Stock Market Update: Nifty 50 Opened 0.15% Higher, Sensex Fell 161.18 Points

The Indian stock market opened lower amid mixed global cues. The Nifty 50 was down 36.05 points or 0.15% at the open to 23,743.10, while Bank Nifty started 97.9 points below the prior close. Sensex fell 161.18 points to 75,970.28.

The broader market traded mixed, with the Nifty Midcap index slipping 0.5%, while the Smallcap index ended on a flat note. The Indian rupee opened flat at Rs. 94.51 per dollar on Tuesday versus the previous close of Rs. 94.49.

Foreign institutional investors (FIIs) bought equities worth Rs. 280 crore on September 7, while domestic institutional investors (DIIs) were net buyers, buying Rs. 566 crore worth of equities.

Sensex Outlook

Technically, the Sensex formed a bearish candle on the daily chart, indicating continued selling pressure and weakness.

“76,300 would act as a key resistance zone. Below this, a correction wave is likely to continue. On the downside, the market could slip to 76,000-75,600. On the flip side, above 76,300, a pullback could continue till 76,500-76,700," said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

Nifty 50 Outlook

The Nifty 50 continues to indicate weakness. The index formed a bearish candle on the daily chart, while the close below 23,800 points to a continuation of the ongoing corrective phase.

The immediate trend remains negative as long as the index trades below 24,025. Sustained weakness below this level could drag the Nifty towards the 23,600-23,500 support zone. 

On the upside, 24,150 is expected to act as a key resistance level. The zone gains importance as it coincides with last week's high and the 50-day EMA. 

"Key observation in the daily chart is that the daily stochastic and daily 14-periods RSI has approached oversold territory. Hence, index holding above the support area of 23,600-23,500, will lead to a pullback towards the 50-day EMA placed around 24,150," said Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking.

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Bank Nifty Outlook

Bank Nifty formed a bearish candle on the daily chart, with a lower high and a lower low. Bajaj Broking Research expects the index to remain within its broader consolidation range unless a decisive breakout or breakdown occurs. 

In the near term, Bank Nifty is expected to move between 57,000 and 58,000. A close below 57,000 could strengthen selling pressure and take the index towards the 56,500-56,200 support zone. 

"Within the consolidation index is facing resistance around 58,000 levels. Index sustaining above 58,000 levels will open upwards towards 58,500-58,700 levels. Failure to sustain above 58,000 levels will signal extension of range bound trade in the range 57,000-58,000 levels in the coming sessions," said Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking.