Stock Market Update: Nifty 50 Opened 28.1 Lower at 23,035, Sensex Declined 54.62 Points to 73,580.54

The Indian stock market opened lower as investors remained cautious amid developments in the Middle East, while elevated bond yields and crude oil prices continued to weigh on sentiment. The Nifty 50 opened 28.1 points lower at 23,035, and the Bank Nifty opened 64.75 points lower at 55,373.75 compared to the previous day's close. The Sensex opened 54.62 points down at 73,580.54.

Broader markets also opened weak, with the Nifty midcap index falling 2% and the smallcap index declining 1.5%. The Indian rupee opened marginally higher at Rs. 95.90 per dollar on Friday against the previous close of Rs. 95.96.

Foreign institutional investors (FIIs) turned net sellers in Indian equities on Thursday, selling shares worth Rs. 5,027.36 crore, while domestic institutional investors (DIIs) bought equities worth Rs. 4,301.18 crore, according to NSE data.

Sensex Outlook

Technically, the Sensex formed a bearish candle on the daily chart and is also holding a lower top formation, which indicates further weakness from the current levels. 

“We are of the view that the current market texture is weak, and as long as it is trading below 73,800, weak sentiment is likely to continue. On the downside, 73,500 would act as an immediate support zone. Below this, the market could slip to 73,000-72,800. On the higher side, above 73,800, the pullback could extend up to 74,300-74,500,” said Shrikant Chouhan, Head, Equity Research, Kotak Securities.

Nifty 50 Outlook

Nifty 50 formed a long-bodied bearish candle with a larger shadow on the upper side, indicating selling pressure at higher levels. The immediate support is around 22,900-23,000, while 23,300-23,400 remains the key resistance zone. The near-term view remains sell on rise as long as the index trades below 23,400. Any recovery towards the 23,300-23,400 zone is likely to face selling pressure. 

A sustained move above 23,400 would improve sentiment and will suggest improving strength. On the downside, a decisive break of 23,000 is likely to drag Nifty down to 22,600 in a short period. Any bounce back from here could find strong resistance around the 23,300 level. 

Also Read: US 30-Year Bond Yield Hits Highest Level Since 2004 Amid Selloff

Bank Nifty Outlook

Bank Nifty has decisively broken below 56,055, which weakened the short-term structure, with 55,480-55,500 now the immediate support zone. The index remains below its 10-DEMA at 56,280, while the RSI at 36.01 stays below its average of 40.94, confirming weak momentum.

Price action remained negative, with lower levels continuously being tested and no meaningful intraday pullback emerging. Immediate support is now placed around 55,200-55,000, while 56,300-56,500 is likely to act as an important resistance zone. Sustaining below the broken support structure would keep the near-term setup under pressure.