Indian markets faced major decline in many weeks as stocks tumbled and US dollar jumped against INR. Markets would look towards global cues as tension between Iran and United States escalated. Stock market review by TradingBells follows....

The escalation in tension between US & Iran led a sharp cut across all global equity markets where India was among the worst-performing market due to a sharp rise in crude oil prices. Indian markets were near an all-time high where surprise event of US-Iran tension led a profit booking along with hedging via bearish positions in the F&O market which is causing a sharp fall in the market.

Technically market texture has become weak as Nifty has slipped below both important support levels of 12100 and 50-DMA of 12015 where 11800-11700 will be immediate and important support zone in the downside. Now,12100 will act as a strong hurdle at any pullback where further development on the US-Iran issue will continue to cause near term volatility in the market.

IT, Pharma and some FMCG names may see some defensive buying while the banking sector is vulnerable to this geopolitical tension.