Indian Markets Under Pressure as Middle‑East Tensions, Crude Oil Surge

Authored By Prime Research | Last Modified: Mar 16, 2026 11:09 AM IST

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Indian markets have witnessed massive declines amidst Middle‑East conflict and rising International Crude oil prices.
Immediate support is placed around 22900 (opening upside gap of 15^th April 2025). Any bounce back from the lows could find strong resistance around 23500, which could be a sell on rise opportunity. Positional supports are placed at 22500 & 22000 for the next 1‑2 weeks.
The underlying trend of Bank Nifty remains weak. A decisive breakdown of the last few weeks indicates more downside towards 53500 and next 52000 in the near term.
The worst period for the broad market indices is likely to continue for some more period. Any pullback from the supports could be an opportunity to exit trading long positions in midcap & smallcap segments for coming weeks. It is advised to place strict stoploss for long trading positions.
Sectorally; Banking, Metal, Infra, FMCG, Realty, Consumer Durable and IT are expected to underperform in the near term. While, PSE and Pharma are likely to show resilience during negative broader markets.
However, all eyes on ongoing Middle‑East conflict and International Crude Oil. Any sudden resolution from the war front could quickly change the sentiments in equity market across the globe.

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