Market Update
Harsh Patel
Founder
Nifty breaches 24300 in minutes of market opening as the Iran-US war gains momentum as predicted on the Friday. What to expect next?
Nifty Daily Chart
Support levels: 24000-23900 Resistance levels: 24400
Nifty was gradually declining in a choppy range, a sign of exhaustion before the market gives up, hourly support seen at 24250, below same market may correct to 24000-23900 levels. The market sentiment may shift to sell on rise.
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.
2/4 Risks mentioned on Friday are now active threats, which may also lead 2 more risks for the global economy, Urea shortage and food shortages. While risk of AI Stocks & startups collapsing is increasing with de-dollarization and US hegemony, such things takes time to playout and may extend or develop differently so understanding the developments may help you drive through it.
Key Macro Risks Ahead
1. US sanction based Tariffs on India & China near BRICS summit
2. Crude & Refining capacity around the world translating 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 bypassing the US Dollar.
5. US Debt & housing collapse
6. AI Bubble burst - AI maybe becoming popular and very successful tools in the right hands but for majority its just new dopamine, with skyhigh valuations and no signs of profits.
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Tradzo Research
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