broader structure weak. The RSI remained below 30, while the MACD continued to slope downward, indicating persistent bearish momentum. 

The 53,800-53,700 zone could act as crucial support. A break below this zone could trigger further selling toward 53,200. On the upside, 54,700-54,800 could act as an immediate hurdle. A sustained move above this zone could extend the pullback toward 55,300.