The Sensex and the Nifty experienced a decline of about one percent on the morning of April 15 due to escalating tensions in West Asia, dampening investor risk appetite. After a significant uptrend in recent weeks, analysts anticipate a period of consolidation in the coming days as India Inc unveils its fourth-quarter financials and the Lok Sabha voting commences later this week.
The Sensex dropped by 731 points, or 0.9 percent, to 73,502, while the Nifty slid by 230 points, or 1 percent, to 22,289. Broader market indices also witnessed losses, with the Nifty midcap 100 and the Nifty smallcap 100 declining by up to 3 percent.
Devarsh Vakil, Deputy Head of Retail Research at HDFC Securities, foresees factors such as the Israel-Iran conflict, domestic and global macroeconomic data, crude oil prices, March quarter results, and general elections to influence market direction throughout the week.
Looking ahead, Vakil suggests that the next significant support for the Nifty lies within the range of 22,303-22,142 in the upcoming sessions. Despite the correction, he believes that the intermediate uptrend remains intact, anticipating any further decline to be limited at lower levels, with the intermediate uptrend likely to resume thereafter.
