Stock Market Update: Nifty 50 Eyes 23,800, Sensex Faces Resistance at 77,000 Amid Mixed Global Cues

Indian markets are set for a flat open amid mixed global cues. GIFT Nifty is at 23,994, down around 16 points from its previous close. 

On Tuesday, the Sensex fell 249.70 points or 0.33% to close at 76,478.67, while the Nifty 50 declined 80.50 points or 0.34% to settle at 23,865.75. Midcap gained 0.4% and smallcap added 1%, both outperforming the benchmarks. 

The Indian rupee opened flat at Rs. 94.66 per dollar on Wednesday versus previous close of Rs. 94.66.

FIIs sold shares worth Rs. 2,556.75 crore on Tuesday while domestic institutional investors bought stocks worth Rs. 6,842.34 crore, as per NSE data.

Sensex Outlook

Technically, the Sensex formed a small bearish candle on daily charts and non-directional intraday activity on intraday charts, indicating indecisiveness.

"On the upside, 77,000 would act as a crucial resistance level. A successful breakout above 77,000 could push the market up to 77,500-77,700. On the flip side, if the market falls below the 50-day SMA or 76,300, selling pressure is likely to accelerate. Below the same, the market could retest levels of 75,800-75,500," said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

Nifty 50 Outlook

The Nifty 50 ended lower for third consecutive session and is approaching an important support zone that could determine the market's near-term direction.

“The 23,800-23,750 zone remains the immediate support area, as it coincides with the previous gap region and the lows recorded over the past two weeks. If the index manages to hold above this level, it could witness a pullback towards 24,035 and subsequently 24,120 in the coming sessions,” said Bajaj Broking Research.

According to the brokerage, the next major support is placed around 23,500, which marks the recent breakout zone as well as an important retracement level. On the upside, significant resistance is seen between 24,500 and 24,600.

"We believe overall bias is positive and current breather should be used as a buying opportunity as we expect Nifty to gradually head towards the 24,500-24,600 levels in the coming weeks."

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Bank Nifty Outlook

On Tuesday, Bank Nifty fell 184.45 points or 0.32% to close at 57,542.90, forming a small bearish candle with a lower high and a lower low, signaling consolidation.

Bajaj Broking Research said the banking index is currently consolidating around its April 2026 highs. A decisive move above last week's peak could trigger fresh upside momentum towards the 59,200 mark.

However, failure to break above that resistance may keep the index range-bound between 57,000 and 58,500 in the near term.

"Going forward, the overall bias remains positive, and we expect the index to regain positive momentum over the upcoming sessions, hence the current breather should be used as a buying opportunity," said the brokerage.