Indian equity markets opened lower on Friday, dragged by rising crude oil prices and escalating Middle East tensions that dampened investor sentiment. The Nifty 50 index started the session 97.1 points, or 0.39%, lower at 24,538.90, while the Bank Nifty declined 181.65 points, or 0.31%, to open at 57,882. The Sensex opened 438.68 points below its previous close of 78,954.76.
Broader market performance was mixed. The Nifty Midcap 100 index edged down 0.4%, while the Nifty Smallcap 100 index gained 0.5%.
In the currency market, the rupee opened at Rs 95.28 per US dollar on Friday, compared with the previous session’s close of Rs 95.22.
Foreign institutional investors (FIIs) remained net sellers in Indian equities on August 6, offloading shares worth Rs 28.58 crore. Conversely, domestic institutional investors (DIIs) were net buyers, adding Rs 3,488.43 crore.
Sensex Outlook
Technically, the Sensex formed a small candle on the daily chart, and the non-directional intraday activity indicates indecision among traders.
“For day traders, 79,000 would act as an immediate breakout level. Above this, the market could move up to 79,300-79,500. On the flip side, below 78,600, we could see intraday price corrections down to 78,200-78,000. The intraday market texture is non-directional; hence, level-based trading would be the ideal strategy for day traders,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
Nifty 50 Outlook
The Nifty 50 could witness profit booking after the recent rally, but the larger trajectory remains positive as long as key support levels hold.
“The 24,400-24,500 is the immediate support zone, where buying interest is expected to emerge on declines. On the upside, 24,700-24,800 remains the key resistance range. A decisive move above this zone could signal a continuation of the ongoing uptrend and pave the way for fresh highs. As long as Nifty holds above the 24,400 support zone, the preferred strategy remains buy on dips,” said Gaurav Udani, founder of Thincredblu Securities.
Bank Nifty Outlook
The Bank Nifty is expected to remain steady, with the underlying technical structure still favorable as the index continues to trade above its key support zones.
“The 58,200-58,300 band stands out as the immediate resistance area; a decisive move beyond this level would strengthen buying interest and open the path toward 58,500-58,600. On the downside, the 57,800-57,700 zone serves as the first line of support, with a breakdown below this level exposing the index to a deeper pullback toward 57,400-57,300,” said Ponmudi R, CEO of Enrich Money.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Always conduct your own research before making investment decisions.
Leave a Reply