Technical

The Indian stock market resumed its losing run after a one-day hiatus on Wednesday, 3 June, although it closed significantly off the day's low, signalling some low-level buying by investors.

For the first time, China has confirmed that it assisted Pakistan by providing on-site technical support during its war with India last year.

As the Indian stock markets have moved from earnings-driven to oil-driven trading in the near term, analysts expect higher-for-longer prices to drive another 8-10% correction in Sensex and Nifty 50.

A decisive close above 23,550-23,600 is crucial for bullish sentiment, while immediate support is at 22,280. The Nifty may recover if geopolitical tensions ease, but it requires lower crude prices and stronger institutional flows for a sustainable bullish trend.

According to experts, investors are resorting to opportunistic buying after the recent sell-off. In the first two weeks of March, the Nifty 50 index crashed 8% amid the Middle East conflict.

As global tensions rise, bearish sentiment on Indian equities grows. Nifty 50 has dropped over 1,700 points since the conflict began, however, historical data suggests potential for recovery despite short-term volatility.

Nifty 50 has crashed 7% this month, entering the oversold zone. Experts suggest it may remain there for a while, with potential short-term relief rallies, but caution against expecting sustained recovery amid ongoing selling pressure.

Experts suggest Nifty could recover to 24,500–25,000 if crude prices stabilise. Short-term volatility shouldn't deter long-term investors. Indian markets are pressured by high oil prices and geopolitical tensions, but corrections may present better entry points, say analysts.

Escalating tensions in the Middle East and rising crude oil prices have led to significant losses in Indian stock markets. Experts recommend maintaining a defensive investment strategy as volatility persists amid global uncertainties.

Sumeet Bagadia recommends buying Bharti Airtel at 1,800, with potential targets of 2,070 and 2,165. The stock shows signs of a reversal, supported by strong demand near 1,850 and bullish momentum indicators, despite recent market volatility.