Domestic markets are likely to witness another turbulent day, tracking global markets which are under tremendous pressure due to geopolitical tensions between Israel and Hamas in Gaza. Gift Nifty at 19570 indicates another 100 points gap down opening for Nifty futures, which closed on 19683. Major global markets are down between 1 and 2 per cent.

Markets will closely monitor the quarterly results. So far, results of IT majors and banks disappointed the D-Street.

FMCG stocks will anchor the market movement on Thursday with big guns such as Hindustan Unilever, Nestle and ITC are set to declare results. 

Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd, said, “Geopolitical tensions in West Asia due to the raging war between Israel and Hamas spooked Indian markets as investors turned risk-off and hammered stocks at will. The market is more concerned about surging crude oil prices as this could hurt inflation and may lead to interest rates remaining higher in the near to medium term. Already the market is facing FII money exodus from the domestic market and re-routing the funds into safe haven assets like gold and US dollar.”

Ruchit Jain, Lead Research,, said, ”In the last few sessions, we had seen a gradual recovery in the Nifty index towards its resistance of 19850. Both Nifty as well as the Bank Nifty index were placed around their crucial hurdles of 19850 and 44600 respectively.

“While market participants were looking for a breakout, the indices witnessed a reversal from these hurdles and decent short formation in the banking index dragged the indices lower. Thus, 19850 now becomes a crucial hurdle and until this is surpassed, the markets could continue its choppiness. On the lower side, 19635 followed by 19500-19450 range will be seen as the immediate support levels. The RSI oscillator in the Bank Nifty index has given a negative crossover and thus, then momentum there could be on the negative side. Until we see any strength in the banking space again, traders should turn cautious and avoid aggressive trading for directional moves.”

The broader markets, too, witnessed some selling pressure today. However, the Nifty Midcap index is still in a time-wise corrective phase within an uptrend since last one month. On this index, 39600 will be seen as a crucial support on any declines.