Nifty stares at gap-down open, will it re-test 23,000? Key levels to watch

Indian equity market seems poised to start Thursday’s trading session on a weak note. As of 8 AM, GIFT Nifty was quoting at 23,280 levels – suggesting a likely gap-down open for Nifty of nearly 500 points compared to the previous day’s close of 23,779. Investor sentiment has taken a fresh hit following a fresh spike in crude oil prices amid escalating geopolitical tensions. Markets in Asia tumbled up to 2.5 per cent led by Japan’s Nikkei this morning. Bank of Japan (BoJ) will be announcing its policy decision later today. Among others China’s Shanghai Composite index, Hang Seng, Kospi and Taiwan were down in the range of 1 – 1.8 per cent each. Overnight, the US market – Dow Jones and NASDAQ ended with losses of around 1.5 per cent.