Market Update
Harsh Patel
Founder
Nifty trades range bound, support seen at 24300-24200, while Hormuz MoU is coming to end, will the market see reverse TACO & how Indian markets may reac?
Nifty Daily Chart
Support levels: 24250-24200 Resistance levels: 24500
Nifty is gradually declining in a choppy range, a similar behaviour before the recent large declines, on hourly scale support is seen at 24250-24200.
The larger consolidation post fall from the peak of 26341 to 22182, has now narrowed to the 24800-23900 range. At 24752 nifty has completed 61.8% retracement for the entire fall and now breaching below the trend-line support of 23900 with a confirmation below 23800 may signal resumption of down trend to 22500-22000 level in the coming month.
The market may see a tug of war between bulls & bears and may act as trend deciding factor between psychological support of 24000 and closing swing low of 23767.
Key Macro Risks Ahead
1. US sanction based Tariffs on India & China near BRICS summit
2. Crude & Refining capacity around the world transalating inflation in downstream crude products.
3. Escalation of US-Iran war to entire West Asia
4. Escalation from Pakistan front as US proxy to sabotage BRICS agenda of new global monetary system by passing US Dollar.
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Tradzo Research
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