Market slips due to Iran and Israel fresh concerns
image for illustrative purpose
Mumbai, Apr 19: On Thursday Sensex closed lower with a lot of volatility. The Media index rose, but FMCG and financial sectors saw profit-booking.
If the market trades below 72,200, it may slip to 71650-71100-70500. If it sustains above 71,600, it could lift back the market to 72,500 levels.
“For traders, it is advisable to trade short. It is advisable to buy select stocks between 21500-21300 levels for medium to long-term investment. The market slipped to the expected support zone, and fresh concerns between Iran and Israel could lead to a huge gap-down opening,” says Shrikant Chouhan, Head Equity Research, Kotak Securities.
The opportunity amid Middle East tensions. However, for a sustained rally at Dalal Street, positive surprises in inflation, geo-political developments, or Q4 earnings are crucial.
“Wall Street experienced volatile trading on Thursday, driven by corporate earnings and Fed commentary hinting at reduced rate cut expectations. Minneapolis Fed President Neel Kashkari advocated patience, suggesting policy adjustments might not occur until 2025,” says Prashanth Tapse, Senior VP (Research), Mehta Equities.
With INFY’s ADR shares dropping 2%. Amid concerns about US inflation, FIIs were net sellers while DIIs bought.
