Nifty Future made a comeback from the lows and bounced back from the support zone of 19350 levels and recently the support zone was upgraded to 19570 levels. Now the major question arises, is Nifty Futures poised for yet another all-time high in the October series
In the previous month, Nifty Futures reached an all-time high of 20,270 on September 15, 2023, followed by a significant short-term retracement. However, despite the ongoing tension in the Israel-Palestine conflict, the Gift Nifty is presently trading around 19,639, with a marginal decrease of 0.15% at the time of this writing. This suggests that the Indian market appears to be relatively unresponsive to geopolitical tensions, and any potential market impact from this news event may be short-lived.
On September 8, 2023, the Israeli index, TA-35, experienced a notable decline of 6.47% due to the tensions arising from the Israel-Palestine conflict. Initially, there were expectations that this could trigger abrupt shockwaves in the global markets. However, as of now, global markets do not seem to be significantly reacting to this conflict.
The Nikkei is currently trading down by 0.25% and US Futures (ES-Mini) down by 0.75%, while the Shanghai Composite Index is down by 0.66%. It is anticipated that our markets will also demonstrate resistance to the impact of the war tensions, mirroring the global sentiment.
Currently India VIX at 10.30 as of Friday closing. Any price action below 19500 on a closing basis will be seen as a possibility of extending a negative trend. Until then the trading probability favors the bulls.