Sensex drops 200 points, Nifty falls below 24,150 as US announces harsher sanctions against Iran. What lies ahead?
Summary
Indian equities fell after the US announced harsher sanctions against Iran, with the Sensex down about 200 points and the Nifty below 24,150. IT and metal stocks led declines, while analysts expect the Nifty to remain rangebound between support near 24,150 and resistance around 24,500.
The sanctions have added an immediate geopolitical and energy price risk to a market already
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Iran related energy and risk shocks could determine whether the Nifty stays rangebound or enters a deeper correction.