Big Picture:
- Here we go again with the US-Iran tensions
- The weekend escalations causing overhang on all markets
- Crude oil price spiked to around $80
Positional
- 23850-500 seems to be the new congestion zone
- Two variables to track: war and the earnings
- Higher crude oil prices can drag down the markets again if the war escalates
- As of now, hoping for the TACO trade to work out!
Intraday
- Opening with a 200 point gap down
- The immediate support is around 24k
- The next big support is around 23800
- Crude oil is the driver of the sentiments
- If it cools down, markets can easily recover
- Else, the pressure is likely to continue
