Indian benchmark indices traded in a choppy range on Friday but managed to close in positive territory and near the day's highs. Despite the positive close, Brent crude oil prices sustaining above the $85 per barrel level remained a key concern for investors, keeping the overall sentiment cautious. For Nifty, analysts say a move Friday’s high and 50 days EMA placed around 24,190 will open pullback towards 24,300-24,350 levels in the coming sessions. While a breach below weekly low of 24,076 will signal testing of the major support area of 24,000-23,800.

STATE OF THE MARKETS

GIFT Nifty (Earlier SGX Nifty) signals a negative start

GIFT Nifty on the NSE IX traded lower by 94 points, or 0.39 per cent, at 24,218, signaling that Dalal Street was headed for a negative start on Monday.

Tech View: On the upside, the 24,200 level may continue to act as an immediate resistance. As long as the index remains below 24,200, the broader sentiment is likely to stay weak, with a possibility of a decline towards 23,900 in the near term.

India VIX: India VIX, which is a measure of the fear in the markets, fell 3.5% to settle at 10.68 levels.

Asian stocks dropped and the dollar held its gains after hawkish comments from Federal Reserve Chair Kevin Warsh strengthened bets on an interest-rate hike next month. Oil climbed as Middle East tensions intensified.

S&P 500 futures fell 0.3% as of 9:45 a.m. Tokyo time

Hang Seng futures fell 0.2%

Nikkei 225 futures (OSE) fell 1.7%

Japan’s Topix fell 0.7%

Australia’s S&P/ASX 200 was little changed

Euro Stoxx 50 futures fell 0.4%

Futures on the S&P 500 Index lost 0.2% and those on the Nasdaq 100 Index retreated 0.3% after the underlying gauges closed lower on Friday and as tensions rose in the Middle East.

Oil prices jumped more than $1 a barrel on Monday after the U.S. attacked an Iranian island in the Strait of Hormuz and drew retaliation from Tehran, as conflict in the Middle East extended into its sixth month.

Gold prices were flat on Monday, after falling more than 3% in the previous session following U.S. Federal Reserve Chair Kevin Warsh's speech that signalled interest rate hikes may be needed.

The dollar held steady near a two-week high on Monday as markets ramped up bets on a rate hike after hawkish remarks by Federal Reserve Chair Kevin Warsh, while the yen slipped back through the closely watched 160-per-dollar level.

Read more: Ahead of Market: 10 things that will decide stock market action on Monday

Stocks in F&O ban today

1) 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.

Foreign portfolio investors net sold shares worth Rs 5,039 crore on Friday. DIIs, meanwhile, were net buyers at Rs 5,184 crore.

The rupee rose marginally by 2 paise to settle at 95.43 against the US dollar on Friday, tracking sliding global crude oil prices and a positive trend in domestic equities.