Stock Market Update: Nifty 50, Sensex Likely to Open Flat Amid Mixed Global Cues

The Indian equity market is expected to have a slow start on Tuesday, October 14, with benchmark indices Nifty 50 and Sensex likely to open flat following muted global signals. The Gift Nifty was at 25,319, indicating just a slight premium of 10 points over the last Nifty futures close, pointing to a limited overnight momentum.

Market Recap

On Monday, domestic markets ended lower due to profit booking in major sectors. Sensex declined by 173.77 points, or 0.21%, closing at 82,327.05; Nifty 50 lost 58 points, or 0.23% to close at  25,227.35.

However, the broader market still has a positive outlook despite the dip, due to the steady institutional investments and positive expectations from corporate profits.

Sensex View

Sensex found support at 82,000 and quickly turned losses into gains. According to analysts, the index is still in a phase of uncertainty and high volatility, which makes level-based trading ideal for short-term players. 

The key support areas for Sensex are at 82,000 and 81,800, while the resistance levels are seen between 82,500 and 82,800. 

If the index falls below 81,800, it could retest the 81,500 levels again. On the other hand, a strong upward movement above 82,500 may invite fresh buying.

Nifty 50 Outlook

Nifty 50 formed a small green candle, indicating buyers came in at lower prices. Analysts continue to say that the medium-term trend is positive as long as the index stays above the 25,000 mark.

The immediate support is at 25,100, with a stronger support around 24,900, while resistance is expected at 25,300 and 25,500.

Open interest (OI) data reveals strong resistance at 25,300 and support at 25,200, indicating a possible breakout zone. A sustained move above 25,300 could lead to short covering, paving the way toward 25,500-25,600 levels.

Bank Nifty Outlook

On Monday, Bank Nifty closed nearly flat with just 15 points increasing to 56,625. The index has support near ​​56,150-56,300, while the resistance can be seen at 56,900-57,000.   

The indicators, such as the RSI and the MACD, are showing a bullish trend, and if Bank Nifty stays above 56,150, the analysts are expecting a move up towards 57,000-57,300 with strong support from the PSU banks.

Also Read: US Stock Market Today: S&P 500 Rises 1.5% and NASDAQ Gains 2% as US-China Trade Hopes Lift Markets

Sectors in Focus

The FMCG and IT sectors faced selling pressure, down nearly 0.9% and 0.8% respectively. In contrast, PSU banks and healthcare stocks showed some strength and may attract rotation buying.

Analysts predict a range-bound but slightly bullish market, suggesting that traders follow the buy-on-dips strategy.