New Delhi, Oct 9 (IANS) The ongoing Israel-Hamas conflict has introduced a huge uncertainty for the markets, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.“Nobody knows how this war is going to evolve. From the market perspective it is important to understand that even though the death and destruction are tragic, presently it is unlikely to cause major disruption in oil supplies thereby impacting major oil importers like India. But the situation will change if Iran, a major Hamas supporter, is drawn into the war. That can disrupt oil supplies causing a spike in crude, which can trigger a risk-off in the market”, he said.
“This is a time to be cautious. Investors may refrain from taking big risks. Wait for the developments to unfold. Long-term investors can slowly accumulate high quality stocksondeclines."
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher, said the Nifty further extended the gains post the RBI policy outcome to close above the 19,650 zone gradually improving the bias with participation beginning to be visible from the broader markets as well.
The index would further need to breach above the next hurdle of 19,850 levels to establish some conviction for further rise in the coming days.
The support for the day is seen at 19,550 levels while the resistance is seen at 19,800 levels, Parekh said.
BSE Sensex is down 270 points at 65724 points on Monday morning.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.