Indian markets faced pressure on Friday, with the Nifty falling below 24,000. Analysts anticipate near-term consolidation. Investor sentiment remains cautious, closely watching West Asia conflict developments. Geopolitical uncertainty is impacting crude oil prices, the rupee, and equity markets. Foreign portfolio investors were net sellers, while domestic institutional investors bought shares.

Pre-market action: Here's the trade setup for today's session

Synopsis

Indian markets faced pressure on Friday, with the Nifty falling below 24,000. Analysts anticipate near-term consolidation. Investor sentiment remains cautious, closely watching West Asia conflict developments. Geopolitical uncertainty is impacting crude oil prices, the rupee, and equity markets. Foreign portfolio investors were net sellers, while domestic institutional investors bought shares.

On Friday, Indian markets traded under pressure, with the Nifty slipping below the 24,000 mark. Analysts say markets are likely to consolidate in the near term, with sentiment staying cautious as investors continue to monitor developments in the West Asia conflict. The ongoing uncertainty around US-Iran negotiations, coupled with disruptions in the Strait of Hormuz, is keeping crude oil prices elevated and risk appetite subdued. The lack of meaningful progress on the geopolitical front is expected to keep pressure on energy price, rupee and equity markets.

STATE OF THE MARKETS

Tech View: Technically, the index faced resistance near the 100 EMA on the daily chart, which capped the rally and triggered fresh selling, dragging it below the 24,000 mark. The broader setup now appears bearish, with Nifty likely to head towards 23,500.

India VIX: India VIX, which is a measure of the fear in the markets, rose 6.04% to settle at 19.71 levels.

Stocks in F&O ban today

SAIL

Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.

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FII/DII action

Foreign portfolio investors net sold shares worth Rs 8,827 crore on Friday. DIIs, meanwhile, were net buyers at Rs 4,700 crore.

Rupee

The rupee extended its losing streak for the fifth day in a row, depreciating 15 paise to close at 94.16 against the US dollar on Friday due to higher crude oil prices and strengthening American currency, with prospects of West Asia peace talks hanging in the balance.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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