The Indian stock market opened mixed as oil prices moved up and bond yields were higher, dampening investors' sentiment amid the risk of potentially slowing economic growth. The Nifty opened at 23,330.30, down 16.2 points, while Bank Nifty opened flat at 56,361.90, up 3 points from its previous close. Sensex rose 240.22 points to 74,535.18.

The Indian rupee opened higher at Rs. 95.82 against its previous close at Rs. 95.87 on Friday.

On September 18, Foreign Institutional Investors (FIIs) became net buyers in the cash market as they bought equities worth Rs. 599.54 crores. The Domestic Institutional Investors (DIIs) were also net buyers with a total acquisition of Rs. 1,019.69 crores.

Sensex Outlook

“The Sensex is likely to maintain a sideways outlook, with the 73,500-73,700 zone acting as the broader support area. Sustained buying above 74,600 could support a recovery towards 74,800-75,000, while weakness below 74,000 may increase downside pressure. Traders should monitor the key OI levels and wait for a decisive breakout or breakdown before taking fresh directional positions,” said Sachin Gupta, VP, Technical Research at Choice Equity Broking Private Limited.

Nifty 50 Outlook

The Nifty 50 formed a bearish candlestick on its weekly chart, highlighting a weak short-term trend. Currently, the market is in oversold territory, indicating a high chance of a sharp pullback from current levels.

For traders, 23,200 and 23,150 can remain the key support zones, as long as the Nifty holds above these levels, a pullback towards 23,500 is possible. If the Nifty manages to press above 23,500, a further recovery towards 23,600-23,700 is likely. However, a prolonged fall below 23,150 would weigh on investor sentiment and push the index towards 23,000-22,800, said Shrikant Chouhan, Head Equity Research, Kotak Securities.

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Bank Nifty Outlook

The Bank Nifty fell 0.44% during the week, indicating it is fallen for four weeks in a row. However, the index seems to be trying to form a base around the 55,600-55,700 area that also coincides with a notable horizontal support zone.

"The index could provide support to the broader market and witness a rebound towards 57,000, which also coincides with the 55-day EMA. As long as the index holds its recent lows, a cautious buy-on-dips approach is recommended, although traders should remain vigilant given the prevailing broader weakness," said Dr. Ravi Singh, Chief Research Officer from Master Capital Services Ltd.