Indian equity markets opened on a cautious note today, influenced by domestic consolidation, pre-Budget positioning and mixed global cues. Continued weakness in the rupee and persistent selling by foreign portfolio investors are adding to the pressure, keeping overall sentiment guarded in early trade.
NIFTY 50
Nifty 50 opened near 25,650 but faced early selling pressure, slipping below 25,600 and touching an intraday low of 25,528, where buying support emerged. The index is now trading sideways with a mildly cautious bias, continuing to consolidate within the broader 25,500–25,900 range. It remains below the 20-day and 50-day moving averages, reflecting muted short-term momentum. Immediate support is placed at 25,500, with a deeper demand zone at 25,400–25,300; a breakdown below this area could trigger profit booking and a further corrective phase. On the upside, 25,700 remains the first resistance, followed by the heavy supply zone near 25,900. Overall sentiment stays dip-positive for bulls as long as Nifty holds above the crucial 25,500 level.
BANK NIFTY
Bank Nifty opened steady around 60,100 but quickly slipped below the 60,000 psychological mark. Despite this, it continues to show relative strength versus Nifty and remains structurally resilient. The index is holding above key short-term moving averages, particularly the 20-day EMA, keeping the underlying momentum intact. Immediate support is seen at 59,800–59,700, followed by the 59,600–59,500 zone, while resistance is placed at 60,100–60,200. Sentiment in banking stocks appears more constructive, with steady buying interest and potential for relative outperformance unless the broader market weakens sharply. The opening bias remains neutral, with expectations of range-bound trade between 59,600–60,000, while upside remains favored as long as the index sustains above the 59,500–60,000 support corridor.