Indian markets may crash tomorrow at opening:Iran-US tensions FIIs selling pose heightened risk

The Indian market may start the week beginning May 8, with a decline. Gift Nifty is down 350 points, which is giving these signals. Meanwhile, this week too, traders’ focus will remain on factors ranging from foreign investors’ selling to Iran-US tensions. Let’s understand what could happen in the market this week Support and Resistance Support Zone: 23,345 | 23,320 | 23,230 | 22,858 | 22,798 | 22,558 Support means the level where a share or index gets support from falling down. Due to increased buying here, the price does not go down easily. There may be a buying opportunity here. Resistance Zone: 23,466 | 23,783 | 23,812 | 23,872 | 23,935 | 24,140 Resistance means the level where a share or index faces obstacles in going up. This happens due to increased selling. Upon crossing the resistance zone, there is hope for a bullish trend. Note: The support and resistance levels are according to the Wealth View Analytics report. 3 factors that are important for the market: 1. Continuous selling by Foreign Investors (FIIs) In the first week of June, Foreign Institutional Investors (FIIs) continued selling in the Indian market and sold shares worth Rs 31,120 crore in the cash segment. However, Domestic Institutional Investors (DIIs) continued to support the market as net buyers. Due to geo-political tensions, crude oil prices have remained high, which has weakened investor sentiment. 2. Rising tension between Iran-America The US military attacked Iranian radar sites on Saturday after intercepting 4 drones fired by Iran towards the Strait of Hormuz. In retaliation, Iran claimed to have targeted American bases in Kuwait and Bahrain. It has fired upon 4 oil tankers attempting to cross the Strait of Hormuz without permission. 3. Technical Factor ​