Stock Market Outlook: Nifty 50 Opens 42.55 Points Higher, Sensex Falls 117.13 Points Ahead of CPI Data

The Indian stock market opened on a mixed note as investors await the October retail inflation data scheduled for release later today. Nifty 50 opened 42.55 points higher at 25,213.50, compared with the previous session’s close. Bank Nifty started at 60,801.85, up 9.45 points. Sensex edged lower by 117.13 points to 81,762.27.

Broader markets tracked the benchmark, with the Nifty midcap index up 0.8% and the smallcap index up 1.6%. The Indian rupee opened marginally lower at Rs. 93.73 per dollar on Thursday compared with the previous close of Rs. 93.69.

FIIs turned net buyers, purchasing equities worth Rs. 12,563 crore on November 11. Meanwhile, DIIs extended their selling streak to the ninth consecutive session, offloading equities worth Rs. 8,434 crore.

Sensex Outlook

Sensex witnessed some profit booking at higher levels after a strong gap-up opening. It formed a red candle on the daily charts, but on the intraday charts, it is still holding a higher-bottom formation, which supports the uptrend.

“We are of the view that the short-term view of the market remains positive, but we could see a quick intraday dip if the market slips below 81,500. Below this level, the intraday correction could continue to 81,300-81000. On the flip side, above 82,000, the rally could continue to 82,300-82,500,” said Shrikant Chouhan, Head of Equity Research, Kotak Neo.

Nifty 50 Outlook

In the previous session, Nifty 50 crossed the 25,400 mark in early trade, supported by favourable global and domestic cues. However, profit-taking in heavyweight stocks across sectors trimmed the gains as the session progressed.

The 24,800-25,000 zone could offer a favourable opportunity for fresh buying, with 24,600 serving as major support. On the upside, the index could move towards the 25,500-25,750 target zone. 

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Bank Nifty Outlook

The Bank Nifty continued to outperform, extending its winning streak after opening with a gap-up on Wednesday. However, selling pressure in the latter part of the session capped the gains.

Immediate support for the Bank Nifty is placed at 60,500-60,300. A decisive break below 60,300 could revive selling pressure and weaken the recovery. On the upside, 61,200-61,400 is the immediate resistance zone, followed by 61,800-62,000. A sustained breakout above 61,400 would be required to strengthen the upmove. 

Overall, the Bank Nifty is likely to maintain its positive bias as long as it holds above 60,300. Sustaining above 60,500 could support further upside, while a decisive move above 61,400 would improve the near-term outlook and bring the index closer to its record highs. Conversely, a break below 60,300 could expose the index to renewed downside pressure.