The Indian stock markets are likely to open higher amid positive global trends, as US President Donald Trump signs the MOU for the peace agreement between US-Iran to reopen the Strait of Hormuz. GIFT Nifty also indicates a gap-up start, trading at 24,032 with a premium of 76 points from its previous Nifty futures close.

On Wednesday, the Sensex gained 347.14 points or 0.45% to settle at 77,155.62, while the Nifty 50 rose 96.55 points or 0.40% to close at 24,085.70.

The Indian rupee opened lower by 16 paise at Rs. 94.69 per dollar on Thursday, down from the previous close of Rs. 94.53.

Foreign investors (FIIs) net bought shares worth Rs. 102 crore, while domestic institutional investors (DIIs) net bought shares worth just Rs. 1,561 crore on June 18.

Sensex Outlook

Technically, the Sensex is holding an uptrend continuation pattern on the daily chart, which is largely positive.

The short-term market outlook remains positive, and for trend-following traders, 77,000 would act as a key support level. Above this, the market could rally to 77,500-77,800. On the flip side, if the market falls below 77,000, we could see an intraday correction. Below this level, the market might retest the 76,700-76,500,"  said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

Nifty 50 Outlook

Nifty 50 tested the upper band of the two-month falling channel during Wednesday's session, which coincides with the previous swing high of May 26 around 24,100.

"Going ahead, a follow-through move and a close above 24,100 will infuse further momentum and open upside towards 24,600 levels in the coming weeks. However, failure to close above 24,100 will lead to some consolidation in the range of 23,600-24,100 in the coming sessions," said Bajaj Broking.

"We expect the index to eventually break out above the 24,100 levels and gradually head towards 24,600 levels. Immediate support in Nifty is placed at 23,900-23,800 levels, while key short-term support is revised higher towards 23,500-23,600 levels," the brokerage added.

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Bank Nifty Outlook 

On Wednesday, Bank Nifty rose 287.90 points or 0.50% to close at 57,585.05, forming a small-bodied candle on the daily chart with wicks on either side, indicating indecision.

"We expect the index to head towards 58,300 and 59,000 levels in the coming weeks, being the measuring implication of the recent four-week range breakout (52,700-55,500). Index sustaining above 55,500-56,000 will keep the short-term bias positive and any dips should be viewed as buying opportunities. Only a decisive breach below the 55,500 support level would negate the positive outlook," said Bajaj Broking Research.