Indian benchmark indices are likely to begin Monday's session on a subdued note, with GIFT Nifty indicating a marginally negative opening as investors remain cautious over elevated crude oil prices and continued uncertainty surrounding the US Iran conflict.

GIFT Nifty was trading at 24,398 around 7:45 am, down 33 points or 0.14 percent, pointing towards a largely flat to negative start for the Nifty 50. Domestic equities enter the new week after remaining under pressure in the previous session, with the Nifty extending its losing streak to four consecutive sessions.

On Friday, the Sensex declined 70.71 points or 0.09 percent to close at 78,009.25, while the Nifty fell 29.85 points or 0.12 percent to settle at 24,366. Selling pressure was particularly visible in metal, automobile and information technology stocks.

Global markets were also cautious at the start of the week. MSCIs broadest index of Asia Pacific shares outside Japan was largely unchanged, while Japans Nikkei 225 gained 0.4 percent. Australias benchmark index declined 0.3 percent, while South Korean markets remained closed for a public holiday. US equity futures were marginally higher, with S&P 500 futures gaining 0.1 percent and Nasdaq futures rising 0.2 percent.

Crude oil remains a key risk for Indian equities. Brent crude was steady at $88.55 a barrel after rising around 6 percent last week, while West Texas Intermediate crude was marginally lower at $82.26 a barrel. The sustained elevation in crude prices reflects continued uncertainty over supply flows through the strategically important Strait of Hormuz, with progress towards a US Iran peace agreement remaining limited.

Higher crude prices could remain a concern for India because of the potential impact on inflation, the current account and corporate input costs. The persistence of geopolitical risks therefore remains an important factor for near term market sentiment.

US equities also ended lower on Friday after investors assessed weaker than expected retail sales data. The S&P 500 declined 0.17 percent, while the Nasdaq Composite and Dow Jones Industrial Average fell 0.28 percent and 0.20 percent respectively. The declines followed a strong run in US equities and came as the S&P 500 pulled back from its record high.

From a technical perspective, Bajaj Broking expects the Nifty to consolidate within the 24,200 to 24,700 range. Immediate support is placed at 24,200, followed by the 24,000 to 23,800 zone. A move above the recent pattern of lower highs and lower lows could indicate a resumption of the broader uptrend.

Institutional flows provided some support to domestic equities in the previous session. Foreign institutional investors turned net buyers on August 14, purchasing Indian equities worth ₹508.12 crore. Domestic institutional investors also remained buyers, with net purchases of ₹356.40 crore. The return of foreign buying could provide some stability to the market after recent selling pressure, although crude oil prices and developments surrounding the US Iran conflict are likely to remain key drivers of market direction.