New Delhi [India], September 21 : Indian equity markets are likely to open on a muted note on Monday, with Brent crude slipping to around USD 101 per barrel and GIFT Nifty hovering above 23,000, according to analysts.
Brent crude futures declined 81 cents, or 0.78 per cent, to USD 103.06 a barrel at 0031 GMT, extending losses after settling 0.91 per cent lower on Friday. US West Texas Intermediate (WTI) crude fell 89 cents, or 0.89 per cent, to USD 99.41 a barrel, following a 1.58 per cent decline in the previous session.
Oil prices continued to fall despite fresh attacks claimed by the Houthis. The group said it targeted “sensitive” sites in Saudi Arabia’s capital, Riyadh, with missiles and drones on Saturday, along with an Aramco facility in Yanbu, a key oil export hub on the Red Sea.
At the time of reporting, Brent crude was trading at around USD 101.79 per barrel while crude oil was trading at around USD 98.11 per barrel. GIFTNifty was trading at around 23,347.50 level at the same time. 
Ponmudi R, CEO of Enrich Money, noted, “Indian equity markets are likely to open on a flat note, with GIFT Nifty holding above 23,300 against the Nifty 50’s previous close of 23,346, pointing to a largely unchanged start for domestic equities. WTI crude has eased to around the USD 95-per-barrel mark, while Brent remains above USD 100, keeping energy costs elevated despite the recent pullback.”
Geopolitical risks, however, remain a key source of uncertainty, as per Ponmudi, as Tehran has threatened painful retaliation against the US and its allies in the event of further military action, “keeping tensions in the Middle East and risks to regional energy supplies firmly in focus.” 
“Any renewed escalation could quickly trigger volatility across crude oil, currencies and global equities,” he said. 
Technically, “Nifty 50 is likely to extend its attempt at stabilization, with the broader technical structure still cautious. On the upside, 23,400 remains the immediate hurdle, and a sustained move above this level would open the path toward the 23,500–23,600 resistance zone,” he said, adding, “Only a decisive close above 23,600 would meaningfully improve the broader structure, given the index remains below its key moving averages.”
“On the downside, 23,200 serves as the immediate support, with the more crucial 23,100–23,070 band acting as the stronger cushion below that. A break below 23,070 would risk reviving the broader downtrend that has now persisted for six weeks. Momentum has improved marginally following the recent three-session recovery; however, the setup has yet to confirm a reversal, keeping the near-term outlook cautious,” he noted. 
Likewise, Devarsh Vakil, HSL Prime Research, noted, “Indian markets are poised for a flat to mildly negative opening amid concerns over higher US tariffs and the worsening geopolitical situation in the Russia–Ukraine war.”
“The market will likely watch Trump and Xi meet in Washington on 24 September, their second meeting this year after May talks in Beijing that yielded no substantive agreements. Tariffs, critical minerals, AI and Taiwan are likely to dominate. With the 2025 Busan truce expiring in November, both sides face pressure to extend the pause on tariff escalation and rare-earth export controls,” he further noted.