Indian Markets Brace for Opening Drop Amidst War Fears

Indian benchmark indices, Sensex and Nifty 50, are projected to open lower on Monday. This forecast stems from weak global market cues, primarily driven by heightened tensions in the US-Iran conflict, which have sharply increased crude oil prices and raised inflation fears. The Gift Nifty trend supports this outlook, indicating a gap-down opening for Indian markets.

Conversely, the Indian stock market concluded Friday's trading on a strong note, with broad-based rallies pushing the Nifty 50 above 24,200 and the Sensex surging significantly. Technical analysts observe a positive underlying trend for Nifty 50, with potential upside towards 23,500-23,600, while crucial support lies at 24,000. Resistance is noted at 24,350 and the 24,500-24,600 zone.

For the Sensex, support is identified at the 20-day SMA of 77,000, with potential upside targets of 78,000-78,300 and possibly 78,700. A fall below 77,000 could lead to a retest of 76,100 or the 50-day SMA. Bank Nifty is also showing positive momentum, trading above key moving averages with immediate resistance around 58,500-58,600 and support at 57,400-57,300.