Sensex, Nifty Open Lower Amid US-Iran War Uncertainty Slug

On the other hand, Nifty Chemicals rose 0.48 per cent and Nifty MidSmall Healthcare gained 0.45 per cent.

According to market experts, Nifty is likely to remain range-bound between 24,000 and 24,600 in the near term until fresh triggers emerge. Crude trading at $89, without any prospects for an immediate resolution to the crisis, is likely to cap any uptrend that may emerge, they said, adding that the index was also being weighed down by the weak performance of IT majors and large banking stocks.

Analysts noted that investors could look beyond the Nifty 50 for short-term opportunities, with stock-specific activity likely to remain strong in the midcap and smallcap segments. The broader market’s outperformance during the first-quarter earnings season is expected to continue, while a recovery in corporate earnings could provide resilience to equities despite external headwinds such as elevated crude prices.

Technically, analysts said the 24,329-24,240 zone had repeatedly arrested declines last week, but momentum remained weak. Near-term upside attempts could face resistance around 24,540-24,666, while a break below 24,170 could expose the index to 23,575.

Crude oil prices remained largely stable on Monday, holding last week’s gains amid continued concerns over US-Iran tensions.