India stocks slip as crude near $89, Nifty holds 24,300

Rajesh Palviya, Head of Research at Axis Direct, said a sustained recovery would require the Nifty to reclaim 24,550, with immediate support at 24,250 and 24,080. He added that any cooling in crude prices could improve sentiment.

VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said the market is "likely to continue in the range of 24,000–24,600 in the near-term till some triggers emerge to break the range," adding that crude above $89 is likely to cap any uptrend. On IT, he said mid-cap names are outperforming large caps. In pharma, he pointed to a shift away from traditional large pharmaceutical companies toward CDMO, hospitals and diagnostics firms.

Shrikant Chouhan, Head of Equity Research at Kotak Securities, said that if the market holds above 24,200 or 77,500 on the Sensex, a technical bounce could push the Nifty to 24,500–24,700 and the Sensex to 78,400–79,000.

Asian markets were mixed. Japan's Nikkei traded marginally lower after second-quarter GDP growth missed expectations. South Korean markets were closed for Liberation Day. US markets retreated Friday after retail sales fell 0.6% month-on-month in July against expectations of a 0.1% rise. The Fed's July meeting minutes are due Wednesday, a key data point for global markets and capital flows into emerging economies.