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

The Indian stock market is expected to begin today’s session negatively as global sentiment remains mixed and traders turn cautious after recent gains. Trends in the Gift Nifty indicate a weak start for indices, with the index trading around 25,862, a 43-point discount to Nifty futures’ previous close.

On Friday, Sensex slipped 465.75 points (0.55%) to settle at 83,938.71, while the Nifty 50 declined 155.75 points (0.60%) to close at 25,722.10, dragged by profit-booking.

Sensex Outlook

The Sensex has formed a double-top formation on the daily chart and a shooting star formation on the weekly chart, suggesting possible weakness in the near term. The 83,700-83,900 zone remains a pivotal support, and resistance is at 85,000-85,300.

A move below 83,700 may result in further weakness toward the 83,300 levels; however, overall bias remains mildly positive, as long as the benchmark remains above the support zone.

Nifty 50 Analysis

The Nifty 50 has displayed a red doji candle on the daily chart, suggesting hesitation after a strong rally earlier this month. Analysts see near-term weakness, though the broader structure remains bullish.

According to Nagaraj Shetti of HDFC Securities, “Nifty is trading near the lower end of its 26,100-25,700 range. If it dips below 25,700, strong support is expected around 25,500, from where a bounce could emerge.”

As long as Nifty stays above 25,500, traders can maintain a buy-on-dips strategy, with resistance near 26,000-26,100.

Bank Nifty View

The Bank Nifty ended 254.75 points (0.44%) lower at 57,776.35, forming its second consecutive bearish candle. Despite near-term weakness, the index retains a constructive outlook.

Support lies at 57,300-57,200, with resistance near 58,250-58,350. A breakout above 58,350 could take the index toward 59,000.

However, Om Mehra of SAMCO Securities noted emerging RSI divergence, signaling potential consolidation. “The uptrend is intact, but momentum is slowing; 57,000 remains key support,” he added.

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Market Sentiment & Global Triggers

Market sentiment remains cautious ahead of global central bank decisions and domestic Q3 earnings. Strong FII inflows of over Rs. 10,000 crore in the previous session provide support to the broader market. 

Optimism regarding the potential India-US trade agreement and stable domestic growth could help lower downside risks. 

Overall, analysts expect a market that is range-bound with a buy-on-dips strategy, while traders will be looking for cues from upcoming earnings, the macro data, and global developments for additional directional momentum.