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The Indian stock market opened lower after US President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz. The Nifty 50 opened 75.6 points or 0.33% lower at 23,064.90, and the Bank Nifty opened 232.6 points lower at 55,347.80 compared to the previous day's close. The Sensex opened 160.91 points lower at 73,734.83.
The Indian rupee opened 7 paise lower at Rs. 95.88 per dollar, compared with Rs. 95.81 per dollar in the previous trading session.
Foreign institutional investors (FIIs) extended their selling for the second straight session, offloading equities worth Rs. 3,696 crore on September 25, while domestic institutional investors (DIIs) bought equities worth around Rs. 2,838 crore during the session.
Technically, the Sensex continues to show a sideways-to-bearish trend, with the 73,200-73,450 range emerging as a key support zone.
Sustained buying above the 74,000 level could reinforce the recovery and push the index towards 74,200-74,500. However, a breach of the support zone could trigger renewed selling pressure, said Sachin Gupta, VP, Technical Research at Choice Equity Broking Private Limited.
Traders should closely track the 73,500-74,000 range, along with changes in open interest (OI), for confirmation of the market’s next move.
The Nifty 50 remains under short-term selling pressure and has maintained a corrective trend, with the broader weekly structure still indicating weakness.
The daily RSI at 34 reflects weak momentum. However, confirmation of a meaningful recovery would require sustained buying interest. On the upside, 23,350 remains the immediate hurdle, followed by the 23,500-23,600 resistance zone. A decisive breakout and sustained trade above this range would improve the near-term technical setup and could signal a broader recovery.
On the downside, 23,050-22,960 remains the immediate support band, while 22,800 is the next important support level. A decisive breakdown below 23,000, particularly on higher volumes, would reinforce the prevailing bearish structure.
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Bank Nifty remained under pressure, declining 1.38% and extending its losing streak to five consecutive weeks. The index continues to trade below its key moving averages, pointing towards a weak trend structure.
55,000 remains the immediate support and an important psychological level. A decisive break below this zone could bring 54,400 into focus. On the upside, 56,800 remains the key resistance.
"A decisive break below this zone could intensify selling pressure and drag the index towards 54,400. On the upside, 56,800 remains the key level to watch. As long as the index sustains below this resistance, the preferred strategy remains sell on rise. Any bounce towards the 56,100-56,200 zone could provide an opportunity to initiate fresh short positions," said the expert Ravi Singh.
