The week starting tomorrow i.e. 8th May may start with a decline in the Indian market. Gift Nifty is down 350 points which is giving these indications. This week too, traders will keep an eye on factors like selling by foreign investors and Iran-America tension. Let us understand what can happen in the market this week… Support and Resistance Support Zone: 23,345 | 23,320 | 23,230 | 22,858 | 22,798 | 22,558 Support i.e., the level where the stock or index gets support from falling down. The price does not go down easily due to increase in purchasing here. There may be a buying opportunity here. Resistance Zone: 23,466 | 23,783 | 23,812 | 23,872 | 23,935 | 24,140 resistance i.e., the level where there is a hindrance in the stock or index going up. This happens due to increase in sales. There is hope for an uptrend after crossing the resistance zone. Note: Support and resistance levels are as per the report of Wealth View Analytics. Now 3 factors which are important for the market… 1. Continuous selling by foreign investors (FIIs) In the first week of June, foreign institutional investors (FIIs) continued selling in the Indian market and sold shares worth Rs 31,120 crore in the cash segment. However, domestic institutional investors (DIIs) continued to support the market as net buyers. Crude oil prices have remained high due to geopolitical tensions, which has weakened investor sentiment. 2. Increasing tension between Iran and America. The US Army attacked Iranian radar sites on Saturday after intercepting 4 drones fired by Iran towards the Strait of Hormuz. In retaliation, Iran claimed to target US bases in Kuwait and Bahrain. Firing has been done on 4 oil tankers trying to cross the Strait of Hormuz without permission. 3. Technical Factor Also read this news… Value of 7 out of top-10-companies decreased by ₹ 1.25 lakh crore: Reliance was the top loser, value decreased by ₹ 39,718 crore; TCS-Airtel’s market cap also decreased. In terms of market cap, the value of 7 of the country’s 10 largest companies decreased by Rs 1.25 lakh crore in last week’s trading. During this period, the market value of Reliance Industries has decreased the most. Reliance’s market value has declined by ₹39,718 crore to ₹17.47 lakh crore. Whereas the market value of TCS has declined by ₹20,134 crore to ₹7.95 lakh crore. Read the full news…
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Market may open with decline tomorrow: Foreign investors sold shares worth ₹ 31,120 crore; Risk increases due to Iran-America tension
