The Nifty 50 reclaimed and sustained levels above the critical 24,000 mark on Friday, signaling resilience in Indian equities despite a backdrop of intensifying global geopolitical tensions.
The benchmark index closed the holiday-shortened week on firm footing, posting gains in three of the four trading sessions as investors navigated uncertainty surrounding the ongoing US-Iran conflict.
This technical hold at 24,000 is significant for market sentiment, suggesting that domestic buying interest is currently outweighing the immediate sell-off pressure from external geopolitical shocks.
The ability to sustain this level indicates that the market has partially priced in the initial shock of the escalation, at least for the near term.
Looking ahead, the forward indicators suggest a cautious start to the new week.
The GIFT Nifty futures index pointed to a higher open for Monday, tracking a rebound for the Sensex and Nifty 50 after they closed lower on the previous Friday.