Nifty 50, US-Iran Tensions Influence Key Commodities, Eight Stocks to Watch for Buying and Selling Opportunities

Global Markets Update - March 9, 2026

Key Figures

• $111.24: 52-week high for crude oil prices
• -20%: Crude oil price increase in the early morning session
• -5%: Gold and silver price decline
• 23,800: Gift Nifty index trading value
• 6%: Japan's Nikkei 225 and South Korea's Kospi decline

Market Analysis

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The ongoing US-Iran war has led to a surge in crude oil prices, reaching a 52-week high of $111.24 per barrel. This has resulted in a 20% increase in crude oil prices, dragging down gold and silver prices by up to 5%. The Gift Nifty index is trading at 23,800, down over 500 points or 2% from its previous close, indicating a potential gap-down opening for the Indian stock market.

Safe-Haven Assets

Gold and silver prices have declined due to the strengthening US Dollar (USD) against major global currencies. The COMEX gold rate opened with a downside gap and touched an intraday low of $5,021.59, logging an intraday loss of nearly 2%. The COMEX silver rate touched an intraday low of $79.698/oz, logging an intraday loss of nearly 5%.

Indian Market Outlook

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

The Nifty 50 and Sensex are expected to face challenges with the downside at 24,300/78,800 acting as an immediate support zone. Below this level, the market could retest levels of 24,000/77,900. On the flip side, 24,500/79,500 would be the immediate resistance zone for traders.

Bank Nifty Outlook

For the Bank Nifty, the 200-day SMA or 57,500 would act as a strong support zone. Below this level, the chances of hitting 56,800-56,500 would increase. On the other side, 58,300 would act as an immediate resistance level.

FIIs and DIIs

FIIs continue to remain net sellers, selling Indian shares worth around ₹6,030 crore in the cash segment. DIIs, on the other hand, bought shares worth ₹6,971 crore. In index futures, FIIs sold out Indian shares worth ₹2,065 crore, whereas in the index option segment, FIIs bought shares worth ₹5,801 crore.

Stock Recommendations

Stock market experts have recommended the following stocks for intraday trading:

• Bharat Forge: Buy at ₹1924, Target ₹2060, Stop Loss ₹1855
• Timken India: Buy at ₹3385, Target ₹3625, Stop Loss ₹3265
• ONGC: Buy at ₹279, Target ₹293, Stop Loss ₹270
• NTPC: Buy at ₹380, Target ₹410, Stop Loss ₹370
• Hindustan Zinc: Buy at ₹583, Target ₹630, Stop Loss ₹570

Sectoral Performance

Domestically-insulated sectors like Capital Goods and Consumer Durables are expected to perform well, while globally-exposed pockets may face continued headwinds until macro-uncertainty subsides.