New Delhi, March 17 -- The Indian stock market correction could deepen and the benchmark Nifty 50 potentially crash towards 21,000 level if crude oil prices remain around $100 per barrel for the next three to four months amid the prolonged US-Iran war, according to Seshadri Sen, Head Of Research And Strategist at Emkay Global Financial Services.

However, Sen believes the correction would be temporary. Once crude oil prices moderate to around $70 per barrel, India's economy and corporate earnings are expected to recover, which could present an attractive entry opportunity for investors with a one-year or longer investment horizon.

The US-Iran war shows no immediate signs of easing, with Iran effectively shutting the Strait of Hormuz - a ...