Stock Market Update: Nifty 50 Opens 25 points Lower, Sensex Holds Around 76,830 Amid Mixed Global Cues

On Tuesday, the Indian stock markets opened on a muted note amid mixed global cues. Nifty 50 opened at 23,971.25, around 25 points lower than its previous close of 23,995.95, while Bank Nifty started at 56,883.55, 203.65 points lower, and Sensex opened flat at 76,831.75.  

The broader indices had ended higher, the Nifty Midcap 100 rose 1% while the Nifty Smallcap 100 gained 1.3%. The Indian rupee opened higher by 14 paise at Rs. 95.75 per dollar on Tuesday versus the previous close of Rs. 95.89.

Foreign investors (FIIs) net sold shares worth Rs. 1,688 crore, while domestic institutional investors (DIIs) net bought shares worth Rs. 2,329 crore on July 27.

Sensex Outlook

Technically, the Sensex held positive momentum yesterday and formed a bullish candle on the daily chart, which is largely positive. 

“As long as the market is trading above 76,500, the pullback formation is likely to continue. On the higher side, it could retest the 77,000-77,300 level. On the flip side, below 76,500, the selling pressure is likely to accelerate. If it falls below this level, the market could slip to 76,200-76,000," said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

Nifty 50 Outlook

The Nifty 50 has formed a bullish candle on the daily chart after snapping its five-session losing streak. The formation of a bullish gap between 23,823 and 23,891 indicates renewed buying interest.

As long as the index holds above Monday's gap area of 23,823-23,891, the ongoing pullback is likely to remain intact.

"Going ahead, formation of higher high and higher low on a sustained basis and holding above 24,000 levels will signal a pullback towards 24,300- 24,350 levels in the coming sessions. On the downside, a move below Monday's gap area (23,823-23,891) will signal weakness and open downside towards the key support area of 23,500-23,600 being the confluence of the trendline support joining lows of April and June 2026, bullish gap area of 15th June 2026 and 61.8% retracement of the recent up move from 23,070-24,530," said Bajaj Broking Research.

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Bank Nifty Outlook

Bank Nifty also ended Monday's session on a positive note, forming a doji candle and closing above its 50-day exponential moving average (EMA). The banking index continues to consolidate within the 56,500-58,700 range.

The immediate hurdle for Bank Nifty is placed at 57,500, while the 58,500-58,700 zone is expected to act as a strong resistance in the coming weeks. A sustained move above these levels could strengthen bullish momentum.

On the downside, 56,500-56,000 remains a crucial support zone as it coincides with the lower end of the six-week consolidation range, a rising trendline and the 52-week EMA. Bajaj Broking noted that only a decisive breach below this support could accelerate the decline toward the 55,000 level.