The Indian stock markets opened lower, with Brent crude prices moving up, and tensions around the Middle East escalating, dampening investor sentiment. Nifty 50 started 97.1 points, or 0.39%, down, at 24,538.90, while Bank Nifty fell 181.65 points or 0.31%, to begin at 57,882. Sensex opened 438.68 points below the previous close of 78,954.76.

Broader markets remained mixed. The Nifty Midcap 100 index edged down by 0.4%, and the Nifty Smallcap 100 index went up 0.5%.

Meanwhile, the rupee opened at Rs. 95.28 per US dollar on Friday, compared with Thursday’s settled level of Rs. 95.22.

Foreign institutional investors stayed net sellers in Indian equities on August 6, offloading shares worth Rs. 28.58 crore. On the other hand, domestic institutional investors were net buyers, adding Rs. 3,488.43 crore.

Sensex Outlook

Technically, the Sensex formed a small candle on the daily chart, and the non-directional intraday activity shows indecisiveness among traders.  

“For day traders now, 79,000 would act as an immediate breakout level. Above this, the market could move up to 79,300-79,500. On the flip side, below 78,600, we could see intraday price corrections down to 78,200-78,000. The intraday market texture is non-directional; hence, level-based trading would be the ideal strategy for day traders," said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

Nifty 50 Outlook

Nifty 50 could witness profit booking after the recent rally, but the larger trajectory stays positive as long as the key support levels keep holding.

“The 24,400-24,500 is the immediate support zone, where buying interest is expected to emerge on declines. On the upside, 24,700-24,800 remains the key resistance range. A decisive move above this zone could signal a continuation of the ongoing uptrend and pave the way for fresh highs. As long as Nifty holds above the 24,400 support zone, the preferred strategy remains buy on dips,” said Gaurav Udani, founder, Thincredblu Securities. 

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Bank Nifty Outlook

Bank Nifty is expected to remain steady; the underlying technical structure is still favorable as the index continues to sit above its key support zones. 

“The 58,200-58,300 band stands out as the immediate resistance area; a decisive move beyond this level would strengthen buying interest and open the path toward 58,500-58,600. On the downside, the 57,800-57,700 zone serves as the first line of support, with a breakdown below this level exposing the index to a deeper pullback toward 57,400-57,300,” said Ponmudi R, CEO of Enrich Money.