The Indian stock market opened lower as investors remained cautious amid developments in the Middle East, while elevated bond yields and crude oil prices continued to weigh on sentiment. The Nifty 50 opened 28.1 points lower at 23,035, and the Bank Nifty opened 64.75 points lower at 55,373.75 compared to the previous day's close. The Sensex opened 54.62 points down at 73,580.54.

Broader markets also opened weak, with the Nifty midcap index falling 2% and the smallcap index declining 1.5%. The Indian rupee opened marginally higher at Rs. 95.90 per dollar on Friday against the previous close of Rs. 95.96.

Foreign institutional investors (FIIs) turned net sellers in Indian equities on Thursday, selling shares worth Rs. 5,027.36 crore, while domestic institutional investors (DIIs) bought equities worth Rs. 4,301.18 crore, according to NSE data.

Technically, the Sensex formed a bearish candle on the daily chart and is also holding a lower top formation, which indicates further weakness from the current levels. 

“We are of the view that the current market texture is weak, and as long as it is trading below 73,800, weak sentiment is likely to continue. On the downside, 73,500 would act as an immediate support zone. Below this, the market could slip to 73,000-72,800. On the higher side, above 73,800, the pullback could extend up to 74,300-74,500,” said Shrikant Chouhan, Head, Equity Research, Kotak Securities.

Nifty 50 formed a long-bodied bearish candle with a larger shadow on the upper side, indicating selling pressure at higher levels. The immediate support is around 22,900-23,000, while 23,300-23,400 remains the key resistance zone.

Source link