The Indian rupee fell to a record low today, Monday, May 18, amid rising tensions in the Middle East. The rupee fell 20 paise to 96.18 against the dollar. Crude oil is also trading above $110 per barrel, increasing by 2%. The effect of the tension in the Middle East is also visible on the stock market. Sensex is trading at 74,700, down 550 points (0.78%). Nifty is also down 200 points (0.78%) near 23,450. Maximum selling is being seen in public sector bank stocks.
Support and resistance
Support Zone: 23,466 | 23,345 | 23,320 | 22,858 | 22,780 | 22,558
Support is the level where a stock or index finds support from downward movement. Overbought here prevents the price from falling easily. You may get a chance to buy here.
Resistance Zone: 23,812 | 23,872 | 23,935 | 24,140 | 24,382 | 24,450
Resistance is a level where a stock or index is prevented from going up. This happens due to increased selling pressure. A rally is expected after crossing the resistance zone.
Sensex
Enrich Money CEO Ponmudi RA said that the Sensex is currently hovering around the 75,200 to 75,300 zone. This shows that the market is trying to make a slow and cautious recovery amid the continued global uncertainty and volatile market conditions. Immediate resistance for the market lies in the range of 75,600 to 76,000, while strong support is seen around the 74,500 to 74,200 zone. Now a big breakout will be seen in the market on both sides, which will decide the future direction of the market.
nifty 50
Akash Shah, Technical Research Analyst, Choice Broking said that if the market moves higher, immediate resistance will be at 24,000 and 24,250. However, if the market falls, then support can be found at 23,250 and 23,000. If Nifty breaks the level of 23,000, then selling pressure can increase. Given the current market conditions, traders are advised to remain disciplined amid these fluctuations and adopt a strict stop-loss strategy.
Crude oil once again crossed $110.
In the early hours of market opening on Monday, May 18, crude oil was trading at $111 per barrel. This increase in prices happened after US President Donald Trump’s statement putting pressure on Iran for a peace deal. The war that started in the last week of February has now completed 12 weeks. Donald Trump had given a clear warning to Iran on his social media platform “Truth Social”. He wrote that “time is running out” for Iran. He threatened that if Iran did not act quickly, it would be destroyed. In fact, last week the US had proposed a peace deal to Iran, which Iran rejected. The main reason for the dispute between the two countries is Iran’s nuclear weapon capability, on which both sides are not able to reach a consensus.
Rupee crosses 96 against dollar.
Today the rupee opened 20 paise lower against the dollar. It has reached 96.18 for the first time.