The Indian stock markets are expected to open flat amid mixed signals from global markets as investors are cautious over the US-Iran agreement. GIFT Nifty also indicates a muted start, trading at 24,005 with a premium of 4 points from its previous Nifty futures close.

On Wednesday, the Sensex rose 544.15 points or 0.71% to settle at 76,808.48, while the Nifty 50 advanced 135.25 points or 0.57% to close at 23,989.15. The Indian rupee opened higher at Rs. 94.45 per dollar versus the previous close of Rs. 94.56.

Foreign investors (FIIs) net sold shares worth Rs. 748 crore, while domestic institutional investors (DIIs) net bought shares worth just Rs. 6 lakh on June 16.

Sensex Outlook

Technically, the Sensex formed a small bullish candle and also maintains a higher bottom formation on intraday charts, which supports a further uptrend.

“The intraday market trend is upward, but a fresh rally can only be expected after the 77,000 level is surpassed. Post the 77,000 breakout, the market could move up to 77,300-77,500. On the flip side, 76,500 and 76,300 would act as key support zones for day traders. Below 76,300, the uptrend would become vulnerable. If the market falls below this level, traders may prefer to exit their long positions," said Shrikant Chouhan, Head of Equity Research, Kotak Securities.

Nifty 50 Outlook

Nifty 50 formed a bullish candle, which remained contained inside the previous session’s price range, signaling consolidation around the 24,000 level.

"Going ahead, a move above 24,100 will infuse further momentum and open upside towards 24,500 levels in the coming weeks. Failure to do so will lead to some consolidation in the range of 23,600-24,100 in the coming sessions," said Bajaj Broking Research.

We expect the index to eventually break out above the 24,100 level and gradually head towards the 24,500-24,600 levels. Key short-term support is revised higher towards 23,500-23,600 levels being the confluence of the 20-day EMA and the recent breakout area, the brokerage added.

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Bank Nifty Outlook 

On Tuesday, Bank Nifty rose 98.35 points or 0.17% to close at 57,297.15, forming a doji candle that mostly remained contained inside the previous session's price range, signaling consolidation. 

"We expect the index to maintain an overall positive bias and head towards 58,300 levels in the coming sessions, being the measuring implication of the last four-week range breakout (52,700-55,500). Index sustaining above 55,500-56,000, will keep the overall 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.