India Equity Markets Eye Positive Start Amid Easing Middle East Tensions

India's equity markets are expected to open on a cautious-to-positive note on Monday, bolstered by easing geopolitical tensions in the Middle East and a sharp decline in crude oil prices. Brent crude futures plummeted over 6% to USD 82.41 after US President Donald Trump announced that talks with Iran will take place on Monday. The drop in oil prices is seen as a constructive development for India, as it helps ease inflationary pressures, supports the rupee, and improves the macro outlook.

Rajesh Palviya, Head of Research at Axis Direct, noted that Asian markets have opened on a softer note after Friday's semiconductor-driven rally. He emphasized that the market continues to maintain a positive bias as long as the Nifty sustains above the 24,250 support zone.

Devarsh Vakil from HSL Prime Research observed that Indian indices are breaking out from near-term resistance levels after several months of consolidation, with the Nifty index closing above its 200 DEMA and swing-high resistance. Next resistance is seen at 24,530 (07 July swing high), followed by 24,778 (200-day SMA).