The Indian stock market is expected to open higher amid mixed global cues. The Sensex and Nifty paused their rally but foreign investors have shifted to net buyers. Analysts recommend a 'buy-on-dips' strategy with key support and resistance levels.

Markets have staged a sharp recovery after a massive sell-off yesterday, with the Nifty reclaiming the 23,850 mark. What triggered this rally, and where is the market headed next? Santosh Meena, Head of Research at Swastika Investmart,

The BSE Sensex today opened upside at 80,193 and touched an intraday high of 80,452 in early morning deals, logging an intraday rise of 1,355 points. Likewise, the Nifty Bank index opened higher at 52,046 and touched an intraday high of 52,232 during the Opening Bell, logging an intraday rally of around 1,100 points.

Nifty 50 ended the previous trade session 2,055.45 points away from its record high of 26,277.35. Overnight, Wall Street indices ended higher, with Dow Jones, S&P 500, Russell 2000 hitting fresh highs.

The Nifty 50 ended the session with a modest drop of 0.11%, closing at 24,194 points, while the Sensex also posted a slight loss of 0.13%, settling at 80,004 points.