Stock Market Update: Nifty 50 Opened 0.14% Lower, Sensex Declined 176.53 Points

Indian markets opened lower on Friday amid mixed global cues. Nifty 50 opened 33.95 points or 0.14% lower from its previous close of 24,361.90, while Bank Nifty declined 45.5 points or 0.08%. Sensex started 176.53 points lower at 77,903.4.

Midcap and Smallcap both ended with modest gains, outperforming the benchmarks. The Indian rupee opened higher at Rs. 95.36 per dollar on Friday versus the previous close of Rs. 95.44.

Domestic institutional investors (DIIs) bought net shares worth Rs. 4,353.09 in Indian equities on August 13, while foreign institutional investors (FIIs) turned net sellers, offloading equities worth Rs. 510.69.

Sensex Outlook

Technically, the Sensex formed a small bearish candle, which indicates indecisiveness among traders.

“We believe that the market has completed one leg of correction and is currently trading near an important support zone of the 20-day SMA. If it succeeds in trading above this level, it could bounce back to 78,500-78,700. On the flip side, if the index falls below 77,700, selling pressure is likely to accelerate. Below this level, it could slip to 77,400-77,200,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Nifty 50 Outlook

The Nifty 50 formed a small red candle on the daily chart with a short lower wick, while the long wicks from the last two sessions kinda suggest that fresh buy interest is showing up near the close.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, “The Nifty is holding above the crucial 24,300 support level, though the index has struggled to stick with gains. The broader trend looks mixed, with a slightly weak bias, and the 24,200-24,300 band is still the important support pocket. If the price keeps gravitating in this range, it could spark a bounce from lower levels. Meanwhile, 24,500 continues to act as the near-term resistance level.” 

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Bank Nifty Outlook

Bank Nifty formed a small-bodied bearish candle on the daily chart and closed within the previous day’s trading range, reflecting indecision. 

The RSI is moving sideways, while the ADX remains flat, indicating a lack of strong directional momentum and volatility.

"Going ahead, the immediate resistance for Bank Nifty is placed in the 57,900-58,000 zone. Any sustainable move above this zone could result in Bank Nifty extending its pullback towards 58,400, followed by 58,800 in the short term. On the downside, the immediate support for Bank Nifty is placed in the 57,200-57,100 zone," said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.