Indian equity benchmarks opened on a flat note Thursday, tracking weak global cues. The Nifty 50 started at 24,249.55, nearly unchanged from its previous close of 24,250.20, while the Sensex opened 15 points lower at 77,638.86. The Bank Nifty also declined, opening 778.85 points below its prior close.
The rupee strengthened marginally, opening at Rs. 95.58 against the U.S. dollar compared to Wednesday’s close of Rs. 95.64. Foreign institutional investors (FIIs) remained net buyers, purchasing shares worth Rs. 2,982 crore on July 29, while domestic institutional investors (DIIs) bought stocks worth Rs. 998 crore.
Broader market indices outperformed, with the Nifty Midcap 100 rising 0.8% and the Nifty Smallcap 100 gaining 1.5%.
Sensex Outlook
Technically, the Sensex stayed positive in the previous session, hitting an intraday high of 77,765.49. Buying interest across key sectors and improving momentum supported the index.
“The 77,000 level is expected to provide immediate support and act as a crucial cushion against any short-term pullback. On the upside, 78,500 is the key resistance level, and a sustained move above this mark could strengthen bullish momentum,” said Sachin Gupta, VP – Technical Research at Choice Equity Broking.
Nifty 50 Outlook
The Nifty 50 remains in a consolidation phase after recent weakness. It formed a bearish candle on the daily chart, indicating continued corrective momentum.
“Overall, the index is expected to extend consolidation in the range of 23,800-24,350. Only a breakout or breakdown will signal the next directional trend. Short-term support is placed at 23,800, being the confluence of the almost identical low of the last 5 weeks and 50 days EMA,” said Bajaj Broking Research.
A decisive break below Wednesday’s low of 23,961 could drag the Nifty toward the 23,800 support. On the upside, the 24,200 mark is expected to act as immediate resistance.
Bank Nifty Outlook
Bank Nifty formed a high-wave candle with a higher high and higher low, indicating renewed buying interest after consolidation. The index has largely traded within the 56,500-58,700 range over the past six weeks.
“The 57,500 remains the immediate hurdle, while a sustained move above this level could pave the way for an advance towards 58,000. On the downside, the 56,500-56,000 zone remains a crucial support area, reinforced by the lower band of the six-week trading range, an ascending trendline, and the 52-week EMA. The index holding above this support cluster suggests a constructive broader outlook,” said Bajaj Broking.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research before making any investment decisions. Analytics Insight does not provide financial guidance on stocks or cryptocurrencies.
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