The Indian stock market opened on the negative side amid weak global cues as renewed US-Iran tensions and rising crude prices weigh on sentiment. The Nifty 50 was down 2.85 points at the open to 24,077.55, while Bank Nifty started 464.65 points below the prior close. Sensex rose 36.84 points to 76,994.11.

The Indian rupee opened 16 paise higher at Rs. 95.01 per dollar on Tuesday versus the previous close of Rs. 95.17. 

Foreign institutional investors (FIIs) intensified their selling on August 31, offloading nearly Rs. 8,000 crore worth of equities. Meanwhile, domestic institutional investors (DIIs) continued to support the market, buying equities worth Rs. 4,588 crore. 

Sensex Outlook

Technically, the short-term outlook remains weak, but if the market manages to trade above 76,600, then a quick technical pullback from the current levels can be seen. 

"It could bounce up to 77,300-77,500. However, on the downside, selling pressure could accelerate below 76,600. If it falls below this level, it could slip to 76,300-76,000," said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

Nifty 50 Outlook

The Nifty 50 formed a small bearish candle on the daily chart with a long lower shadow, indicating corrective consolidation.

The index tested 24,000 during Monday's session. A decisive break below this level could increase selling pressure and push the Nifty towards the next support zone near 23,800. On the upside, the 50-day EMA near 24,190 is expected to act as an important hurdle. A sustained move above this level could open the way for a pullback towards 24,300-24,350 in the coming sessions.

"Overall, we expect the index to extend the recent consolidation and trade in the broad range of 23,800-24,600 amid stock-specific action. Within the consolidation, the last two-week highs placed around 24,380 will be the key hurdle for the index, only a move above the same will signal positive movement. Failure to move above the same will keep the bias corrective," said Bajaj Broking Research.

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Bank Nifty Outlook

Bank Nifty formed a bullish candle with a lower low and a higher high, indicating demand around the 50-day EMA.

"Within the consolidation, the index is facing resistance around the 58,000 level. The index sustaining above 58,000 levels will open upside towards 58,500-58,700 levels. Failure to move above 58,000 levels will signal consolidation in the range of 57,000-58,000 levels in the coming sessions," said Bajaj Broking Research.