Mumbai: Indian equity markets slipped into negative territory on Monday after a mildly positive opening, as high crude oil prices, weak global cues and continuing West Asia tensions weighed on investor sentiment.
At 12:01 p.m., the Sensex was down 217.28 points, or 0.28%, at 77,323.55, while the Nifty 50 declined 65.10 points, or 0.27%, to 24,186.90.
WTI crude oil was trading near $86 a barrel, with investors awaiting fresh US sanctions against Iran. Higher crude prices have raised concerns over inflation and India’s import costs.
Sensex Today: Nifty Faces Key 24,250–24,350 Range
The domestic market is entering a crucial derivatives expiry week after several sessions of correction. Analysts said continued foreign institutional investor (FII) short positions and elevated client participation could contribute to stock-specific volatility.
The put-call ratio has fallen to multi-week lows, while call writers remain concentrated around the 24,500–24,700 levels.
Meanwhile, Financials and Metals are showing improving relative strength. However, Realty, Pharma and select Defence stocks could face profit booking.
Asian markets remained mixed during the session. At the same time, a softer US dollar and lower Treasury yields offered some support to risk assets.
Key Nifty Technical Levels for August 24
The Nifty 50 is currently consolidating in a narrow 24,250–24,350 range. A decisive move outside this zone could determine the next market direction.
- Above 24,350: The index could gain bullish momentum towards 24,500 and 24,650.
- Below 24,250: Selling pressure could push the Nifty towards 24,150 and 24,080.
- 24,250–24,350: This remains the key intraday trigger zone, and traders may avoid taking fresh positions within the range.
The mildly positive advance-decline ratio, along with strength in Metal and IT stocks, is providing some support.
However, the lack of broad-based market participation suggests that traders should remain cautious.
Trading Strategy for Nifty Today
Analysts suggest waiting for a decisive breakout above 24,350 or a breakdown below 24,250 before taking directional positions.
Traders may consider avoiding aggressive trades while the Nifty remains range-bound.
Market participants will continue to track crude oil prices, developments in West Asia, global market trends, FII activity and Tuesday’s derivatives expiry for further direction.
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