Opening Bell: Sensex, Nifty Open Flat Amid Mixed Global Cues; Experts Decode Key Market Levels to Watch Today

Indian equity benchmarks opened the week’s second trading session on a muted note, reflecting mixed global cues and cautious investor sentiment.

At 9:20 AM, the BSE Sensex was down 120.87 points, or 0.15%, at 80,483.21, while the NSE Nifty slipped 29 points, or 0.12%, to 24,556.05. Market breadth was positive, with 1,336 stocks advancing, 860 declining, and 154 remaining unchanged.

Opening Bell 
On the Nifty, major gainers included Tata Steel, Bajaj Finserv, L&T, Hero MotoCorp, and Jio Financial, while Hindalco, ICICI Bank, Dr Reddy’s Labs, HDFC Bank, and Kotak Mahindra Bank were among the top losers.

The subdued opening comes after a strong rally on August 11, when the Sensex gained 746.29 points (0.93%) to close at 80,604.08, and the Nifty rose 221.75 points (0.91%) to end at 24,585.05. The upmove was driven by robust earnings momentum and selective buying in heavyweight counters.

Nifty Outlook: Key Resistance and Support Levels
Sudeep Shah, Vice President and Head of Technical & Derivative Research at SBI Securities, noted that the Nifty posted a strong performance on Monday, ending near the 24,600 mark.
“However, for this pullback rally to sustain and extend further, a decisive follow-up move is essential. Recently, the market has struggled to maintain momentum after initial gains, with a noticeable absence of consistent follow-through buying,” Shah said.

He identified 24,700–24,740 as an important resistance zone for the index, warning that any sustainable move above 24,740 could extend the rally up to 24,900. On the downside, 24,440–24,400 remains a crucial support area.

Bank Nifty and Sensex Technical Views
Shah also pointed out that Bank Nifty has taken support near its 100-day EMA before staging a sharp pullback, closing above 55,500 with a 0.92% gain. Immediate resistance lies between 55,800–55,900, while 55,100–55,000 serve as critical support.

For the Sensex, Shah highlighted that the index closed above 80,600 with a 0.93% gain on Monday. He sees the 100-day EMA zone of 80,800–80,900 as an immediate hurdle and 80,200–80,100 as a vital support zone.

Sectoral Outlook: Auto and PSU Banks in Focus
According to Shah, Nifty Auto and PSU Bank indices are likely to outperform in the short term, while Nifty Defence, IT, and Realty could underperform the broader market.

Global Cues: U.S. Markets, Brent Oil, and Dollar Index
Shah noted that U.S. markets closed in the red on Monday after a choppy, directionless session, as investors stayed cautious ahead of key economic data later this week that could shape the Federal Reserve’s policy outlook.

“The major trend of the S&P 500 remains bullish, trading above its crucial moving averages. The 6,330–6,300 zone will act as important support, while 6,400–6,420 is the immediate hurdle,” he added.

Brent crude oil rebounded after a seven-day losing streak, gaining 0.70% on Monday. Support lies in the $65.50–65.20 range, while $67.70–68.00 serves as immediate resistance.
The U.S. Dollar Index (DXY) marked a high of 99.32 before a minor correction, ending the session at 98.49 with a 0.24% gain. Resistance lies between 99.20–99.40, and support is at 97.80–97.50.
 

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With the Nifty hovering just below a key resistance zone and global markets sending mixed signals, traders will watch whether domestic indices can sustain momentum or face selling pressure at higher levels. The 24,700 mark on Nifty and 80,800 level on Sensex remain crucial intraday pivot points.