Indian markets to open lower over Strait of Hormuz tensions
Indian markets look set for a rough start this Wednesday, with the Nifty likely to drop around 200 points at opening.
The main reason? Rising tensions between the US and Iran in the Strait of Hormuz are making investors nervous about global energy supplies, leading to cautious trading and some profit-taking after recent gains.
Traders watch Nifty 24,000 to 24,500
Despite the selling pressure, market volatility (India VIX) actually dipped a bit, hinting that panic isn't setting in just yet.
Traders are watching support levels at 24,000 to 24,400 and resistance at 24,500: If Nifty breaks above that, we could see fresh buying.
All eyes are also on foreign investor flows and big earnings like TCS's results coming up on July 9.
Plus, regional markets like Japan and South Korea are feeling the heat too, so it's a good idea to keep tabs on global news right now.