Stock Market Update: Nifty 50 Opened 4.35 points Lower, Sensex Started 145.56 points Higher

The Indian stock markets opened on a mixed note amid weak global cues. Nifty 50 opened 4.35 points or 0.02% lower at 24,431.60, while Bank Nifty also declined 86.7 points or 0.15% at 57,799.15. Sensex opened 145.56 points higher at 78,111.91.

The Indian rupee opened marginally lower at Rs. 95.36 per dollar on Thursday against the previous close of Rs. 95.33.

Foreign institutional investors (FIIs) were net buyers of Indian equities for the second straight session on August 11, purchasing shares worth Rs. 258.55 crore, while domestic institutional investors (DIIs) also turned marginal net buyers at Rs. 24.77 crore.

The broader market ended mixed, with the Nifty Midcap 100 rising 0.3%, while the Nifty Smallcap 100 ended marginally lower.

Sensex Outlook

Technically, the Sensex formed a bearish candle on the daily chart, although the long lower wick indicated buying interest at lower levels.

After failing to hold 78,000 in the opening phase, the index bounced from around 77,500 and also found support near its 20-day and 100-day EMAs, highlighting underlying resilience.

"The broader outlook remains sideways, with the Sensex consolidating between crucial support and resistance zones. Holding the 77,250-77,500 support area will be important for maintaining stability, while a decisive move above 78,200-78,400 could revive positive momentum. Until a clear breakout or breakdown emerges, it is likely to remain range-bound," said Sachin Gupta, VP of Technical Research at Choice Equity Broking. 

Nifty 50 Outlook

The Nifty 50 formed a bullish hammer-like candle on the daily chart, with a small body and a long lower shadow. This indicates buying interest emerging at lower levels.

"A shallow retracement of its previous up move in an equal time interval highlights a higher base formation. The broader trend in the Nifty continues to remain positive, as it consolidates above the breakout zone of the three-month triangular pattern and the current breather should be used to accumulate quality stocks. A decisive breakout above 24,700 would confirm the resumption of the uptrend, opening the way towards 25,200 in the coming weeks," said Bajaj Broking Research.

On the downside, the 24,200-24,300 range is expected to provide immediate support for the Nifty. The zone is supported by the previous gap area and the 50-day EMA. The 24,000 mark remains a crucial short-term support level, and holding above it would help maintain the positive near-term bias.

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Bank Nifty Outlook

The Bank Nifty also showed signs of buying interest at lower levels after forming a bullish engulfing candle on the daily chart. Bajaj Broking Research said the formation indicates demand emerging around the 50-day EMA.

The banking index continues to remain within a broader seven-week consolidation range of 56,500-58,700. 

"Within the consolidation index is facing resistance around the 58,000 level; a move above the same will open upside towards 58,500-58,700 levels while failure to move above 58,000 will lead to consolidation in the broad range of 57,000-58,000," said the brokerage.

On the downside, 57,000 remains an important level for Bank Nifty. A decisive fall below this mark could increase selling pressure and push the index towards 56,500.