Stock Market Update: Nifty Opens Above 24,100, Sensex Climbed 310 points Amid Weak Global Trends

The Indian stock markets opened higher despite weakness in global markets, rising crude oil prices and the sell-off in semiconductor stocks. Nifty climbed above 24,100 at the open, Sensex jumped 310 points and Bank Nifty rose 0.28% in early trade.

On Thursday, the Sensex closed 1.44 points higher at 77,186.87, while the Nifty 50 finished 5.75 points, or 0.02%, lower at 24,072.75.

The Indian rupee opened marginally higher at Rs. 96.29 per dollar on Friday versus previous close of Rs. 96.35.

Domestic institutional investors (DIIs) remained net buyers in Indian equities on July 16, purchasing shares worth Rs. 2,986.41 crore, while foreign institutional investors (FIIs) turned aggressive net sellers, offloading equities worth Rs. 4,205.56 crore.

Sensex Outlook

Technically, the Sensex formed a small candle on the daily chart and non-directional activity on intraday timeframe, indicating indecisiveness among traders.

"As long as the market is trading within the 77,000 to 77,500 range, the range-bound texture is likely to continue. On the positive side, above 77,500, the market could move till 77,800-78,000. On the downside, below 77,000, selling pressure is likely to accelerate. Below this level, the market could retest 76,500-76,300," said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

Nifty 50 Outlook

The Nifty 50 continues to remain in a consolidation phase after ending Thursday's session with a small bearish candle. 

"The index is seen consolidating in a range. We expect the index to extend the recent consolidation and trade in the range of 23,800-24,350," said Bajaj Broking Research.

The brokerage noted that the immediate support zone lies around 24,000-23,950. As long as the index sustains above this level, analysts expect a recovery towards the upper end of the consolidation range.

"We expect the index to hold above the same and witness a pullback towards 24,250-24,350 levels, being the upper band of the recent consolidation range. Short-term support is placed at 23,800 levels, being the confluence of the almost identical low of the last 4 weeks and 50 days EMA. While only a breakout above 24,350 will signal strength and open upside towards 24,600 levels, being the high of April 2026."

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Bank Nifty Outlook 

Bank Nifty also remained under pressure during Thursday's session, forming a bearish candle as traders booked profits near higher levels. The banking index continues to remain below the 58,000 mark.

"On the upside, 58,700 remains the immediate hurdle. A decisive close above this level would confirm a breakout from the ongoing consolidation and could trigger the next leg of the rally towards 59,300 and eventually 60,000 levels in the coming weeks," said Bajaj Broking .

On the downside, analysts believe the 56,500-56,000 zone remains a strong support area as it coincides with both the 20-week and 50-week exponential moving averages (EMAs).