The Indian stock market opened lower as elevated crude oil prices, mounting inflation concerns, and escalating geopolitical tensions weighed on investor sentiment. Nifty 50 opened 0.8 points higher at 22,364.15 from the previous day's close, while Bank Nifty started at 54,907.55, up 10.45 points. Sensex edged higher by 27.05 points to 72,951.73.
The Indian rupee opened 62 paise higher at Rs. 95.16 per dollar on Tuesday, down from the previous close of Rs. 95.78.
Foreign institutional investors (FIIs) remained net sellers on October 9, offloading equities worth Rs. 1,700 crore, while domestic institutional investors (DIIs) continued to support the market, purchasing equities worth over Rs. 3,000 crore during the session.
Sensex Outlook
“Overall, the Sensex outlook remains sideways with a cautious undertone. The 71,300-71,500 zone will be crucial to watch, as holding this area could help the index stabilise and attempt a recovery. On the upside, a sustained move above 72,500-72,700 is needed to improve sentiment and signal stronger buying interest. Until then, traders should remain selective and monitor price action around key support and resistance levels before taking fresh directional positions,” said Sachin Gupta, VP, Technical Research at Choice Equity Broking Private Limited.
Nifty 50 Outlook
Nifty 50 slipped nearly 150 points on Monday, October 12, giving up some ground after Friday's rebound and closing near the 22,350 level. According to Anand Rathi’s research team, Nifty 50 has immediate support in the 22,200-21,800 range, while 22,800 remains the key resistance level.
“We believe the recent recovery attempt remains intact as long as Nifty 50 holds the crucial 22,200 support. On the upside, 22,800 remains the immediate hurdle, and a sustained move above this level would strengthen the case for a meaningful recovery. While volatility and intermittent profit booking may persist, our view remains unchanged, with the risk-reward increasingly favourable for a potential rebound from the current oversold zone,” said the team.
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Bank Nifty Outlook
Bank Nifty fell by around 350 points on Monday and closed below the 55,000 mark, reflecting continued pressure in the banking segment.
Anand Rathi’s research team has identified 54,300 as the immediate support for Bank Nifty, while 55,500 is the key resistance to watch. Holding above 54,300 could keep the near-term outlook positive, but a sustained break below this level may invite further selling. On the upside, a move above 55,500 would be needed to strengthen recovery prospects.