Stock market opening: Sensex, Nifty to crash today after US attack on Iran?
Kranthi Bathini, Director of Equity Strategy at WealthMills Securities Pvt Ltd, said that the US has carried out the attacks, but market is slowly trying to habituate it to these geopolitical escalations in the recent past."That is the reason on Friday also market responded in a very positive way, but markets are expected to be in a consolidation phase, around this 25,000 levels of NIFTY, but market also going to observe keenly the further escalation and retaliation from Iran also.," he added. IMPACT OF CRUDE OILCrude oil prices have seen a spike, reaching a five-month-high, adding to market concerns."For markets, how the crude oil behavior that is extremely crucial at this point of time. So, crude oil price and the geopolitical worries, they are going to weigh on the market in the medium to short term. The markets are expected to be in a consolidation phase," Bathini added.advertisementThis increase in oil prices is particularly problematic for India, which depends heavily on imports for its energy needs, potentially leading to inflation and a rise in the fiscal deficit. The surge in oil prices could also be detrimental to corporate earnings growth as they could raise input costs.VLA Ambala, Co-Founder of Stock Market Today, offered some technical insights, stating, "We can expect Nifty to gain support between 25,000 and 24,950 and notice resistance between 25,260 and 25,300 in this session."Such levels are crucial as traders seek stability amidst the current geopolitical tensions. Most Asian stocks have opened lower, with the MSCI Asia ex-Japan index down over 1%, reflecting these concerns. Additionally, fears that Iran might close the Strait of Hormuz, a critical passageway for global oil and gas, continue to loom large over the markets.The market's reaction to these events will be closely monitored by investors looking for signs of stability or further volatility in the coming days.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)Must Watch
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