Benchmark stock market indices opened lower on Monday, starting the week on a negative note as uncertainty over Iran war dampened investor sentiment. Rise in crude oil prices added to the bearish sentiment.
The S&P BSE Sensex lost 1,066.36 points to 72,516.86, while the NSE Nifty50 was down by 316.30 points to 22,503.30 as of 9:21 am.
Hitesh Tailor, Technical Research Analyst at Choice Equity Broking Private Limited, said that investors are advised to maintain a disciplined and selective approach.
“It would be prudent to focus on accumulating fundamentally strong stocks on meaningful declines rather than chasing any short-term bounce. Fresh long positions should ideally be considered only once the Nifty decisively breaks above and sustains the 24,000 mark, as such a move would indicate improving market sentiment and could pave the way for a more stable and sustained recovery,” he added.