Markets lost ground on Monday amid renewed tensions in West Asia as the talks between the US and Iran failed over the weekend. Oil prices hit an intraday high of $107 a barrel, denting sentiment back home.
Here's how leading market analysts see the road ahead for Indian markets amid the recent developments.
Aakash Shah, Technical Research Analyst at Choice Equity Broking
Nifty. Despite Friday’s strong recovery, sentiment has turned cautious again, and the market may witness profit booking and volatility, especially if the Nifty sustains below the 24,000 mark. Immediate support is seen near 23,650–23,600, while resistance is placed around 23,950–24,000.
ALSO READ: Stock Market Crash LIVE: Sensex down 1300 pts, Nifty below 23700; Brent tops $100 on war jitters
VK Vijayakumar, Chief Investment Strategist, Geojit Investments
With the failure of US-Iran peace talks and Trump’s declaration of US naval blockade in the Strait of Hormuz, uncertainty and along with it crude price have spiked. Brent at $103 is emerging as yet another threat to the economy and markets.
How this naval blockade, which in effect will be a US blockade of Iran’s blockade, will play out remains to be seen. There can be dramatic developments on the geopolitical front and consequently on markets also. The ideal strategy in this ultra-uncertain situation is to wait and watch.
Rupee might come under renewed pressure in the new unfavourable scenario. The mild FPI buying witnessed last Friday is again likely to reverse further impacting sentiments.
Ponmudi R, CEO of Enrich Money
Nifty remains in a consolidation phase following the recent recovery, but momentum appears to be weakening. The 24,000 mark now serves as a critical pivot; only sustained trading above this level can keep the structure mildly positive. A failure to hold key support levels is likely to result in further downside pressure in the near term.
For Nifty Bank, the Immediate support is seen in the 55,500–55,300 zone, while a stronger base lies at 54,800–54,600, which remains critical for maintaining the broader structure. The index continues to consolidate near the 56,000 mark, a key psychological resistance level. While the broader trend remains supportive, the current geopolitical backdrop is limiting aggressive upside. A decisive breakout above 56,000 is required to signal further strength; however, the near-term bias remains cautious, with downside risks in focus.
ALSO READ: West Asia war: US blockade of Iran ports begins today as tensions rise
Hariprasad K, SEBI-registered Research Analyst and Founder, Livelong Wealth
A key structural factor this week is the preponed weekly expiry to Monday, April 13, due to the market holiday on April 14. This effectively shortens the trading cycle and is likely to accelerate theta decay. With India VIX previously cooling to around 18.8, any resurgence in volatility could sharply reprice options, creating a challenging environment for directional traders and favouring more tactical, short-duration strategies.
The 24,000 level becomes a critical pivot—holding above it would maintain a buy-on-dips structure, while a breakdown could trigger extended profit booking. Immediate support is placed at 24,000, followed by 23,600, with 23,000 acting as a major structural base. On the upside, 24,500 remains the first resistance, beyond which momentum could rebuild if stability returns.