Trade setup for July 29: Can NIFTY50 bounce back above 24,000 on Wednesday?
Global markets are experiencing volatility as tech stocks decline and geopolitical tensions in the Middle East drive up crude oil prices. Despite this, NIFTY50 futures suggest a potential positive opening for the Indian market.
Why it matters
Investors are navigating a complex environment of sector-specific selloffs and macroeconomic instability, making short-term market forecasting difficult.
Asian markets remained under pressure on Wednesday morning as tech stocks extended their decline. The Korean KOSPI plunged 5% to a three-month low, while Japan's Nikkei tumbled over 850 points or 1.3%, dragged down by a selloff in technology shares.
Crude oil prices bounced back 2.5% on Wednesday early morning, after Iran launched surprise attacks on US bases in the Middle East. Brent crude oil price rose 2.6% to $85 per barrel after hitting $80 per barrel on Tuesday.
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US stock markets closed mixed on Tuesday as chip stocks extended their fall. The Dow Jones rose more than 500 points or 1%, and the S\&P 500 rose 0.2%. Meanwhile, the NASDAQ 100 closed 1% lower as chip stocks continued to remain under pressure.
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