Stock Market Update: Nifty 50 Opened 0.04% Higher, Sensex Started Flat Amid Rise in Brent Crude

Indian markets opened flat on Monday as a spike in Brent crude prices weighed on sentiment. Nifty 50 opened 10.6 points or 0.04% higher at 24,581.25, while Bank Nifty started 65.85 points higher. Sensex opened at 78,501.59 from its previous close of 78,499.17.

The Nifty Auto and IT indices rose 1.84% and 1.42%, respectively, while private banks fell over 1%. The rupee opened at Rs. 95.17, up marginally from Friday's close of Rs. 95.21. FIIs returned as net buyers on August 7, picking up Rs. 480.24 crore. DIIs added Rs. 235.56 crore. 

Sensex Outlook

Technically, the Sensex formed a Doji candle on weekly charts, indicating indecisiveness among traders. 

The short-term market outlook remains positive, but a fresh uptrend rally is possible only after the dismissal of 79,100.

 "Above this level, the market could move up to 80,000-80,200. The upside move could continue, lifting the market to 80,600-80,900. On the downside, below 78,400, the market could retest levels of 78,100-77,900. A breakdown of 77,900 could accelerate selling pressure, and it could slip to 77,200," said Amol Athawale, VP of Technical Research at Kotak Securities.

Nifty 50 Outlook

The Nifty 50 outlook remains bullish after the index extended its winning streak for the second straight week. The benchmark continues to trade above key moving averages, indicating that the broader trend remains positive.

The Nifty 50 outlook still looks bullish as the index stretched its winning streak for the second week in a row. The benchmark is trading above the key moving averages, suggesting the broader trend remains positive

“Immediate support is placed at 24,300, which coincides with the 21-day EMA, while stronger support is seen near 24,100," said Ravi Singh, Chief Research Officer from Master Capital Services Ltd.

On the upside, 24,800 remains the key resistance point. If the price has a decisive breakout above this level, it may pick up the pace toward the psychologically important 25,000 area.

For traders, during downturns, 24,300-24,100 are key support zones. While sustained buying above 24,800 could strengthen the upward momentum

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Bank Nifty Outlook

The Bank Nifty also extended its gains for the second consecutive week, rising nearly 0.84%. However, the index continues to consolidate within the broader 56,000-58,600 range.

"A buy on dips strategy remains favorable, with the 55-day EMA near 57,000 acting as immediate support, while the major support is placed at 56,000. On the upside, 58,000 remains the key hurdle. A decisive breakout above this level could trigger fresh buying momentum and pave the way toward the 58,600 resistance zone," said Ravi Singh, Chief Research Officer from Master Capital Services Ltd.

Thus, 57,000 will remain an important immediate support level, while 56,000 is the major support zone. On the upside, 58,000 is the first major hurdle, followed by 58,600.