The Indian stock market opened flat amid weak global cues. Nifty 50 opened at 24,249.55 compared to its previous close of 24,250.20, Sensex started around 15 points lower at 77,638.86, and Bank Nifty opened 778.85 points below its previous close.

The Indian rupee opened higher at Rs. 95.58 per dollar on Thursday versus Wednesday's close of Rs. 95.64.

Foreign investors (FIIs) net bought shares worth Rs 2,982 crore, while domestic institutional investors (DIIs) net bought shares worth just Rs 998 crore on July 29.

The broader market ended higher, with the Nifty Midcap 100 index rising 0.8%, while the Nifty Smallcap 100 index added 1.5%.

Sensex Outlook

Technically, the Sensex remained firmly in the positive in yesterday’s session, touching an intraday high of 77,765.49, reflecting sustained buying interest across key sectors and improving market momentum.

“The 77,000 level is expected to provide immediate support and act as a crucial cushion against any short-term pullback. On the upside, 78,500 is the key resistance level, and a sustained move above this mark could strengthen bullish momentum and pave the way for further gains,” said Sachin Gupta, VP – Technical Research at Choice Equity Broking.

Gupta added that the broader market outlook remains constructive, supported by positive technical indicators and sector strength. 

Nifty 50 Outlook

The Nifty 50 remains in a consolidation phase after recent weakness. The benchmark index formed a bearish candle on the daily chart, indicating continued corrective momentum. 

"Overall, the index is expected to extend consolidation in the range of 23,800-24,350. Only a breakout or breakdown will signal the next directional trend in the index. Short-term support is placed at 23,800 levels, being the confluence of the almost identical low of the last 5 weeks and 50 days EMA," said Bajaj Broking Research.

The brokerage further stated that a decisive break below Wednesday's low of 23,961 could drag the Nifty towards the important support level of 23,800. On the upside, the 24,200 mark is expected to act as immediate resistance. 

Bank Nifty Outlook 

Bank Nifty formed a high-wave candle with a higher high and higher low, indicating renewed buying interest after recent consolidation.

The banking index has largely traded within the 56,500-58,700 range over the past six weeks. The 57,500 remains the immediate hurdle, while a sustained move above this level could pave the way for an advance towards 58,000.

"On the downside, the 56,500-56,000 zone remains a crucial support area. This region is reinforced by the confluence of the lower band of the six-week trading range, an ascending trendline, and the 52-week EMA, making it a strong demand zone. Index holding above this support cluster, the broader outlook is expected to remain constructive," said Bajaj Broking.