India stocks flat as US-Iran tension caps Nifty breakout
Indian benchmark indices are set for a flat open as geopolitical caution over the US-Iran conflict keeps traders pinned to established technical support and resistance levels.
Indian equities are poised for a steady start on Thursday after marginal gains in the previous session, as traders weigh mixed global signals against rising geopolitical risks. Gift Nifty indicated a flat opening, trading around 24,080, a 12-point premium to the previous close.
The cautious posture comes amid an ongoing US-Iran conflict, which is overriding bullish undercurrents in the derivatives market. Despite the geopolitical overhang, the Nifty 50 managed to hold above the psychologically significant 24,000 level on Wednesday, closing up 0.11% at 24,078.50. The Sensex added 0.17% to finish at 77,185.43.
Technical indicators suggest this sideways momentum will persist. The Nifty 50 printed a long-legged doji candle for a second consecutive session, signaling indecision. “Nifty 50 is currently hovering within a narrow range of around 24,200 - 24,000 levels and is showing a lack of strength to sustain the highs. A decisive move beyond the range could open sharp movement on either side,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
Options data reinforces the 24,000 baseline as a critical floor. The Nifty put-call ratio stands at 1.08, indicating a mildly bullish bias. “Significant Nifty Call Open Interest (OI) was concentrated at the 24,100 and 24,200 strikes, while notable Put Open Interest remained at the 24,100 and 24,000 strikes, highlighting a strong support base near the 24,000 zone. Max Pain remained at 24,100 throughout the session, indicating this level continues to act as the market’s equilibrium point,” said Sachin Gupta, VP – Research, Technical Research, at Choice Broking.
Mayank Jain, Market Analyst at Share.Market by PhonePe, noted that maintaining the 24,000 mark preserves the market's near-term safety net, though upside progress requires clearing 24,200. “Resistance is placed at 24,500 – 24,600 zone where the index faces massive call writing overhead,” Jain said. Structural demand sits between 23,850 and 23,950.
Bank Nifty faces selling pressure
The banking index outperformed the broader market on Wednesday, rising 0.51% to 57,757.85. However, the sector is showing signs of fatigue. Om Mehra, Technical Research Analyst at SAMCO Securities, noted the index is stuck in a 56,500 to 58,250 range and trading below its 20-day simple moving average of 57,800. “The RSI has eased to 55 from higher levels seen in the recent sessions. The MACD line remains below the signal line, with the histogram in negative territory,” Mehra said.
Selling pressure is emerging near the 58,200 resistance level. Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities, warned that a breach of immediate support in the 57,300 to 57,200 zone could trigger a sharper decline toward 56,800.
For the Sensex, Shrikant Chouhan, Head Equity Research at Kotak Securities, identified 77,500 as the key resistance ceiling. “On the flip side, dismissing the 77,000 level could accelerate selling pressure,” Chouhan said, adding that a break lower could push the index toward its 50-day moving average around 76,300.
