Stock Market Update: Nifty Opened at 24,669.20, Sensex Started 626 Points Higher

The Indian stock markets opened mixed amid positive global cues and a sharp decline in crude oil prices driven by hopes of a peace deal between the US and Iran. Nifty 50 opened 54.3 points or 0.22% higher at 24,669.20, while Bank Nifty started 97.15 points or 0.17% lower at 57,810.05. Sensex opened 626.43 points higher at 79,055.38.

Among broader indices, the Nifty Midcap index shed 0.3%, while the smallcap index was up 0.2%.

The Indian rupee opened 46 paise higher at Rs. 94.92 per dollar on Wednesday versus the previous close of Rs. 95.38. 

Foreign institutional investors (FIIs) extended their buying streak for the sixth consecutive session on August 4, purchasing equities worth Rs. 2,446 crore. Meanwhile, domestic institutional investors (DIIs) turned net sellers, offloading equities worth nearly Rs. 1,000 crore. 

Sensex Outlook

Technically, the Sensex faced selling pressure after the gap-up opening and formed a bearish candle on the daily chart; it fell below the 200-day EMA, reflecting rejection at higher levels.

“The 78,100 and 78,000 levels remain strong support zones for traders. If the market succeeds in trading above these levels, then it could retest 78,800-79,000. On the flip side, below 78,100, selling pressure may accelerate. If it slips below this, it could fall to 77,700-77,500," said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

Nifty 50 Outlook

The broader technical framework of the Nifty 50 still looks constructive even with Tuesday’s sharp swings.

The strong buying seen in the last few minutes helped the index claw back some of its declines, and it ended close to 24,600. Analysts believe this late-stage bounce suggests there is ongoing buying appetite growing at lower levels, so the overall uptrend remains in place despite recent volatility.

As per Anand Rathi, the near-term support band has edged higher to about 24,400-24,300, and the index is nevertheless seen slowly trending toward 25,000 and beyond across the next sessions.

The brokerage keeps a bullish “buy on dips” stance for the benchmark index. 

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Bank Nifty Outlook

Bank Nifty continues to consolidate just below an important resistance zone between 58,500 and 58,600, where the index has repeatedly faced selling pressure in recent sessions.

A decisive breakout above 58,600 could pave the way for a fresh rally towards the psychologically significant 60,000 level.

"Bank Nifty continues to consolidate near the 58,500-58,600 resistance zone, where multiple tops have been formed over the past few sessions. A decisive breakout above this hurdle is likely to trigger a fresh leg of the rally towards the 60,000 mark. Hence, traders can consider fresh long positions only above 58,600. On the downside, the 57,300-57,000 zone is expected to act as a strong support for the coming sessions," said Anand Rathi.