Analysts indicate that a strong move past the 24,000 mark on the Nifty could spark a rally driven by short covering, potentially reaching 24,500. On the lower end, support is expected around 23,500. The India VIX, an indicator of market volatility, increased by about 4% to close at 20.43. Indian stocks closed lower on Thursday as the Nifty saw some selling pressure while investors monitored updates on the West Asia situation. Short-term stability might come from reduced tensions in West Asia and steady oil prices, but lasting gains hinge on resolutions in the US-Iran dynamics, oil price trends, and better liquidity. Securities from Sammaan Capital and others are restricted in the futures and options segment for exceeding 95% of position limits. Foreign investors sold shares netting Rs 1,711 crore on Wednesday, while domestic institutions bought a net Rs 956 crore. The rupee weakened slightly on Thursday due to worries about the durability of the US-Iran ceasefire, which lifted oil prices and affected stocks, bonds, and global risk assets. (Note: Expert opinions and advice are independent and do not reflect those of the publication.)
