Amidst escalating tensions between Iran and Israel, global markets are witnessing heightened volatility. After a volatile trading session on Wednesday, the Nifty 50 index continued its correction phase, closing 0.12% lower at 24,981.95. Meanwhile, the S&P BSE Sensex dropped 0.21% to settle at 81,467.10.
Sectoral indices showed mixed results, with gains in realty and pharma, while FMCG and energy sectors experienced declines. The broader indices, however, surprised investors with over 1% gains.
According to Deepak Jasani, Head of Retail Research at HDFC Securities, the Nifty 50 index is likely to consolidate between 24,832 and 25,230 in the near term. Any breach beyond these levels could accelerate market movements.
Key Technical Levels for Nifty 50:
- Support: 24,832
- Resistance: 25,230
Global Market Outlook Amid Iran-Israel War
Global markets are reacting cautiously as investors watch developments in the Middle East. Rising oil prices due to the Iran-Israel conflict are expected to influence market trends. Asian markets were mixed, with Chinese stocks showing sharp declines due to inadequate stimulus measures.
In the US, Alphabet Inc. (Google) faces antitrust charges, adding to market uncertainty, while the Federal Reserve’s gradual rate reduction is another critical factor impacting investor sentiment.
Vikram Kasat, Head of Advisory at Prabhudas Lilladher, pointed out that ongoing geopolitical tensions, alongside quarterly earnings reports, will shape market performance in the coming days.
Conclusion
As the Iran-Israel conflict unfolds and oil prices fluctuate, investors are advised to monitor the Nifty 50 closely for any breakout beyond 24,832-25,230. Pay attention to sectoral movements, and keep a close eye on global events that could further affect the markets.
MUST READ: How Iran-Israel War Could Impact Indian Stock Market & Gold Prices
Disclaimer
This article is for informational purposes only. Investments are subject to market risks. Please consult a financial advisor before making any investment decisions.
