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The GIFT Nifty, an early indicator of Nifty 50's performance, traded 30 points higher at 24,320, after the Nifty 50 and Sensex ended last week lower for the second week in a row. Global developments could also influence sentiment, with investors awaiting fresh US measures against Iran and monitoring their potential effect on crude oil supplies.
The Nifty 50 and Sensex both lost 0.7% over the week. On Friday, the Nifty rose 20.15 points, or 0.08%, to finish at 24,252. The Sensex gained 3.11 points to close at 77,540.83.
Markets now face a mix of domestic positioning and global risks, with crude prices, US policy action and Asian trading likely to shape the opening mood.
Kruti Shah, quant analyst at Equirus Securities, said the recent decline has brought the market closer to levels where positioning and sentiment are beginning to settle.
"PCR slipping to multi-week lows and call writers concentrated around 24,500-24,700, downside pessimism appears elevated, but risk-reward favours longs," Shah said.
She expects the 24,000-24,200 range to offer support. A sustained move above 24,500 could improve risk appetite, she said.
Shah said financial and metal stocks were showing improving relative strength, while realty, pharmaceutical and select defence shares could see profit booking. IT remains mixed, with midcap companies outperforming larger peers.
Asian markets were mixed on Monday. South Korea's Kospi declined 1.53% and Japan's Nikkei 225 fell 0.46%, while Australia's ASX 200 rose 0.25%.
US Treasury Secretary Scott Bessent is expected to announce new sanctions against Iran later in the day. The move follows President Donald Trump's warning last week of a severe economic campaign against the country.
Brent crude fell 1% to $93.45 a barrel but remains more than 50% higher this year as the US-Iran war has disrupted global supplies.
Gold held near a three-month high above $4,620 an ounce. US stock futures also edged lower after the Dow, S&P 500 and Nasdaq ended last week in the red.
