Stock markets today: Sensex, Nifty opens on a positive note, caution likely to dominate market sentiment

The stock market opened on a positive note on Wednesday, July 30, with both benchmark indices showing modest gains in early trading. The BSE Sensex rose by 147 points or 0.18% to reach 81,485 by 9:30 am IST, while the Nifty 50 advanced by 44 points or 0.18% to 24,865 by 9:30 am IST.

While the markets digest tariff talks and earnings reports, today the spotlight will be on the US Federal Open Market Committee (FOMC) meeting. Investors will keenly be waiting for any cues on future policy direction. The sentiment is that there will be no immediate change to interest rates.

Later today, July 30, the Federal Reserve is scheduled to announce its decision. While most market participants believe interest rates will remain steady, attention is squarely on the Fed’s guidance for the coming months.

Moreover, a US senator recently proposed removing one of the Fed’s vital tools for managing interest rates, prompting debates about the institution’s independence and adaptability in guiding the economy.

Coming back to Indian stock markets, Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, says, "Caution is likely to dominate sentiment at Dalal Street despite Tuesday’s rebound, as markets await the FOMC outcome. Nifty bulls remain on the back foot below the 25,100 hurdle. Intraday optimism may fade due to six negative cues: overbought technical conditions, heavy profit booking, FII net selling of Rs. 41,006 crore in July, muted Q1FY26 earnings, uncertainty over US-India tariff talks, and fading hopes of a rate cut."

Yesterday, benchmark indices staged a robust recovery, halting a three-day losing streak, as renewed buying interest in select pockets buoyed overall market sentiment.

"We believe 24,600/80,600 would act as key support zones for day traders. Pullbacks are likely to continue as long as the market continues to trade above these levels. On the upside, 25,000–24900/82,000–81700 would be key resistance zones for the bulls," said Shrikant Chouhan, Head Equity Research, Kotak Securities.

"For day traders, buying on intraday dips and selling on ups would be the ideal strategy. However, if the market dips below 24,600/80,600, the sentiment might change. Below these levels, traders might prefer to exit their long positions as the market may retest the 25500 levels," added Chouhan.

Bajaj Broking Research also noted that a move above 25,000 will open further upside towards the highs of the last two weeks, which are at 25,250. Key support is at 24,500–24,400 region, being the confluence of the previous swing low, the 100-day EMA, and the 61.8% Fibonacci retracement level of the recent rally from 23,935 to 25,669 — making it a crucial demand zone that could attract buying interest or pause the ongoing correction.