Stock Market Outlook Today, June 29: Sensex, Nifty Likely to Open Positively as Rupee Strengthens, Crude Rises

Indian equity markets are expected to begin the new trading week on a positive note, supported by easing geopolitical concerns, softer crude oil prices and renewed strength in the Indian rupee. After ending last week in positive territory despite bouts of volatility, analysts believe benchmark indices could continue their upward journey, although profit booking at higher levels may keep markets choppy.

Stock Market Outlook Today, 29 June 2026: Sensex, Nifty Prediction Today

Investors will closely monitor global cues, foreign institutional investor (FII) activity, crude oil prices and currency movements as Dalal Street resumes trading on Monday, June 29.

Domestic markets witnessed a volatile session in the previous trading day. Benchmark indices opened sharply higher and extended gains during the first half, with the Nifty climbing to an intraday high of 24,261. However, profit booking ahead of the monthly Sensex expiry erased most of the day's gains before the closing bell.

Despite the late selling pressure, the market managed to end in the green. The BSE Sensex rose 109.25 points, or 0.14%, to settle at 77,100.47, while the NSE Nifty 50 gained 34.35 points, or 0.14%, to close at 24,056.

Market sentiment received support from a recovery in the Indian rupee and crude oil prices remaining below the $74 per barrel mark, reducing concerns over imported inflation and corporate input costs.

"Indian equities are expected to trade with a positive bias, with the Nifty sustaining above the 24,000 level, supported by firm geopolitical cues, soft crude oil prices (USD 72.6/bbl), and strengthening rupee," said Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.

According to the brokerage, improving macroeconomic conditions and supportive global trends could help domestic equities maintain their resilience in the near term.

Nifty Prediction Today, 29 June 2026: Nifty50 Technical Outlook; Buy on Dips Strategy Continues

According to Bajaj Broking Research, the Nifty formed a small bearish candle with a long upper shadow on the daily chart, indicating profit booking after a strong intraday rally. Although the index failed to hold onto its day's high, analysts believe the broader trend remains constructive.

"Nifty in the coming session will face immediate resistance around 25,250-25,300 levels being the confluence of last week high and the gap down area of 8th May 2026. While immediate support is placed at 23,900-23,800 levels being the confluence of last two weeks lows and 50 days EMA. We believe dips should be used as a buying opportunity," said the brokerage.

Bajaj Broking further noted that the key short-term support zone lies between 23,500 and 23,600, while a major resistance is seen around 24,600.

The brokerage added that the overall market structure continues to remain positive and expects the Nifty to gradually move towards the 24,500-24,600 range over the coming weeks.

Bank Nifty Outlook for Monday

The banking index also ended the previous session with a small bearish candlestick pattern while continuing to register higher highs and higher lows, indicating consolidation within an overall uptrend.

"Going ahead bias remain positive and index to gradually head towards 59,200 levels in the coming sessions being the 138.2% external retracement of the previous decline 57456-52783," said Bajaj Broking Research.

Analysts pointed out that the last two weeks' lows are clustered around the 57,000 mark, making it an important support level for Bank Nifty. As long as the index holds above this level, the short-term trend is expected to remain favourable.

The brokerage also highlighted that the daily 14-period Relative Strength Index (RSI) continues to remain in an uptrend and is rebounding from its nine-period average, reinforcing the positive technical outlook.

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