On Wednesday, Indian markets faced renewed pressure as the Nifty index closed at 24,378, dipping below the significant 24,500 mark and breaking its three-day winning streak. The decline comes amid ongoing geopolitical tensions, particularly the US-Iran conflict and the US blockade of the Strait of Hormuz, which are expected to influence market behavior in the near term. Analysts suggest that the market setup appears balanced but non-indicative, with support levels at 24,200 and a potential drift towards 23,900 if those levels are breached. The India VIX, a measure of market volatility, increased by 4.3% to settle at 18.30, reflecting heightened investor anxiety. Foreign portfolio investors (FPIs) were net sellers, offloading shares worth ₹2,078 crore, while domestic institutional investors (DIIs) also sold shares worth ₹1,078 crore. Additionally, the Indian rupee continued its downward trend for the third consecutive session, amidst muted optimism regarding the resolution of the Iran conflict.