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On Tuesday, Indian stock market indices are set to open higher, following gains in Asian markets, although investors are closely monitoring the Israel-Palestine conflict.
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The Gift Nifty is indicating a gap-up start for the Indian benchmark index, trading at around 19,615 compared to the Nifty futures' previous close at 19,522.
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Sensex and Nifty 50 plummeted on Monday, snapping a two-day winning streak, amid worries about the Israel-Palestine conflict.
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The Nifty 50 recorded a 141-point decline, closing at 19,512.35, while the Sensex finished 483 points lower at 65,512.39.
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Analyzing the daily chart, Nifty 50 formed a small negative candle with an upper shadow, suggesting a lower top formation and a potential 'sell on rise' opportunity.
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Nagaraj Shetti, HDFC Securities' Technical Research Analyst, sees short-term weakness in the pattern, but the weekly bullish hammer candle remains intact.
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Investors shifted to a risk-off mode in response to geopolitical tensions in the Middle East, contributing to the decline in Nifty 50.
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Rupak De, Senior Technical Analyst at LKP Securities, notes the 200SMA as a vital hourly resistance, linking it to the index drop, expecting support at 19,480 to 19,430.
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De believes that the 'sell on the rise' sentiment may continue until Nifty surpasses the 19,700 level.
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Turning to the Bank Nifty, it witnessed selling pressure and closed 474 points lower at 43,887 on Monday.
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The Bank Nifty remains below the critical 44,000 level, indicating expected weakness in the short term, as it remains below crucial moving averages.
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Bank Nifty has immediate support at 43,800 - 43,500, while resistance stands at 44,000. Monitoring these levels is crucial for investors to gauge market direction.