Indian Markets Open Mixed as Nifty Slips, Sensex Gains Amid Global Uncertainty

The Indian stock market opened on a mixed note on Friday, with the Nifty 50 slipping while the Sensex advanced, as rising oil prices and higher bond yields weighed on investor sentiment amid concerns over slowing economic growth. The Nifty opened at 23,330.30, down 16.2 points, while the Bank Nifty was flat at 56,361.90, up just 3 points from its previous close. In contrast, the Sensex gained 240.22 points to open at 74,535.18. The Indian rupee opened stronger at 95.82 against the US dollar, compared to its previous close of 95.87 on Friday. Foreign Institutional Investors (FIIs) turned net buyers in the cash market on September 18, purchasing equities worth Rs. 599.54 crore. Domestic Institutional Investors (DIIs) also remained net buyers, acquiring equities worth Rs. 1,019.69 crore. According to Sachin Gupta, VP, Technical Research at Choice Equity Broking Private Limited, the Sensex is expected to maintain a sideways trend, with the 73,500-73,700 zone serving as broader support. A sustained move above 74,600 could pave the way for a recovery towards 74,800-75,000, while a drop below 74,000 may intensify selling pressure. Gupta advises traders to monitor key open interest levels and wait for a decisive breakout or breakdown before initiating fresh directional positions.

The Nifty 50 formed a bearish candlestick on its weekly chart, signaling a weak short-term trend. However, the index is currently in oversold territory, suggesting a high probability of a sharp pullback. Shrikant Chouhan, Head Equity Research at Kotak Securities, notes that 23,200 and 23,150 are key support zones. As long as the Nifty holds above these levels, a rebound towards 23,500 is possible. A move above 23,500 could extend gains to 23,600-23,700. Conversely, a sustained fall below 23,150 would dampen sentiment and drag the index down to 23,000-22,800. The Bank Nifty declined 0.44% over the week, marking its fourth consecutive weekly loss. Nevertheless, the index appears to be forming a base around the 55,600-55,700 area, which coincides with a significant horizontal support zone. Dr. Ravi Singh, Chief Research Officer at Master Capital Services Ltd., suggests that the index could lend support to the broader market and stage a rebound towards 57,000, which aligns with its 55-day EMA. He recommends a cautious buy-on-dips strategy as long as the index holds its recent lows, though traders should remain vigilant given the prevailing broader weakness.