Indian Stocks Open Lower Amid Global Weakness and Elevated Oil Prices

Indian stocks opened lower on Thursday, October 1, due to global market weakness and elevated crude oil prices. The BSE Sensex dropped over 150 points to open near 72,300, while the NSE Nifty50 fell by 58 points to trade above 22,550.

The domestic market's cautious tone was fueled by weak Wall Street and Asian markets, as well as concerns over persistent supply disruptions from West Asia. Although Brent crude prices edged lower in Asian trade after indications of recovering exports, oil prices remained elevated, keeping inflation risks on the radar.

Shrikant Chouhan, Head of Equity Research at Kotak Securities, said that the market initially traded quietly but faced resistance around 22,800 on the Nifty and 73,000 on the Sensex. He noted that the Nifty formed a bearish candle on the daily chart, while intraday charts showed a 'lower-top formation', keeping the short-term setup cautious.

Chouhan identified 22,600-22,550 as important support levels for the Nifty and 72,400-72,200 as key levels for the Sensex. He warned that holding above these zones could lead to a recovery towards 22,750-22,800 on the Nifty and 72,800-73,000 on the Sensex, while a decisive move below 22,500 on the Nifty and 72,000 on the Sensex could increase selling pressure.