Indian stock market: What does US-Iran escalation mean for Nifty 50, Sensex? Key technical levels to watch out
Indian stock market: Indian benchmark indices - Sensex, Nifty 50 - are expected to open in gap-up session on Monday after United States has officially joined Israel in striking Iranian nuclear strikes.
However, investors are hopeful for a market rebound as escalating geopolitical tensions continue to exert downward pressure on market sentiment, according to experts.
Mahesh M Ojha, AVP — Research at Hensex Securities, said, ' Investors should keep an eye on the gap-up opening on Monday as geopolitical tensions intensify worldwide. The escalating conflict between Israel and Iran is expected to push up global crude oil and gold prices.'
Experts suggest that the U.S. economy and global markets were unprepared for this sudden conflict, which could weigh heavily on overall investor sentiment across global stock markets.
The Israel-Iran conflict has escalated significantly, with the United States launching attacks on Iranian nuclear facilities and formally entering the war alongside Israel. The strikes reportedly targeted Iran's heavily guarded nuclear sites at Fordow, Natanz, and Esfahan. US B-2 bombers, known for their advanced stealth capabilities and built by Northrop Grumman, were used in the operation. These aircraft are capable of carrying powerful bombs, which experts believe are well-suited for such high-security targets.
Iran has pledged to strike back, sparking concerns about a wider conflict in the Middle East. In light of the escalating tensions, the United States has initiated evacuation flights from Israel.
On Friday, Indian equities ended the week with a 1.6% gain, rebounding from a three-day slump with a strong rally. Sensex opened slightly below its previous close at 81,354.85, compared to 81,361.87, but rallied by 1,133 points or 1.4% to hit an intraday high of 82,494.49. Similarly, the Nifty 50 started the day at 24,787.65, just under its last close of 24,793.25, and rose 1.4% to reach an intraday high of 25,136.20.
Also Read | Stocks to buy under ₹100: Sumeet Bagadia recommends 3 shares to buy on Monday
Key technical levels to watch out
According to Sugandha Sachdeva, Founder of SS WealthStreet, the Nifty has successfully defended key support of 24500 and appears poised for an upside breakout from its consolidation range.
' For the past six consecutive weeks, Nifty has largely moved in a band of 24500-25200 and once there is a breakout on the higher side it would signal a bullish impulse and is likely to pave the way for higher targets of around the 25700 mark,' Sachdeva said.
Meanwhile, on the outlook of Bank Nifty, she said, ' As for the Bank Nifty, it's likely to remain supported at 55400 levels and as long as the banking index is able to maintain this level, it is well-positioned to target higher levels of around 57180 mark.'
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