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Mumbai, June 1. The Indian stock market opened in the green on Monday, the first trading day of the week, amid mixed signals from global markets amid the ongoing conflicts in West Asia and key benchmarks Sensex and Nifty 50 were seen trading with gains as investors await the US-Iran trade deal in the near future. In early trade, at the time of writing (9:19 am), the 30-share BSE Sensex was up 293.10 points or 0.39 per cent at 75,076.56, while the Nifty50 was up 99.65 points or 0.42 per cent at 23,641.75.

In the broader markets, Nifty Midcap and Nifty Smallcap indices were trading 0.52 per cent and 0.68 per cent higher, respectively. At the same time, if seen sector wise, Nifty IT and Nifty Media gained momentum, while the performance of Nifty FMCG, Nifty Auto and Nifty Healthcare remained weak. In the Nifty 50 pack, shares of InterGlobe Aviation, Asian Paints, Infosys, Tech Mahindra, TCS, HCL Tech and Wipro registered the highest gains. A market expert said that recovering from the low levels of the last few weeks, the prices of crude oil have seen a rise again.

At present, Brent crude is trading in the range of around $ 89-90 per barrel in the international market. Although this level is below the highs made at the beginning of the month, the recent rise indicates that the market is cautious about the final outcome of the US-Iran talks. Investors fear that if there is any obstruction in the talks, global energy supplies and maritime trade routes could be affected. Experts said that the market will also keep an eye on the activities of foreign institutional investors (FIIs). Foreign investors have been selling continuously in recent trading sessions, reflecting their caution towards emerging markets.

Continuous outflow of foreign capital remains the main reason curbing the growth of Indian markets. Although strong participation from domestic investors is supporting the market, prospects for a major rally appear limited without an improvement in foreign investment inflows. News to US-Iran talks, geopolitical developments in West Asia, crude oil prices, movement of rupee and attitude of foreign investors can decide the direction of the market in the coming days. Until the situation becomes clear globally, the market may remain volatile. According to experts, technically Nifty 50 still appears to be under pressure. Continuous selling at upper levels and lack of strong buying is keeping the market in a range-bound range. At present, the level of 23,750 to 23,800 remains the immediate resistance for Nifty.

Above this, the range of 24,000 to 24,100 is being seen as an important resistance. If Nifty is successful in holding firmly above these levels, then the market may see a new rise and the index may touch the level of 24,200 to 24,400. On the other hand, 23,500 levels remain the nearest support, while 23,300 to 23,000 levels are providing a strong base. If Nifty slips below these support levels, further pressure may increase in the market.