Stock market today: Indian equity benchmarks opened marginally higher on Thursday as investors assessed the US Federal Reserve’s decision to keep interest rates unchanged. However, elevated crude oil prices and continued concerns over foreign fund outflows kept sentiment cautious. The Sensex gained 159 points, or 0.2%, to 73,405.47, while the Nifty 50 advanced 46 points, or 0.2%, to 22,745.1.
The Fed maintained its policy rates on Wednesday, adopting a data-dependent approach as it continued to assess inflationary pressures. The US central bank said inflation remained elevated, leaving investors to monitor incoming economic data and the outlook for future rate decisions.
Meanwhile, expectations of a December 2026 rate hike remain in focus, alongside upcoming policy decisions from the European Central Bank and the Bank of Japan.
For Indian markets, high crude prices, elevated US bond yields and persistent foreign investor selling remain key headwinds. V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said the Fed’s decision was mildly positive for global equities but noted that India continued to face external pressures.
“The 10-year US bond yield continues to hover around 5% and there are no signs of easing of the crude prices. Reports that the chip shortage issue will persist up to 2030 has brought interest back into the chip stocks and AI trade in South Korea and Taiwan,” said V K Vijayakumar, Geojit Investments.
With the market approaching monthly expiry, traders will closely track whether the Sensex can sustain its recovery above immediate resistance or faces renewed selling pressure. The key levels to watch are 73,000 and 72,600 on the downside, while 73,500–73,800 forms the crucial resistance band. A decisive move beyond this range could determine the next directional move.
Markets will also monitor developments ahead of the US midterm elections scheduled for November 3, 2026, as well as upcoming central bank decisions. Against this backdrop, the Sensex’s technical levels are likely to remain particularly important for traders navigating monthly expiry volatility.
Sensex technical outlook: 73,000 support and 73,500 resistance in focus
The Sensex remains volatile and lacks a clear directional trend, making support and resistance levels important for short-term trading decisions. Market participants will look for a sustained move beyond the immediate resistance zone before assuming that the recent recovery has strengthened.
Shrikant Chouhan, Head of Equity Research at Kotak Neo, said traders should follow a level-based strategy while the market remains non-directional. He identified 73,000 and 72,500 as important support levels and 73,500 as the immediate hurdle for the bulls.
“A move above it could take the index to 73,800–74,000. However, if the index falls below 72,500, sentiment could turn weak and it may slip to 72,100 or 71,700,” said Shrikant Chouhan, Kotak Neo.
According to Chouhan, holding above the support zones would help preserve the bullish outlook, while a breakdown below 72,500 could weaken sentiment and expose the index to further downside.
Sachin Gupta, VP–Technical Research at Choice Equity Broking Private Limited, placed immediate support in the 72,600–73,000 range and resistance around 73,500–73,800. He described the broader trading range as indicative of a sideways market structure.
Options data also points to these levels as important reference points. The 73,000 put option has emerged as a key support strike, with increased put writing suggesting buying interest around that level. On the other hand, the 73,500 call option has the highest call open interest, making it an important resistance zone. The put-call ratio of 1.23 indicates relatively stronger positioning on the put side, potentially offering some support to the index.
Gupta said, “The broader trading range stands at 72,600–73,800, indicating a sideways market structure. A sustained move above resistance could support a recovery, whereas a decisive break below support may trigger further weakness.”
The key takeaway for monthly expiry is that the Sensex needs to sustain above 73,500–73,800 to signal a stronger recovery. Until then, the index could remain range-bound, with 72,600–73,000 acting as the crucial support area. A decisive break below this zone could invite further selling, while a breakout above resistance may open the way towards 74,000.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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