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All eyes will be on the GIFT Nifty as to how it reacts to all the developments that have taken place over the weekend.

The GIFT Nifty had surged as much as 400 points on Friday when Iran had declared the Strait of Hormuz to be open, only to shut it on Saturday.

Asian markets have opened mostly higher in early trading on Monday, brushing aside the fall seen in the US futures and the rebound in oil prices.

The Nikkei 225 and the KOSPI have both seen gains of up to 0.7% each, while futures on the Hang Seng are pointing to a subdued start as well.

The market had rallied over the last two weeks on hopes of the US-Iran talks reaching a conclusion and peace prevailing over West Asia.

That, now appears to be in jeopardy with the latest US-Iran standoff in the Strait of Hormuz. You can on that here.

As a result of that, US futures are trading lower with the Dow futures declining as much as 500 points. The S&P 500 and Nasdaq, which ended at record highs on Friday, are also seeing their futures trade lower.

Oil prices have also staged a rebound this morning after Friday’s plunge.

The Nifty is up over 2,000 points from the recent low of 22,182.

The bulls would hope that this level becomes the low for the year.

However, multiple factors will put this recovery to test in today’s trading session.

Details in subsequent posts.

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