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Below the Quote on Daily Market Analysis by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd.

Markets saw a sharp plunge, dropping over 2% due to weak global cues. The benchmark index opened with a gap-down as escalating tensions in the Middle East fueled a significant rise in crude oil prices. The decline was broad-based, with sectors like realty, auto, and energy suffering the most. Broader indices also fell, losing nearly 2% each. Amid all, the volatility index, India VIX, spiked by over 9%, signaling heightened fear among market participants.Geopolitical uncertainty and concerns over a potential decline in foreign inflows have spooked the markets. With Nifty breaching multiple supports—such as the 20-day exponential moving average (DEMA) around the 25,580 level and trendline support near 25,350—the market could face further downside. We are now looking at the 25,000-25,150 zone as the next support, while any rebound is likely to be capped in the 25,450-25,600 range. Traders should adjust their positions accordingly, using any recovery to reduce longs and initiate shorts in weaker pockets.

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