Nifty Opens 127.05 Points Higher, Sensex Rose 485 Points Amid Positive Global Cues

The Indian stock market opened higher amid upbeat cues from global markets. Nifty 50 opened 127.05 points higher at 23,150.85 from the previous day's close, while Bank Nifty started at 55,707.85, up 219.75 points. Sensex edged higher by 485.03 points to 74,337.93.

The broader markets also remained under pressure with Nifty midcap and smallcap indices fell 1% each. The Indian rupee opened 14 paise higher at Rs. 94.78 per dollar on Wednesday versus Monday's close of Rs. 94.92. Foreign institutional investors (FIIs) sold Indian equities worth Rs. 1,148.64 crore on Monday, while Domestic institutional investors (DIIs) bought Rs. 3,201.19 crore.

Sensex Outlook

Sensex opened around 120 points higher but witnessed a volatile decline, breaking below the previous support near 74,000 and forming a bearish engulfing candle on the daily chart. “The absence of follow-up buying highlights caution among market participants. The RSI stood at 50.19, above its RSI-based moving average of 38.29, suggesting that momentum has not weakened completely despite the sharp correction,” said Sachin Gupta, VP, Technical Research at Choice Equity Broking Private Limited.

Nifty Outlook

Nifty 50 formed a long bearish candle on the daily chart, as selling pressure emerged near 23,185 level. The index also broke the crucial 23,000 support, indicating continued weakness. Immediate support is placed at 22,800-22,820, near its daily 20-SMA.

A break below 22,650-22,700 could further intensify selling pressure. Traders should remain cautious, keeping 22,800 as key support and 23,000-23,185 as resistance. Long positions built during the mean-reversion rally should be reviewed, with a break below 22,600 levels.

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Bank Nifty Outlook 

Bank Nifty showed resilience compared with the broader market but could not escape the selling pressure in the private banking sector. 

The underperformance of major private sector banks has become an important factor to monitor, particularly as investors assess quarterly earnings and the implications of elevated crude oil prices for inflation, liquidity, and interest-rate expectations.

The 55,000 level acts as the immediate support. A sustained break below this mark could open the door to a deeper correction towards 53,000. On the upside, 56,000 remains the immediate resistance, followed by 57,000. Unless the index moves decisively above 56,000, recovery attempts may attract fresh selling.