“Global Tensions Impact Indian Stock Market: Day Trading Guide for Investors”
The Indian stock market faced a tumultuous day on Monday as global tensions, particularly the Iran-Israel conflict, weighed heavily on investor sentiment. The Nifty 50 index plummeted by 246 points, the BSE Sensex tanked by 845 points, and the Bank Nifty index nosedived by 791 points. This sharp decline marked the second consecutive day of selling in the market.
The escalating conflict between Iran and Israel has added a new layer of uncertainty to the already volatile global equity markets. Iran’s recent attack on Israel, in retaliation to an alleged airstrike by Israel in Syria, has heightened tensions in the Middle East region.
In light of these developments, market experts are advising caution to traders. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, highlighted that the short-term trend for the Nifty remains weak, with key support levels at 22,000 and resistance at 22,400. Ruchit Jain, Lead Research at 5paisa.com, emphasized the importance of staying light on trading positions and being selective in stock-specific trades given the prevailing uncertainty.
Despite the challenging market conditions, experts like Sumeet Bagadia and Mitesh Karwa have identified potential opportunities for investors. Bagadia recommended buying Colgate Palmolive and Gujarat Gas, citing positive trends and strong support levels. Karwa suggested buying Mangalam Cement and Cigniti Technologies, noting breakout patterns and bullish momentum in these stocks.
It is important for investors to exercise caution and seek advice from certified experts before making any investment decisions. The volatile market conditions underscore the need for a strategic and informed approach to trading in the current scenario.
