The Indian stock market opened lower on September 28, 2026, as US President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, escalating geopolitical tensions. The Nifty 50 opened 75.6 points (0.33%) lower at 23,064.90, while the Sensex declined 160.91 points to 73,734.83. The Bank Nifty also fell 232.6 points to 55,347.80.
The Indian rupee weakened by 7 paise to Rs. 95.88 per dollar. Foreign institutional investors (FIIs) offloaded equities worth Rs. 3,696 crore on September 25, extending their selling streak, while domestic institutional investors (DIIs) bought equities worth Rs. 2,838 crore during the session.
Sensex Technical Outlook
According to Sachin Gupta, VP of Technical Research at Choice Equity Broking Private Limited, the Sensex continues to exhibit a sideways-to-bearish trend. The 73,200-73,450 range is emerging as a key support zone. Sustained buying above 74,000 could reinforce recovery and push the index toward 74,200-74,500. However, a breach of the support zone may trigger renewed selling pressure. Traders should monitor the 73,500-74,000 range and changes in open interest for confirmation of the next move.
Nifty 50 Technical Outlook
The Nifty 50 remains under short-term selling pressure with a corrective trend, and the weekly structure indicates weakness. The daily RSI at 34 reflects weak momentum. A meaningful recovery would require sustained buying interest. The immediate hurdle is at 23,350, followed by resistance at 23,500-23,600. On the downside, support lies at 23,050-22,960, with 22,800 as the next important level. A decisive breakdown below 23,000 on higher volumes would reinforce the bearish structure.
Bank Nifty Technical Outlook
The Bank Nifty declined 1.38% and extended its losing streak to five consecutive weeks, trading below key moving averages. The immediate support is at 55,000, and a break below could bring 54,400 into focus. On the upside, 56,800 remains the key resistance. Experts suggest a “sell on rise” strategy as long as the index stays below this resistance. A bounce toward 56,100-56,200 could provide an opportunity to initiate fresh short positions.