Market Outlook: Israel and Iran Conflict continues to haunt.

After taking a drastic beating due to Israel and Iran conflict Nifty today has taken a support near Mother line (50 EMA). There is also a trend line support at the same place. If there is no bad news in next one or two days we might see a reversal in Nifty in favor of Bulls. In case there is some more bad news we may see bears tightening the grip over the market.

Right now main factors driving the market are global. One in global inflation and commodity prices (Specially metals/ Precious metals and crude oil) and Israel and Iran conflict. Local factors are firmly looking good and no changes seen.
If there is a full scale war the imp act will be Global and no market will remain insulated from the same. But India because of local factors and neutral stance (which might be challenged as well) will be the first or the fastest to bounce back.

Supports for Nifty are at 22113, 21722, 21145 and finally 20767.

Resistances for Nifty will be at 22214, 22306, 22421 and 22513.

Disclaimer: The Purpose of this analysis is purely for Education. Any decision to invest in shares of F&O should not be taken based on it. This is just to show you how technical analysis works.