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Sensex and Nifty 50 staged an intraday recovery on Monday to end flat, demonstrating strong underlying domestic appetite after a severe geopolitical sell-off.

Sensex plunged more than 700 points, while Nifty 50 tested its psychologically imporant support at 24,000 driven by a 3% surge in global Brent crude prices following escalating US-Iran hostilities in the Middle East. However, a stellar rally in Nifty IT (+3.59%), led by heavyweights like TCS and HCL Tech ahead of earnings, successfully neutralized these macroeconomic headwinds alongside an initially weaker Rupee.

On the sectoral front, FMCG and Metals faced profit-booking, defensive buying in Consumer Durables and Media cushioned the benchmarks. The broader market participation stayed robust, with the overall advance-decline ratio closing positively with 1,776 stocks advancing and 1,557 stocks declining.

Indian equity markets ended largely flat, with Nifty 50 closing at 24,211.00, up 4.10 points (+0.02%), reflecting a range-bound session as investors balanced gains in technology stocks against weakness in select defensives. The index traded between 24,000.20 and 24,259.80, recovering from early volatility to finish marginally above the previous close.

Sectoral performance was mixed, with Nifty IT (+3.59%) emerging as the standout outperformer, supported by strong buying in technology names, while Media (+2.09%) and Consumer Durables (+1.15%) also advanced. On the downside, FMCG (-1.02%), Metal (-0.69%), Healthcare, Pharma, and Realty indices ended lower, limiting broader market gains.

Market breadth remained modestly positive, with 1,776 stocks advancing, 1,557 stocks declining, and 109 remaining unchanged, indicating selective buying despite the subdued performance of the headline index.

From a technical perspective, Nifty 50 continues to exhibit a constructive bias after closing at 24,206.90, with the index extending its sequence of higher lows despite intraday volatility. Price action indicates that buyers remain active on dips, while the recent rebound has kept it above its short-term moving averages. However, the index is still trading below the long-term 200-DMA.

The Relative Strength Index (RSI) is hovering around 56, remaining above the neutral 50 mark and turning higher after a brief pullback. The MACD remains in positive territory with the MACD line holding above the signal line. Although the histogram has moderated, indicating that bullish momentum has eased slightly after the recent rally.

The index is currently trading near a crucial support zone at 23,800, which will be closely monitored in the coming sessions. A decisive break down below this level could intensify selling pressure and open the door for a decline toward 23,600–23,500. On the upside, 24,300 remains the immediate and critical resistance level. A sustained move above this hurdle would be required to improve near-term sentiment and signal a recovery in market momentum. Until either of these levels is decisively breached, the index is likely to remain range-bound with a cautious bias, as investors await fresh triggers for the next directional move.

Nifty Bank opened on a positive note at 57,616.70 and witnessed buying interest during the session. The index touched an intraday high of 58,219.90, slipped to an intraday low of 57,492.05 amid brief profit booking, and eventually closed at 58,131.45, gaining 85.55 points (+0.15%).

The recovery from the day's low indicates that buyers remained active on declines and successfully defended key short-term support levels. The index continued to trade above the 10-, 21-, and 200-DMA, reflecting underlying strength despite intraday volatility. Technically, the recent consolidation near 58,000 resembles a tight sideways base, suggesting that the index is absorbing supply before attempting another breakout.

The RSI is currently placed at 58.96, comfortably above th...