The Indian stock market opened lower amid mixed global cues. The Nifty 50 was down 14.5 points at the open to 23,883.15, while Bank Nifty started 26.35 points below the prior close. Sensex fell 69.38 points to 76,446.05.

The broader market traded mixed with Nifty Midcap index slipped 0.2%, while the Smallcap index gained 0.2% to hit a fresh record high.

The Indian rupee opened 10 paise higher at Rs. 94.39 per dollar on Monday versus Friday's close of Rs. 94.49.

Foreign institutional investors turned net sellers on Friday, selling Rs. 3,111.94 crore of Indian equities, while domestic institutional investors bought shares worth Rs. 8,930.12 crore, according to NSE data.

Sensex Outlook

Technically, the short-term market trend for Sensex still appears weak, but if the market manages to trade above the 76,800 mark, a pullback is likely to continue in the near future.

"Above 76,800, the market could sustain positive momentum up to the 50 and 20 day SMA, or around 77,400. Further upside could push the index to 77,800. On the other hand, below 76,100, selling pressure is likely to accelerate. If the market falls below this level, it could retest the 75,500-75,200 zone," said Amol Athawale, VP Technical Research, Kotak Securities.

Nifty 50 Outlook

From a technical perspective, Nifty 50 continues to trade below its 20-day and 50-day EMAs, keeping the near-term structure cautious. 

“Going forward, the 23,750-23,700 zone, which coincides with the 61.8% Fibonacci retracement level, is expected to act as a crucial support area. A decisive breach below 23,700 could trigger further weakness towards 23,600–23,570 levels. On the upside, 24,050-24,080 will act as an immediate hurdle, while a sustained move above 24,080 could trigger a pullback towards 24,200 levels,” said Sudeep Shah, Head, Technical and Derivatives Research at SBI Securities.

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Bank Nifty Outlook

Bank Nifty formed its second consecutive small bearish candle, indicating that traders are still waiting for a clear directional trigger. 

In the immediate term, Bank Nifty is expected to trade within the 57,000-58,000 range. A sustained break below 57,000 could trigger further weakness and pull the index towards the 56,500-56,200 support zone. 

"Within the consolidation, index is facing resistance around 58,000 levels. Index sustaining above 58,000 levels will open upside towards 58,500-58,700 levels. Failure to sustain above 58,000 levels will signal extension of range bound trade in the 57,000-58,000 range levels in the coming sessions," said Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking.